Summa Silver Drills 6,220 g/t Silver Equivalent over 0.7 m at the Hughes Property, Nevada

Key Highlights

Rescue Veins in the Belmont Mine Target Area:

• 6,220 g/t silver equivalent (2,910 g/t Ag and 33.1 g/t Au) over 0.7 m from 397.4 m within

3,182 g/t silver equivalent (1,495 g/t Ag and 16.9 g/t Au) over 1.4 m from 397.4 m in SUM20-20

• SUM20-20 is an 80 m step-out from SUM20-06 which intersected 3,760 g/t silver equivalent (1,762 g/t Ag and 19.99 g/t Au) over 2.5 m from 347.1 m (see news release dated September 30, 2020)

Ruby Discovery and the potential 1.3 km extension of the Tonopah District:

• 1,597 g/t silver equivalent (790 g/t Ag and 8.07 g/t Au) over 0.5 m from 610.8 m within

522 g/t silver equivalent (258 g/t Ag and 2.63 g/t Au) over 2.0 m from 610.8 m in SUM20-10

• Six zones of mineralization were intersected in SUM20-10 where the most significant hydrothermal alteration on the property seen to date was also drilled

Murray Target yields high grade mineralization over a large area:

• 1,079 g/t silver equivalent (560 g/t Ag and 5.19 g/t Au) over 0.9 m from 302.8 m in SUM20-17

Mizpah Extension Target shows strong mineralization between Belmont and Ruby:

• 518 g/t silver equivalent (273 g/t Ag and 2.46 g/t Au) over 1.3 m from 340.9 m within

290 g/t silver equivalent (153 g/t Ag and 1.37 g/t Au) over 4.0 m from 340.2 m in SUM20-09

Drill Program Complete and More Assays Pending: The recently expanded Phase I drill program consisted of 14,460 m in 29 holes drilled in 4 high-priority target areas over a 3.5 km strike-length; Assays remain pending for 14 holes

Phase II Program: A follow-up drill program is planned for 2021 with specific details to be finalized once all assays are received

Note: AgEq based on 100 (Ag):1 (Au), True widths are unknown.

Galen McNamara, CEO, stated: “The completion of the Company’s first drill program represents a significant milestone for all shareholders.  It is now even more apparent that the Tonopah Mining District still hosts significant zones of high-grade silver and gold mineralization. In addition, the importance of drilling such strong mineralization in such an aggressive step-out at the new Ruby Discovery is difficult for me to over emphasize. Further drilling is necessary to determine if the Ruby Discovery is in fact a one-plus kilometer extension of the Tonopah District, or a unique discovery on its own. In any case, we very much look forward to further drilling at the Hughes Property and another busy year in 2021”

Drill Program Summary

The Phase I drill program was designed to test the lateral and vertical extent of structurally controlled, epithermal-related, high-grade silver and gold mineralization historically mined in the Tonopah District. Based on a pre-drilling compilation of all available historic drill and underground geological, structural and assay data, four priority targets were selected (Belmont, Murray, Mizpah Extension, and Ruby). These targets cover an east-west strike-length of approximately 4 km and were systematically tested in 29 drill holes.

Nineteen holes tested numerous steeply-dipping, west-southwest striking veins and secondary splays in the Belmont target area. At each vein location, a series of holes tested the along-strike and down-dip extensions of mineralization in approximately 50 m centered piece-points along the vein (e.g. Rescue #2 Vein, see attached figures). In most cases, mineralization consists of locally Ag-sulfasalt bearing, banded to brecciated quartz ± adularia veins with associated argillic alteration halos hosted in intermediate to felsic volcanic and volcaniclastic rocks. Vein thickness varied from a few centimeters to a few meters. Assays for 5 holes are reported in Table 1 and 11 holes remain pending from the Belmont target area.

One hole tested the Ruby target located 1.3 km east of the Belmont mine where a broad zone of strong propylitic alteration transitioning to pervasive and intense clay and sericite alteration with local zones of Ag-sulfosalt bearing banded and brecciated quartz ± adularia veins were cut. The orientation of the main alteration zones and associated mineralized veins are interpreted to be steeply-dipping to the north. The lateral extent of mineralization along strike has yet to be tested. Additionally, the hydrothermal alteration intersected in the hole is interpreted to be the strongest and most significant alteration observed on the property to date. The volcanic host rocks are interpreted to be equivalent to the host rocks in the heart of the adjacent historically mined Tonopah District. Assays for the Ruby Discovery are reported in Table 2.

Two holes tested the gently-dipping, east-striking Halifax vein of the Mizpah Extension. Here, several intervals of banded and brecciated quartz ± adularia veins hosted in interpreted splays off the main Halifax vein were intersected in both holes.  Assays for the Mizpah Extension holes are reported in Table 2. 

Seven holes tested the gently-dipping, southwest-striking Murray vein hosted along the regional-scale Tonopah fault at the Murray target. Mineralization here is associated with broad intervals of strong argillic alteration cored by zones of quartz stockwork up to 30 m wide and local Ag-sulfosalt bearing, banded quartz veins.  Assays for 4 holes are reported in Table 3 and assays for 3 holes remain pending from the Murray target.

Remaining assay results from the Phase I program will be reported in a timely manner as they are received and compiled.

Geophysical Survey

A high-resolution, 330-line kilometer drone-based magnetic geophysical survey was also completed. The survey footprint covered the entire Hughes property and consisted of 50 metre spaced north-south lines and 100 metre spaced east-west lines. The data are currently being integrated into the property-scale geological model for the Tonopah district to better inform the structural architecture and district-scale controls on high-grade mineralization. Results from this modelling will be used to prioritise areas for detailed geological and structural mapping as well as to assist drill hole targeting in the prospective, yet un-tested, eastern portion of the property. 

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 Silver Corp is a Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and 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 mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices and little to no modern exploration work has ever been completed.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) 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 exploration and development of the Company’s mineral exploration projects.

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.