Summa Silver Intersects 50 Meter Vein Zone with Visible Mineralization in First Hole at Mogollon, New Mexico

Key Highlights

• First Hole Intersects Queen Vein: The first drill hole intersected a broad 50 meter zone of epithermal-related veining and brecciation with locally high concentrations of silver-bearing sulfides (see attached figures).
• Core Photos: A complete set of photos of the Queen Vein intersection in hole MOG21-01 can be viewed here.
• Drilling On-Going: Drilling is in progress at the Consolidated Extension target where the Company anticipates that a minimum of 15,000 m of drilling is necessary.
• Work Just Beginning: This first target represents only 1.5% of the total vein and structure strike length present on the property.

Galen McNamara, CEO, stated: “Although we don’t expect the entire intersection to carry grade, the wide zone of classic low-sulfidation veining in our first hole attests to the prospectivity of the Queen Vein and the significance of the mineralizing system in general. This hole confirms our modelling of historic mine records and limited exploration drilling of the target. It also supports the strong potential of the vein along strike and down-dip.”

Mogollon Drill program

The focus of the ongoing drill program is testing un-mined extensions of the Consolidated Mine, centered on the north-trending, epithermal-related Queen Vein (see October 15^th, 2021 News Release). Holes on 100-meter centers are designed to systematically test the lateral and vertical continuity of mineralization over a strike-length of approximately 500 meters and near-vertical, down-dip extent of over 250 meters beginning at approximately 130 meters below surface.

The first hole (MOG21-01, drilled to 440 meters) targeted the extension of structurally-controlled, vein-hosted mineralization south of the historic Consolidated stopes. A broad 50-meter zone of epithermal-related alteration, veining, brecciation and mineralization, cored by the Queen Vein, was intersected at approximately 280 meters down hole. Within this zone, the hanging wall to the Queen Vein consisted of silicified and brecciated andesite and rhyolite cut by zones of colloform-banded chalcedonic quartz veins increasing in frequency with depth towards to the Queen Vein. The 8 meter wide Queen Vein at approximately 296 meters down hole comprised calcite + quartz veins, quartz-rich breccias with bladed quartz, colloform banding and local silver-bearing sulfides (Figure 2). The footwall to the Queen Vein consists of intensely silicified and brecciated andesite with abundant silver-bearing sulfides as disseminations and banded within chalcedony-rich veins (Figure 1).

The presence of strong sulfide mineralization hosted near the footwall to the Queen Vein in MOG21-01 is similar to mineralization styles documented in historic mining and exploration reports from the Consolidated and other targets associated within the Queen Vein (see September 13^th, 2021 News Release). This hole supports the company’s comprehensive exploration model and confirms the southern strike-extent of the mineralized Queen Vein. Lithological and structural data from MOG21-01 and subsequent holes are also being incorporated into the geological model to help target high-grade zones along the vein system.

Drill core from MOG21-01 has been sampled and dispatched to Paragon Geochemical in Sparks, NV for assay analyses. High resolution core box photos from MOG21-01 can be viewed here. Over 5,000 total meters are scheduled for this phase of drilling with an additional minimum of 10,000 meters planned for the first half of 2022 as drill hole spacings are tightened to approximately 50 meters.

Table 1: Collar Information for MOG21-01

Target Area: Consolidated Ext.
Drill Hole: MOG21-01
Easting: 705092
Northing: 3698292
Azimuth: 248
Dip: -56
Final Depth (Core): 440m

Coordinates are in NAD27, Zone 12N

Mogollon Property

The 2,467-acre Mogollon Property is located in the historically prolific Mogollon mining district of southwest New Mexico, approximately 120 km north of Silver City. Numerous underground workings have exploited high-grade gold and silver veins from three primary mines; Fanney, Last Chance and Consolidated. Mining ceased in 1942 and the district has since been largely inactive besides a few exploration drill programs in the 1980s and in 2010; totalling 15,600 m. The property hosts approximately 34 km of near-continuous epithermal-associated veins and faults where only 1.7 km of those veins and faults have been drill tested. The Mogollon Property therefore offers a unique opportunity to build high-grade ounces near historic past-production while systematically exploring for new discoveries using modern techniques.

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 owns a 100% interest in the Hughes property located in central Nevada and has an option to earn 100% interest in 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.

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ON BEHALF OF THE BOARD OF DIRECTORS
“Galen McNamara”
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

Investor Relations Contact:
Kin Communications
Giordy Belfiore
604-684-6730
SSVR@kincommunications.com

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

Neither the 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.

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 release of assays, and the exploration and development of the Company’s mineral exploration projects including completion of surveys and drilling activities.

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.