Kuya Silver Discovers New Silver-Polymetallic Zone At Carmelitas Prospect in Peru

Highlights

• Rock chip samples and channel samples were taken at the Carmelitas Mine area and a newly discovered zone of veins ("Carmelitas Norte");
• 9 veins newly identified at Carmelitas Main zone;
• Kuya geologists have identified 6 veins along a ~250m surface trend at the Carmelitas Norte prospect, located approximately 1.2 kilometres to the north of Carmelitas Main zone;
• Results from Carmelitas Main and Carmelitas Norte include samples containing up to 1,315 g/t silver, 3.60 g/t gold, 8.40% lead and 7.70% zinc.

Kuya Silver conducted a prospecting and channel sampling program in October 2022 to investigate surficial veins, or other potential styles of mineralization, in the vicinity of the past-producing Carmelitas Mine, representing the first systematic exploration of the Carmelitas properties by Kuya Silver since they were acquired in 2021.

Sampling results include:

Table 1:. Metal prices for silver equivalency were captured on November 15, 2022 (silver $22.00 USD/troy oz; gold $1770.00 USD/troy oz; copper $8300 USD/t; lead $2170 USD/t; zinc $3000 USD/t).

David Stein, Kuya's President and CEO, remarked: "Our first sampling program at Carmelitas has been successful and the discovery of a new zone of mineralized veins only 1.2 kilometres from the Carmelitas mine is a positive surprise. Our sampling to date, in both Carmelitas and Carmelitas Norte, suggests that, similar to Bethania, we may be at the upper levels of a silver-rich epithermal system with many closely related, structurally controlled veins that justify further exploration on surface and at depth with diamond drilling. Furthermore, our initial program demonstrates that the silver-polymetallic mineralization at Carmelitas is more extensive than previously understood, with Kuya having identified at least 15 new veins."

38 channel and chip samples were collected at the Carmelitas Main zone and an additional 18 channel samples were collected at the newly-uncovered Carmelitas Norte zone (Figure 1). Chemically, the veins are similar to those at the Bethania mine site, although they contain less copper and more manganese. The elevated manganese suggests that these veins may be near the upper part of a low-sulphidation epithermal system, with significant potential at depth for additional mineralization.

Figure 1: Map of Carmelitas area, including newly-discovered Carmelitas Norte zone. See Table 1 for silver equivalency values.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5945/144608_cfb64ce0640cc8b1_001full.jpg

Quality Assurance, Quality Control, and Data Verification

A total of 56 rock chip samples were collected in October 2022. The coordinates of the locations of each sample were measured by handheld GPS and recorded and the samples dispatched to the ALS Peru S.A. laboratory in Lima for geochemical analysis. The analyses were carried out using the following methods: ME-OG61a - Multi-acid digestion and ICP-AES detection for 33 elements, Au-AA23 - Fire Assay, Atomic Absorption for overlimit gold, and Ag-OG62 - four acid digestion and ICP-AES for overlimit silver. ALS Peru S.A. laboratory in Lima has international certifications OHSAS 18001, ISO 14001 and ISO 9001 and is accredited by INACAL under the NTP-ISO / IEC 17025. 2021 Samples were analyzed with SGS Laboratories in Lima, Peru.

National Instrument 43-101 Disclosure

The technical content of this news release has been reviewed and approved by Mr. David Lewis, P.Geo., Exploration Director of Kuya Silver and a Qualified Person as defined by the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Kuya Silver Corporation

Kuya Silver is a Canadian‐based mineral exploration and development company with a focus on acquiring, exploring, and advancing precious metals assets in Peru and Canada.

For more information, please contact the Company at:

Kuya Silver Corp.
Telephone: (604) 398‐4493
info@kuyasilver.com
www.kuyasilver.com

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