Silver Valley Metals Announces Discovery of Mineralized Vein Structures At Surface Extending Crown Point Mine 220 Metres West at the Ranger-Page Project, North Idaho, USA

VANCOUVER, BC, June 28, 2023

As announced in the June 8^th, 2023, press release, the Company's multi-kilometre exploration trenching project commenced with work in the eastern end of the project on the Crown Point target, which was the site of the project's historic high-grade silver mining activities. A strong ground IP anomaly and positive soil geochemistry results from 2022 justified trenching the Crown Point area to expose vein structures at surface. Approximately 400 meters of trenching has been completed to date in the Crown Point target area, exposing an east-west trending structural zone of mineralization greater than 16 metres wide which extends Crown Point over 220 meters to the west, and at least 75 meters up dip from the Crown Point mine toward the surface. 

Assay results from the vein structures in the Crown Point trenches show anomalous silver grades as high as 27.4 g/t, 8,300 ppm lead, 3,100 ppm zinc, and 1,900 ppm copper within two significant vein structures measuring 2.87 metres and 2.50 metres wide (see Table 1 below). These results represent an increase in silver and base metal concentrations when compared to geochemical results from the 2022 exploration program, as well as historic results from past mining major, Asarco in the 1970's.

It is well understood that many Coeur d'Alene style veins contain significant iron, lead and zinc sulphides, which when dissolved, acidify ground water, leading to additional leaching of metal sulphides over time. For this reason, leached outcroppings in the Coeur d'Alene mining district that contain discrete limonitic structures and gossan grading +20 g/t silver is considered anomalous and prospective. These results meet our expectations for surface exposures of the Crown Point vein system, which had head grades of 301 g/t silver and 10% lead. Zinc was not tracked or recovered at Crown Point historically. Our assay results suggest zinc is present at surface and at depth.

Silver Valley's Exploration Director, Dale Moore, commented, "For the first time on this project we're getting a clear look at the Crown Point mineralization in outcrop. These results have improved upon the assays reported from the historic bulldozer cut completed by Asarco in the 1970's, showing elevated base metals versus what was previously reported. Silver-lead ratios are similar to what we expect in this area of the District, and +20 gram silver at surface is a strong result given our geology and climate. We have a wide east-west zone trending parallel to Crown Point, and we're seeing additional mineralized structures in the hanging wall of the Crown Point fault. We're very happy with the progress thus far with the trench results."