Kuya Silver Commences Next Phase of Drilling at Silver Kings Project, Ontario

Anticipated 6,000 m drill program focused at Campbell-Crawford discovery area near Kerr Lake

Toronto, September 26, 2023 - Kuya Silver Corp. (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya Silver") is pleased to present an update on drilling at the Silver Kings Project, Canada. Drilling at the Silver Kings Project is following up on the Campbell-Crawford target, where early 2023 grassroots drilling intersected significant silver and cobalt mineralization (15,372 g/t silver, 0.08% cobalt over 3.34 m), both with uses in renewable energy.

Drill Program Highlights:

• A diamond drill is now mobilized to site to start work at the Campbell-Crawford area, greater Kerr Lake area (Figure 1)
  • The primary drill target is the Angus Vein (March 2023 grassroots discovery of 15,372 g/t silver, 0.08% cobalt over 3.34 m), which will be tested at depth along the lower Nipissing Diabase contact where mining was historically focused in the Cobalt mining camp. Drilling will test the lateral extent of this discovery vein, with a target zone over 175 m in length in this vein alone, based on recent surface mapping.
  • Secondary drill targets include the nearby and untested McNamara and Clark veins, with similar surface characteristics and orientations to the Angus Vein, and with similar mineralized potential at depth. Other blind veins and mineralized structures intersected in previous drilling will also be tested
• Combined, these three veins are exposed in a comparable location, surface area and buried target zone to several major, historic silver minesites in the Cobalt area, such as 21.6 million ounce Deerhorn Mine (750 m to northeast; Sergiades 1968).
• Other targets, including Mary Ann, Juno, and newly-uncovered silver-cobalt mineralization at Silver Centre, may also be tested in this drill program.

David Lewis, Kuya Silver Vice President Exploration, commented: "Kuya Silver is in the enviable position of controlling two promising, district-scale projects in diverse jurisdictions and at different stages of development, namely the Silver Kings Project in Ontario Canada, and the Bethania Project in Peru. Follow-up drilling at our Canadian Campbell-Crawford target is set to test the vertical and lateral extent of the grassroots Angus Vein discovery at depth in the ideal silver-cobalt mineralized zone. We also exposed two other nearby veins on surface with similar untested silver-cobalt potential at depth and all three of these veins are in close proximity and on a similar scale to major historic mines in Cobalt. Although we have focused a great deal of effort this year at our Silver Kings Project, we intend to discuss work progress at our Bethania Project in the upcoming weeks."

Figure 1 - Kuya Silver's Silver Kings Project area (satellite properties not shown in this map area) showing past-producing mines, historic workings and target areas.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5945/181879_08854d6b24a52b95_001full.jpg

Figure 2 - Major historic silver mined properties in the Cobalt mining camp, Ontario. Kuya Silver's mining property is shown in green (mining claims) and blue (mining patents and leases). Mining production presented in million ounces silver (MM Ag) from Sergiades, 1968.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5945/181879_08854d6b24a52b95_002full.jpg

Silver Kings Drill Program

Preparations for this current drill program (announced July 25, 2023) are largely complete and a diamond drill has now been mobilized to site. The primary target for this work is the grassroots Angus Vein discovery at the Campbell-Crawford target area, initially drilled by Kuya Silver in March 2023. In the Cobalt mining camp, the ideal silver-cobalt target zone tends to be found at, and up to 75 m above or below, the Nipissing Diabase sill rock contact. The Angus Vein was first pierced 10 m below the diabase sill and returned grades of 15,372 g/t silver and 0.08% cobalt over 3.34 m (hole 23-SK-08 from 234.90 m) and, 18 m deeper, 2,424 g/t silver and 0.03% cobalt over 2.49 m (hole 23-SK-13 from 252.73 m) in this ideal target zone.

In subsequent stripping and trenching work, the Angus Vein was exposed on surface for >175 m along trend (Kuya Silver June 29, 2023 news release).

Based on surface and drilling work, there is potential for a buried silver-cobalt mineralized panel in this ideal zone >175 m laterally (>575 ft) on the main Angus Vein alone following the vein exposed at surface; this zone is the first priority and is set to be drill tested both vertically and along trend in this work program.

The McNamara and Clark veins (Campbell-Crawford and neighboring Airgiod properties), have comparable mineralogy, vein textures, widths and orientations to the Angus Vein on surface, and are set as second priority drill targets. Conceptually, they have similar target dimensions to the Angus Vein and have never been drill tested in the ideal mineralized horizon.

The surface area and vein extent of the Campbell-Crawford and Airgiod target areas match well with major historic mines in the Cobalt mining camp (Table 1, Figure 2), many of which were divided by historic property ownership only.

Kuya Silver personnel have also identified other target areas, including recently stripped areas at Frontier NW in Silver Centre, Juno and Mary Ann with further potential for economic mineralization following a similar exploration model to the Angus Vein discovery. Three new tightly spaced, mineralized veins were stripped and exposed on surface at the Frontier NW target, Silver Centre, with channel sampling assays pending. The Juno target is a small, near-surface, past-producing minesite, but, similar to the Angus Vein at the Campbell-Crawford target, has never been tested at depth below the Nipissing Diabase sill. The Mary Ann target was drilled in the 1960s with no follow-up work, piercing several veins yielding up to 500 g/t silver over 6 inches (with no cobalt assays recorded), and with comparable rock types and structural configurations to Kerr Lake. These target areas remain highly prospective and match well with Kuya Silver's goal of developing a district-scale project in Ontario. One or more of these targets may be drill tested during this work program.

Table 1 - Historic silver production (presented in million ounces) relative to size of major historic mines in the Cobalt mining camp, Ontario Canada (Sergiades 1968). See Figure 2 for the location of these properties. The majority of these historic minesites are currently owned by Agnico Eagle, but a significant proportion, specifically in the Kerr Lake area, are owned by Kuya Silver. Property ownership is based on the current understanding of Kuya Silver, property size is based on Ontario Ministry of Mines information, and deposit size is denoted after Sergiades, 1968. There has been no recorded silver production at Kuya Silver's Campbell-Crawford or Airgiod properties.

References

Sergiades, A.O. 1968. Silver Cobalt Calcite Vein Deposits of Ontario; Ontario Department of Mines, Mineral Resources Circular No. 10, 498p.

National Instrument 43-101 Disclosure

The technical content of this news release has been reviewed and approved by Mr. David Lewis, P.Geo., Vice President Exploration of Kuya Silver and a Qualified Person as defined by National Instrument 43-101.

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:

David Stein, President and Chief Executive Officer
Telephone: (604) 398‐4493
info@kuyasilver.com
www.kuyasilver.com

Reader Advisory

This news release contains statements that constitute "forward-looking information," including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," "must," "next," "propose," "new," "potential," "prospective," "target," "future," "verge," "favourable," "implications," and "ongoing," and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Without limiting the generality of the foregoing statements, any discussion of the potential of exploration targets and assay results, is forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada 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/181879