Reyna Silver Starts Drilling at Medicine Springs

VANCOUVER, August 8, 2023 - Vancouver and Hong Kong - Reyna Silver Corp. (TSXV:RSLV)(OTCQX:RSNVF)(FRA:4ZC) ("Reyna'' or the "Company") is pleased to announce the start of drilling at its 6,561 ha 100% optionality Medicine Springs Project in Elko Co. Nevada (See Press Release of June 9, 2023 and Press Release of January 5, 2023). The planned 3,000 metre campaign builds on the 2022 reconnaissance drilling program, which found high-grade distal-style mineralization in a thick carbonate host rock package-important indicators of a significant Carbonate Replacement Deposit (CRD) (See Press Release of January 17, 2023).

The 2023 drilling program focuses on the structural framework of Medicine Springs, including:

• The relationship between the prominent NE trending jasperoid-hosting structures (See Press Release of January 10, 2022) and recently recognized N-S trending alteration-controlling structures to identify the dominant mineralization pathways.
• Testing and ground-truthing the recently completed MT geophysical survey in the underexplored zone south of the historic Golden Pipe workings.
• Following near-surface oxidized mineralization to locate primary sulphides.

The initial key areas of interest will be the southern Golden Pipe corridor, Silver King, Silver Butte, Pediment, and North Zone (Figure 1.). Further drill targets may emerge from on-going geophysical interpretation and drill results.

"We are excited to start drilling again at Medicine Springs to follow the high-grade mineralization we cut last year into what we now know is an extensive host rock package. Those results validated Medicine Springs is a Reyna Silver quality project, so we renegotiation our option to let us earn into 100% and added over 210 additional claims, which is over 1,700 hectares," said Jorge Ramiro Monroy, CEO of Reyna Silver. "As part of our disciplined ore-systems approach to the project, since last year, we've run more geophysics, mapping and sampling to help us define high-potential drill targets…now let's see what's there."

Figure 1. Map of the 6,561 ha project claim package with 2023 target areas in blue (Golden Pipe corridor, Silver King, Silver Butte, Pediment, and North Zone). Purple locates holes from 2022 reconnaissance drilling with highlight results from MS22-001 and MS22-002. The arcs denote general zoning of Ag, Pb-Zn and Cu respectively, from 2021 selective Jasperoid sampling program.

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QUALIFIED PERSON

Dr. Peter Megaw, Ph.D., C.P.G., the Company's Chief Exploration Advisor and Qualified Person, reviewed the technical aspects of the exploration projects described herein and is responsible for the design and conduct of the exploration program and the verification and quality assurance of analytical results. Dr. Megaw is not independent as he and/or companies with which he is affiliated hold Net Smelter Royalties on the Guigui and Batopilas Projects that predate Reyna Silver acquiring them.

ABOUT REYNA SILVER

Reyna Silver Corp. (TSXV: RSLV) is a growth-oriented junior exploration and development company focused on exploring for high-grade, district-scale silver deposits in Mexico and USA.

Reyna's principal properties are the Guigui and Batopilas Properties in Chihuahua, Mexico. Guigui covers the interpreted source area for the Santa Eulalia Carbonate Replacement District (CRD) and Batopilas covers most of Mexico's historically highest-grade silver system. The Company also has an option to acquire 80% of the Medicine Springs property in Nevada, USA as well as the early stage La Durazno and Matilde and La Reyna mineral properties in Mexico.

Cautionary Statements

This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration results and plans, and our other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, our estimates of exploration investment, the scope of our exploration programs, and our expectations of ongoing administrative costs. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change, except as required by law. Forward-looking statements are subject to risks, uncertainties and other factors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks. Readers are cautioned not to place undue reliance on forward-looking statements.

For Further Information, Please Contact:

Jorge Ramiro Monroy, Chief Executive Officer
info@reynasilver.com
www.reynasilver.com

SOURCE: Reyna Silver Corp.