Summa Silver Intersects Significant Visible Mineralization in Step-out Holes along the Queen Vein at Mogollon, New Mexico

Key Highlights

• Five more holes have intersected the Queen Vein where all eleven holes drilled to date have cut zones of intermittent to continuous quartz-carbonate veining and breccia with local zones of silver-bearing sulfides over an average core length of 26m.
• The mineralized zone remains open with holes MOG22-10 and MOG22-11 featuring strong visible mineralization at the northern and southern extents of the current drilling pattern now covering a strike length of 390m (see attached maps).
• Core photos of the Queen Vein intersections from all eleven holes drilled to date are available on the Company’s website here.
• Drilling continues at Mogollon with two rigs in full operation testing the Consolidated target for the extent of high-grade silver and gold mineralization over an area of 500m along strike by 350m up- and down-dip.
• Work is just beginning with the first target representing only 1% of the total vein and structure strike length present at the project.
• Summa Silver is committed to advancing and expanding its ongoing community engagement and outreach in Catron and Grant counties. We look forward to hearing from you. Please see our webpage here: https://summasilvernm.com/

Galen McNamara, CEO, stated: “As our exploration drilling continues to intersect strong zones of visual mineralization at the Consolidated target, we look forward to sharing assay results once they become available. This rapidly developing zone of strong mineralization has now been drilled by the Company over a strike length of 390 m where it continues to be open to further expansion. With drilling ongoing until the end of February, we will continue share visual updates and assays as applicable.”

Mogollon Drill program

The focus of the ongoing, multi-rig drill program is testing un-mined extensions of the Consolidated Mine, centered on the north-trending Queen Vein. Holes on 50 to 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 350 meters beginning at approximately 130 meters below surface.

Holes MOG22-08 and -11 were drilled north of the Consolidated mine and were designed to step-out from MOG22-05 (31.0 m at 448 g/t silver equivalent; 129 g/t Ag, 3.88 g/t Au). MOG22-08 intersected the Queen Vein approximately 80m down-dip from MOG22-05 and MOG22-11 intersected the Queen Vein approximately 65m along strike and to the north from MOG22-05. Hole MOG22-11 represents the northern most hole drilled on the Queen Vein by the Company to date. It intersected one of the broadest zones of epithermal-related veining ever intersected on the project (Table 1). Both holes intersected the texturally complex Queen Vein comprised of calcite-quartz veins, quartz-rich breccias with veinlets of bladed quartz with or without colloform banding and local silver-bearing sulfides. The hanging wall consisted of silicified and brecciated andesite and rhyolite cut by zones of colloform-banded chalcedonic quartz veins that increased in frequency with depth towards to the top of the Queen Vein, whereas the footwall consisted of intensely silicified and brecciated andesite with local Ag-sulfide mineralized veinlets.

MOG22-10 represents the southern most hole drilled by the Company on the Queen Vein. The hole was designed to test for vein-hosted mineralization to the south and along strike from previous drilling (e.g., 11.6 m at 429 g/t silver equivalent; 220 g/t Ag, 2.70 g/t Au in MOG22-04). The hole intersected two intervals of quartz-rich veins and breccias locally mineralized with Ag-sulfides. The upper interval is interpreted to represent a secondary cross-cutting vein, likely the east-west striking Graveyard vein, whereas the lower interval is interpreted to be the Queen Vein.

Holes MOG22-07 and -09 tested for the down-dip extensions of mineralization below the Consolidated Mine. Both holes intersected zones of quartz-rich veining and brecciation and suggest the vein-system continues at least 65m below the historical workings.

Drill core from holes MOG22-07 to MOG22-09 have been sampled and dispatched to Paragon Geochemical in Sparks, NV for assay analyses. Results are pending. High resolution core box photos from holes MOG22-01 to MOG22-11 can be viewed here.

Mogollon Property

The 3,766-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 50 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
604-288-8004
SSVR@kincommunications.com

In Europe:

Swiss Resource Capital AG
Jochen Staiger & Marc Ollinger
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.