Kootenay Silver Initiates New Phase of Diamond Drilling at Columba High Grade Silver Project, Chihuahua Mexico

VANCOUVER, Sept. 6, 2023 - Kootenay Silver Inc. (TSXV: KTN) (the "Company" or "Kootenay") is pleased to announce resumption of drilling at Columba High Grade Silver Project, located 25 km south of the township of Nueva Casas Grandes, Chihuahua, Mexico. To date Kootenay has drilled 135 holes for just over 27,000 meters on the project.

The current campaign will drill a minimum of 3,000 meters comprising of 12 to 15 holes focused on expanding on impressive, wide high-grade intercepts hit to date in the west-northwest trending D-Vein. The D-Vein has intercepted high grades in drilling over a horizontal length of 400m and to a maximum depth of about 300 meters. Mineralization on D-Vein is open to depth and along strike.

Favourable results from the initial program would warrant an additional 7,000 meters in 19 holes to aggressively step out on D-Vein toward its projected intersection with similarly mineralized B Vein.

The D-Vein is a quartz-calcite vein flanked by mineralized stockwork/breccia with intercepts exceeding 10 to 15 meters in true width in places. Previous drilling reported very encouraging results, as evidenced by the best interval to date in hole CDH-22-125, with 34.45 meters downhole length¹ averaging 540 gpt silver with 0.26 gpt gold, 0.37% lead and 1.56% zinc including a high-grade interval averaging 5,840 gpt silver, 3.0 gpt gold, 3.08% lead and 17.25% zinc over 2.45 meters¹. (see news release dated 8 September, 2022)

Kootenay's CEO, Mr Jim McDonald states, "surface work and follow up drilling at Columba has identified a series of cross cutting, well mineralized veins within an area measuring approximately 4km by 4km. Of all the veins drilled to date, D Vein has returned the most impressive grades and widths so we are looking to expand the size of this mineralized shoot. This program marks the first step of an aggressive drilling campaign designed to culminate in a maiden resource for the third quarter of next year as financing will allow at which point a decision on a PEA can be made."

Hear Jim McDonald briefly discuss the drill program here.

The Company has identified new vein targets in addition to known vein extensions warranting drill testing. The phase now underway represents the first stage of a comprehensive, project-wide program designed to step out along strike and to depth on multiple mineralized veins planned for completion within the next 12 months.

The Company has contracted Globextools de S.A. de C.V. of Hermosillo, Sonora, Mexico to conduct the drilling at Columba. Results of the drill program will be announced as soon as the assays are received and interpreted by the Company.

Link to Drill Plan and Long Section

A comprehensive list of drill results completed on the Columba Property since 2019 may be viewed here: Columba Drill Results.

All technical information for the Columba exploration program is obtained and reported under a formal quality assurance and quality control ("QA/QC") program. Samples are taken from core cut in half with a diamond saw under the direction of qualified geologists and engineers. Samples are then labeled, placed in plastic bags, sealed and with interval and sample numbers recorded. Samples are delivered by the Company to ALS Minerals ("ALS") in Chihuahua. The Company inserts blanks, standards and duplicates at regular intervals as follows. On average a blank is inserted every 100 samples beginning at the start of sampling and again when leaving the mineral zone. Standards are inserted when entering the potential mineralized zone and in the middle of them, on average one in every 25 samples is a standard. Duplicates are taken in the mineralized zone, on average 1 to 2 duplicates for each hole.

The samples are dried, crushed and pulverized with the pulps being sent airfreight for analysis by ALS in Vancouver, B.C. Systematic assaying of standards, blanks and duplicates is performed for precision and accuracy. Analysis for silver, zinc, lead and copper and related trace elements was done by ICP four acid digestion, with gold analysis by 30-gram fire assay with an AA finish. All drilling reported is HQ core and was completed by Globexplore de S.A. de C.V. from Hermosillo, Sonora, Mexico.

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

The Kootenay technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved on behalf of Kootenay by James McDonald, P.Geo, President, CEO & Director for Kootenay, a Qualified Person.

Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The Company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects located in prolific mining districts in Sonora, State and Chihuahua, State, Mexico, respectively.

www.kootenaysilver.com

The information in this news release has been prepared as at September 5, 2023. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay's expectations or any change in events, conditions or circumstances on which any such statement is based.

Cautionary Note to US Investors: This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements adopted by the U.S. Securities and Exchange Commission (the "SEC"). The SEC sets rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

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SOURCE Kootenay Silver Inc.