Masivo Silver Successfully Completes First Hole Intercepting 55ft of 0.99% Cu, 1.52g/t Au and 30.25g/t Ag Starting at 65ft downhole at Boston Mine in Nevada

Vancouver, March 16, 2023 - Masivo Silver Corp. (TSXV: MASS) (OTC Pink: GNYPF) ("Masivo" or the "Company") is pleased to announce it has successfully completed its first Hole from their phase I drilling program on their Boston Mine Project in the State of Nevada. BM22-01 was drilled from the private property in the Boston Mine area. The core hole was drilled to a total depth of 252 feet at an azimuth of 210° and an inclination of -45°. The hole was drilled under the portal of the Boston Mine where historic high-grade gold was reportedly encountered sub-parallel to bedding. BM22-01 was drilled perpendicular to bedding. The hole targeted two projected parallel mineralized zones and encountered significant copper-gold-silver values ​​related to a skarn zone with strong calc-silicate alteration along with locally pervasive copper sulfide (bornite) mineralization.

The core from BM22-01 was geotechnically and geologically logged by a Professional Geologist who delineated sample intervals that were confined to a maximum drilled length of 5 feet. Once logged, the core was photographed and split utilizing a hydraulic core splitter. Samples consisting of one-half core were sent to ALS Laboratory (an ISO accredited lab) where gold analysis by fire assay with ICP-AES and multi-element analysis by four acid digestion ICP was completed.

Results from the first drill hole indicate that Masivo's geological model and projected target zones (mineralized zones "M" and "N") appear to be accurate. Hole BM22-01 encountered two projected mineralized zones. Significant assay results from this hole are shown below in Table 1.

Significant drill intercepts include 55 feet (drilled width) of 0.99% Cu, 1.52 g/t Au and 30.35 g/t Ag starting at 65 feet down hole.

Core hole BM22-02 was designed to test the down-dip extension of mineralized zone "N" and has been completed. Assay results from BM22-02 are pending.

Masivo's team of geologists is very excited about the results from BM22-01 which demonstrates that the company's mineralization model appears to be accurate. Also, the significant copper-gold-silver values related to skarn mineralization helps confirm the historical results from the Boston Mine which includes; 35 feet at 1.51 ppm Au, 29.83 ppm Ag and 0.96% Cu (RC hole CON-3) and 5 feet at 1.15 ppm Au, 46.6 ppm Ag and 1.59% Cu (core hole BM-3). Additional high-grade assays at the Boston Mine include a 4-foot channel sample that resulted in values of 8.23 ppm Au, 99.09 ppm Ag and 2.75% Cu (sample 8910).

Masivo also intends to complete additional drilling in the Montgomery Tunnel target area adjacent to the Boston Mine where historical results include; 5 feet at 26.19 ppm Au, 59.31 ppm Ag and 1.81% Cu (RC hole CON-5) and a 3-foot channel sample at 29.49 ppm Au, 169.03 ppm Ag and 3.9% Cu (sample 83770). Several IP anomalies are also slated to be drill tested in Phase II of Masivo's drill program.

Brian Brewer, the Qualified Person for Masivo, stated, "I am extremely excited about our first drill hole results and the assay results are precisely what I was expecting from this first hole. Given the high grades of Au, Cu and Ag produced in the past per our historical data, I am confident that we are on the right path for our drill program."

Qualified Person

Brian Brewer, CPG, is Masivo Silver's qualified person for the company's projects in Mexico and Nevada and has approved this news release.

About Masivo Silver Corp.

Masivo is a Canadian junior silver and gold mining exploration company based in Vancouver, Canada. Masivo is currently focused on advancing its exploration projects in the State of Nevada, US, and in the State of Sinaloa, Mexico. The Nevada projects are located in the highly prolific mining district of Elko County, covering approximately 543 hectares (1,342 acres), consisting of 65 unpatented land claims, including the historic Boston Mine. In Mexico, Masivo's mining focus includes silver and gold exploration, development, and ore processing within an aggregate of 14,000+ hectares (35,000+ acres) strategically located in the gold/silver-rich Sierra Madre Occidental Trend in western Mexico. The Company's mill, located on its El Colomo property, is capable of processing up to 300 tons of ore per day. Additional information on Masivo's current operations and vision, is available on the Company's website at www.masivosilver.com or email dcoburn@masivosilver.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"David Coburn" Chief Executive Officer

This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company's exploration plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward looking information.

Neither 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158654