Summa Silver Intersects Additional Vein Zones in Step-Out Holes at the High-Grade Silver-Gold Mogollon Project, New Mexico

Drilling completed for the season with assays pending for 8 holes and zones remaining open to further expansion

Vancouver, March 6, 2023 - Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) (FSE: 48X) ("Summa" or the "Company") is pleased to provide a drilling update from the high-grade silver-gold Mogollon Project, near Silver City, New Mexico (the "Mogollon Project").

Key Highlights

• Four more holes have intersected the Queen Vein marked by intermittent to continuous quartz-carbonate veins and breccias between 3 and 61 meters in core length featuring local zones of silver-bearing sulfides.

• Core photos of the Queen Vein intersections from all holes drilled to date are available on the Company's website here.

• Queen Vein zone intersections to date average 66% mineralized where assays have been received and as defined by samples exceeding 100 g/t AgEq* (Table 1).

• Drilling focused on expansion around the historic Consolidated Mine has intersected visible silver sulfide mineralization where MOG23-16 is a 100m step-out and MOG23-19 is a 175 m step-out from holes previously drilled by the Company (see attached figures).

• The mineralized high-grade zones remain open in multiple directions and collectively cover a strike length of 500m.

• Assays are pending for 8 holes and drilling at the Mogollon Project is now complete for the season.

• Multiple additional targets are being developed at the Mogollon Project as the Company advances extensive 3D geological modelling efforts.

• Planning for a Q2 drill program on the Hughes Project at Tonopah, Nevada is well underway and details will be shared when complete.

⁺Note that these photos are not intended to be representative of broader mineralization on the Mogollon Project.

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

Galen McNamara, CEO, stated: "Step-out drilling at the Mogollon Project has proven that substantial concentrations of high-grade silver and gold remain in this historic American district. With zones largely open to continued expansion, we look forward to resuming drilling here in the fall. Additionally, extensive 3D geological modeling has revealed multiple additional targets which will demand drill testing. In the meantime, we are planning a significant drilling program on the Hughes project at Tonopah, Nevada to begin in the spring. We will share more details on our plans when they are completed."

Figure 1: Example of mineralization from the Queen Vein in hole MOG23-19 at 174m

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7983/157309_e083a498f48428d5_002full.jpg.

For geologists: Note the banded silver sulfide-bearing quartz vein clast hosted within a bladed quartz-carbonate vein.
This photo is not intended to be representative of broader mineralization on the Mogollon Project.

Mogollon Drill program

The focus of the recently completed multi-rig drill program at the Mogollon Project was on testing for un-mined extensions of the Consolidated Mine, centered on the north-trending Queen Vein. Holes were drilled over a strike-length of approximately 500 meters and near-vertical, down-dip extent of over 350 meters beginning at approximately 130 meters below surface. All the holes reported in this release were drilled north of the Consolidated Mine (Figure 2).

Hole MOG22-16 was designed to test for the up-dip extent of mineralization 100m above MOG22-05 (31.0 m at 448 g/t silver equivalent; 129 g/t Ag, 3.88 g/t Au; see the Company's news release dated May 3, 2022 for additional details). The hole intersected one of the broadest zones of epithermal-related veining drilled to date. The zone consists of numerous cm-scale intervals of colloform-banded quartz veins and quartz-cemented breccias increasing in frequency over 17m towards a 36m zone of poly-phase, quartz-rich hydrothermal breccias at 236m to the bottom of the zone at 273m. Mineralized sections were first intersected at 241m down hole and were mostly comprised of intermittent zones of finely laminated silver sulfides in local banded-quartz-rich clasts within brecciated intervals. At least 5 zones of visible silver sulfide mineralization were intersected within the 58 m intercept across the Queen Vein system.

Table 1. Width of Queen Vein Zone intersected to date by Summa in comparison to assay results

*AgEq is calculated using US$20/oz Ag, US$1,800/oz Au, with metallurgical recoveries of Ag - 90% and Au - 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)). Grade thickness is calculated by multiplying the length weighted AgEq value by the composite interval lengths across the vein zone.

Hole MOG23-19 intersected a similar broad zone through the Queen Vein system. The hole intersected the Queen Vein approximately 85m up-dip from MOG23-016 and 185m up-dip from MOG22-05. The zone consists of numerous intervals of brecciated quartz veins and quartz-cemented breccias increasing in frequency over 22m towards a thick 39m zone of poly-phase, quartz-rich hydrothermal breccias and banded quartz-carbonate veins at 153m to the bottom of the zone at 192m. A few local zones of silver-sulfide mineralization were noted during logging across the impressive vein zone.

Holes MOG23-17 and -18 were designed to investigate the down-dip extent of mineralization intersected in MOG22-08 (17.8m at 339 g/t silver equivalent; 143 g/t Ag, 2.46 g/t Au; see the Company's news release dated February 1, 2023 for additional details). Hole MOG23-017 was an 80m step-out down-dip from MOG22-008 and MOG23-018 was a 75m step-out along strike from MOG23-017. Both holes successfully intersected narrow locally well developed zones of epithermal-related veining and brecciation, however, silver sulfides were not noted during logging.

The recently completed drill program at the Mogollon Project consisted of holes drilled on 50 to 100m centers across the north-south trending Queen Vein. Results to date have outlined two key areas, north and south of Consolidated, that require additional infill and step-out holes to better constrain plunge orientations and the lateral and vertical continuity of the high-grade mineralized zones.

All samples will be dispatched to Paragon Geochemical in Sparks, NV for assay analyses. Results are pending. High resolution core box photos from holes MOG22-16 to MOG23-19 can be viewed here. Note that these photos are not intended to be representative of broader mineralization on the Mogollon Project.

Figure 2: Longsection showing the Consolidated Extension Drilling Area

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7983/157309_e083a498f48428d5_003full.jpg

Table 2: Collar Information for drill holes MOG22-12 to MOG23-15

Coordinates are in NAD83, Zone 12N

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 is a Canadian mineral exploration company. The Company owns a 100% interest in the Hughes property located in central Nevada and has an option to own 100% interest in the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The Mogollon property is the largest historic silver producer in New Mexico. Both properties 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

LinkedIn: https://www.linkedin.com/company/summa-silver-corp/

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: the release of assays, and the exploration and development of the Company's mineral exploration projects including completion of surveys and drilling activities.

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 the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; and other related risks and uncertainties.

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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