Mr. Mike Stark reports

ARIZONA GOLD & SILVER SET TO DRILL UP TO 40 HOLES AT PHILADELPHIA PROJECT IN ARIZONA

Arizona Gold & Silver Inc. has provided an update on continuing exploration on the Philadelphia project, Mohave county, Arizona.

Next drilling phase

The next round of drilling will focus on drilling gaps within the 1.5-kilometre strike length that is known to be mineralized zone on the property. The first 30 drill holes will test a 450-metre-long gap on the Resaca patented claim.** Three drill hole fans will be sited from each of 10 drill pads. The plan is to utilize a reverse circulation (RC) drill to test the mineralized zone down to a depth of 150 metres. The company has the capability to step back another 100 metres and drill the system deeper.

The 30 Resaca drill holes will be followed by drilling on the Rising Fawn portion of the mineral system. This drilling can use existing access.

Following BLM approval we will mobilize a core rig to BLM pad No. 1 to test the continuity of thick gold intercepts encountered in holes PRC21-80 and -85 (106.7 m of 1.53 grams per tonne gold, 7.55 grams per tonne silver, and 115.85 m of 1.34 grams per tonne gold and 5.78 grams per tonne silver respectively).

BLM permit progress

The company has applied to the federal government to drill up to 40 holes from BLM (Bureau of Land Management) land on the eastern side of the mineralized trend. To accomplish that the company submitted a final environmental assessment report (EAR) to the BLM, after having responded to comments received from the BLM on a draft EAR. The company believes it has adequately addressed comments received, and as such the final EAR should be complete. The company looks forward to a Finding of No Significant Impact (FONSI) from the BLM within the next 45 days.

The plan of operations is based on drilling up to 40 holes from two drill pads situated on the western slope of Red Hill. An approval to proceed will be a significant benefit to the project as it facilitates drilling a high-priority CSAMT anomaly beneath the Red Hills target. In addition it will facilitate drilling the eastward and down-dip extension of thick intercepts in earlier drill holes PRC21-80 and PRC21-85. The company very much looks forward to being able to proceed with this drilling in Q4-2023.

Core hole PC23-112

Core hole P23-112 was recently drilled to test a CSAMT anomaly beneath Red Hill that lies to the east of the known vein system. This hole was drilled at a shallow negative-45-degree angle to reach as far as possible in an easterly direction. Unfortunately, the hole deviated and missed the target.

PC23-112 encountered highly altered and iron stained upper volcanics in the first 90 metres. It then penetrated a series of clay-rich fault zones after which it intersected unaltered lower volcanic rocks. A down hole survey indicated the drill hole steepened slightly and turned 12 degrees to the left (north), rather turning south as anticipated. The company's geologists decided to not attempt to redrill the hole but rather to await issuance of the BLM permit described herein. The new drill pads provide better sites from which to drill both the CSAMT anomaly and the Red Hills targets.

** A patented claim is private property, the title to which was transferred by the federal government to the private landowner in the past. A patented claim is subject only to state permitting and property taxes and not to federal permitting requirements or the annual claim maintenance fees.

Qualified person

Gregory Hahn, vice-president of exploration and a certified professional geologist (No. 7122), is a qualified person under National Instrument 43-101, and has reviewed and approved the technical information contained in this news release.

About Arizona Gold & Silver Inc.

Arizona Silver is a young exploration company focused on exploring gold-silver properties in western Arizona and Nevada.

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