Summa Silver Announces Additional High-Grade Discovery at the Hughes Project, Nevada; Commences Drilling at the Mogollon Project, New Mexico

Vancouver, December 7, 2023 - Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) (FSE: 48X) ("Summa" or the "Company") is pleased to announce the discovery of a new high-grade vein zone in final assay results from the recently completed drill program at the Hughes Project in Nevada (the "Hughes Project" or "Hughes"). In addition, the Company has commenced its drill program at the Mogollon Project in New Mexico (the "Mogollon Project" or "Mogollon"). Approximately 2,000 meters of drilling is planned across three new targets along the Queen Vein at the Mogollon Project.

Hughes Project Discovery Highlights

• 392 g/t AgEq* over 3.0 m (3.04 g/t Au, 147 g/t Ag) in a newly discovered vein-zone approximately 650 m east of the Ruby zones in hole SUM23-60 (see attached figures).

• Eastern Extension of the Tonopah Mining District: Three new discoveries were made in 2023 between 1.5 km and 4.7 km along strike from the historic Tonopah mining district.

• New Zones Open for Expansion: All new zones are open in all directions and require step-out drilling over a total trend length of 6.5 km.

Mogollon Project Drill Program Highlights

• High Potential Targets: Drill holes have been designed to test targets immediately below and along strike from zones of shallow high-grade mineralization (see attached figures).

• Size and Scale on the Queen Vein: All holes will represent significant step outs along a strike length of nearly 2 km on the Queen vein.

• Drilling Highlights from the Queen Vein

  • MOG22-05: 448 g/t AgEq* over 31 m (129 g/t Ag, 3.88 g/t Au)

  • MOG22-10: 640 g/t AgEq* over 9.9 m (306 g/t Ag, 4.26 g/t Au)

  • MOG22-16: 433 g/t AgEq* over 23.2 m (134 g/t Ag, 3.66 g/t Au)

* Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag - 90%, Au - 95%; AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).

Galen McNamara, CEO, stated: "At Hughes, we have made three new vein discoveries in only six exploration holes in 2023. High-grade silver and gold zones which are open in all directions have now been intersected up to 4.7 km east along strike from the Tonopah mining district, one of the most prolific historic silver camps in the United States. With this in mind, we will approach additional discovery aggressively and with high conviction for future success. At Mogollon, our approach to discovery for this program will be marked by a series of aggressive yet precisely planned drill holes guided by our ever-increasing understanding of high-grade shoots in the Queen vein. We look forward to sharing results as they become available."

Completed Hughes Drill Program

The recently completed exploration drill program at Hughes Project consisted of reverse circulation ("RC") and diamond drilling across five previously undrilled epithermal vein targets, all located east and northeast of the historic Tonopah mining district. The purpose of the reconnaissance-style drill program was to test for epithermal-related veins and vein-sets along trend to the east from the Ruby discovery and to define the eastern extension of the district. Three new vein discoveries have so far been made (Figures 1 and 2).

Figure 1: Map showing the Hughes project drill targets with selected results

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Figure 2: Section through the eastern Tonopah District highlighting drill targets

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Table 1: Assay Results

Table 2: Collar Information

Recently completed SUM23-60 consisted of 335 m of RC pre-collar followed by 454 m of diamond core tail to a final depth of 790 m. From near the top of the hole, SUM23-60 intersected favorable Mizpah Formation andesite characterized by broad zones of pyrite-rich, phyllic alteration with local zones of pervasive clay/silca alteration with meter-scale quartz-rich breccias and vein-sets. The hole bottomed in Tonopah Formation felsic rocks with local zones of clay alteration. The hole intersected over 500 m of strong and locally pervasive epithermal-related hydrothermal alteration with elevated pathfinder element geochemistry (e.g., arensic and antimony) highlighted by local intervals of silver and gold bearing veins in meter-scale quartz rich breccias and veins. An upper zone of 392 g/t silver equivalent* (3.0 g/t Au, 147 g/t Ag) over 3.0 m from 323.2 m downhole demonstrates the mineralization potential of the greater Ruby target as this zone is approximately 300 m above the favourable Ruby Horizon, defined approximately 650 m to the west. Further drilling across the un-constrained Ruby area is warranted to define the structural controls and mineralization potential of the area.

Commencement of Mogollon Drill Program

The Mogollon drill program is designed to systematically test the high-grade mineralization potential of new targets located along the Queen vein (Figures 3 and 4). The winter drill program will now consist of significant step out holes along a ~2 km strike length, south of the Consolidated target. Three targets have been prioritised and are proximal to historic, small-scale underground mines where mineralization is open for expansion. Targets include South Queen, Eberle and Clifton. The drill is currently on hole MOG23-20, testing the South Queen target.

Figure 3: Long section of the Queen vein with drill targets

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Figure 4: Map of Mogollon project targets for current drill program

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Analytical and QA/QC Procedures

Drill core and RC chip samples were sent to Paragon Geochemical Laboratories in Sparks, Nevada for preparation and analysis. Paragon meets all requirements of the International Accreditation Service AC89 and demonstrates compliance with ISO/IEC Standard 17025:2017 for analytical procedures. Samples were analyzed for gold via fire assay with an AA finish ("Au-AA30") and samples that assayed over 8 ppm were re-run via fire assay with a gravimetric finish ("Au-GR30"). Silver, and trace elements were analyzed via inductively coupled plasma mass spectroscopy after four-acid digestion ("49MA-MS"). Samples that assayed over 100 ppm Ag were re-run via fire assay for Ag with a gravimetric finish ("Ag-GR30"). In addition to Paragon quality assurance / quality control ("QA/QC") protocols, Summa implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and certified reference materials at systematic and random points in the sample stream.

Corporate Update

The Company has approved the grant of 2,305,000 incentive stock options to certain officers, directors, employees and consultants of the Company. The options vest over a two-year period following the grant date, are exercisable at a price of $0.62, and expire on December 6, 2028.

Qualified Person

The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the CEO of the Company and a qualified person as defined by National Instrument 43-101.

About Summa Silver Corp

Summa Silver Corp. is a junior mineral exploration company. The Company owns a 100% interest in the Hughes Project located in central Nevada and the Mogollon Project located in southwestern New Mexico. The high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929, is located on the Hughes Project. The Mogollon Project is the largest historic silver producer in New Mexico. Both projects have remained inactive since commercial production ceased and neither have seen modern exploration prior to the Company's involvement.

Follow Summa Silver on Twitter: @summasilver

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Website: https://www.summasilver.com

ON BEHALF OF THE BOARD OF DIRECTORS

"Galen McNamara"
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

Investor Relations Contact:
Giordy Belfiore
Corporate Development and Investor Relations
604-288-8004
giordy@summasilver.com
www.summasilver.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary note regarding forward-looking statements

This news release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. These forward‐looking statements or information relate to, among other things: exploration and development of the Company's mineral exploration; and the release of drilling results.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of public health crises; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; the ongoing military conflicts around the world; and other related risks and uncertainties disclosed in the Company's public disclosure documents.

Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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