Mr. Tom Larsen reports

CARTIER SILVER INTERSECTS 49.19 G AG/T, 1.35% ZN AND 1.31% PB OVER 44.76M IN DISCOVERY HOLE ON THE GONALBERT PROPERTY, POTOSI DEPARTMENT, SOUTHERN BOLIVIA

Cartier Silver Corp. has released the first results from diamond drilling to test geological and geophysical targets for epithermal silver-lead-zinc mineralization on the Gonalbert property, Potosi department, southern Bolivia. The initial program, as previously reported (see Cartier Silver press release dated June 29, 2023), consists of five drill holes, totalling 3,300 metres, collared in the general vicinity of the artisanal silver mine. To date, 729.5 m of drilling have been completed in two holes, with a third hole in progress. Results have been received for drill hole DGL-01, as outlined in an attached table.

Tom Larsen, chief executive officer of Cartier Silver, commented: "We are very pleased with the excellent result from the inaugural diamond drill campaign at Gonalbert. Initial values from our first hole demonstrate especially solid silver grades, along with significant lead and zinc. The channel sample values from the underground workings show consistency with silver head grades reported from recent mining activity. Regional geological and rock geochemical work on the property by our exploration team has outlined a prospective two-kilometre-long, potentially silver-rich target area on Gonalbert. We are looking forward to receiving further results from this drilling program."

Dr. Osvaldo Arce, PGeo, general manager of Cartier Silver's Bolivian subsidiary, Minera Cartier SRL, said: "The ongoing surface and underground mapping, channel sampling and initial diamond drilling at the Gonalbert zone (southern part of the Chorrillos project) demonstrate that it is a Bolivian-type, caldera-hosted, polymetallic, silver-dominant, epithermal vein system, associated with Ordovician slates and Miocene dacitic domes, dikes and lithic tuffs. Vein-type and disseminated Ag-Zn-Pb mineralization occurs in subvertically continuous, fault-hosted veins, and replacements of brecciated faults. The widest and highest-grade veins are present in northwest-trending faults which are readily evident in the geological and geophysical data.

"The Chorrillos project area occurs along a plus or minus 100 km northwest structural corridor that includes known deposits such as Chorolque (tin), Iska Iska (Ag-Sn-Zn-Pb), Tasna (bismuth-tin-tungsten-gold) and other large Bolivian-type polymetallic deposits. It is very likely that Gonalbert may host high-temperature Sn porphyry-type mineralization at depth."

Diamond drilling results

The discovery drill hole DGL-01 was drilled to test the chargeability anomaly in the central adit area. This hole, which was drilled at an azimuth of 60 degrees and a dip of minus-70E, intersected a series of high-grade epithermal silver-lead-zinc zones within a broad mineralized envelope in altered metasediments associated with steeply dipping fault zones. Significant results are as follows:

• 57.74 grams per tonne Ag and 1.75 per cent Pb over 18.25 m from 115.75 m to 134 m, including 79.90 g/t Ag and 2.53 per cent Pb over 6.63 m from 115.75 m to 122.38 m;
• 49.19 g/t Ag, 1.35 per cent Zn and 1.31 per cent Pb over 44.76 m from 347.10 m to 391.86 m, including 137.42 g/t Ag, 7.91 per cent Zn and 5.6 per cent Pb over 5.60 m from 347.10 m to 352.70 m;
• 109.54 g/t Ag, 3.68 per cent Zn and 4.44 per cent Pb over 11.09 m from 418.89 m to 429.98 m, including 170.01 g/t Ag, 2.51 per cent Zn and 7 per cent Pb over 5.81 m from 418.89 m to 424.70 m.

The true width of these intersections is approximately 80 per cent.

Underground channel sampling, Gonalbert artisanal mine

Underground channel sampling has been carried out in the Hoyada, Labor Central Rieles (central adit) and Tocoyoj artisanal underground workings. Results (see an attached table) have been received for underground sampling at the central adit, where the main production shaft is located. Channel sampling was systematically carried out along the east-northeast- and north-northwest-oriented drifts on the principal production levels, including levels 0, 100, 160 and 180.

Apart from one sample in level 0, which returned 504.0 g/t Ag over 0.52 m, the best results were obtained in the lower levels, including 245.5 g/t Ag over 1.5 m, 492.0 g/t Ag over 0.7 m and 123.9 g/t Ag over 1.5 m. Ag and Pb correlate almost perfectly in the lower levels, indicating that the silver is largely contained within galena. Galena occurs with minor pyrite and chalcopyrite, providing the chargeability target that was mapped directly in the induced polarization/resistivity survey.

Geophysical data suggest that the chargeable mineralization becomes stronger with depth, reaching a maximum at the 400 m limit reached with the induced polarization/resistivity survey. This trend to higher Ag and Pb values at greater depth is supported by the results of sampling over four levels from the surface to minus-180 m in the drifts at the central adit. Drilling to date has only partially tested the extensive chargeability anomaly.

Surface rock geochemical sampling

A rock geochemical surface sampling program carried out over much the Gonalbert property has confirmed that Ag-Pb-Zn mineralization is associated with north-northwest-trending structures inferred from the induced polarization/resistivity and topographic surveys (see Cartier Silver press release dated June 7, 2023). Silver values show the same strong correlation with galena (Pb) that is evident in the underground workings. The principal trend of mineralization is 310 degrees to 330 degrees parallel to a set of north-northwest-trending quartz dikes. The strong correlation of silver with galena indicates that the IP chargeability response from the galena (over 10 per cent in some veins) can be used to effectively target the silver-bearing mineralization.

Complete analytical results are provided in an attached table. Samples taken are chip and channel samples.

Qualified persons

Dr. Bill Pearson, PGeo, a qualified person as defined under National Instrument 43-101, has reviewed and approved the scientific and technical content of this press release. Dr. Chris Hale, PGeo, supervised the geophysical surveys. Geological surveys and diamond drill logging and sampling were supervised by Dr. Osvaldo Arce, PGeo. Dr. Hale and Dr. Arce are qualified persons as defined by NI 43-101.

The rock geochemical sampling program was directed by Dr. Arce. Underground channel sampling was employed, whereas for the surface rock geochemical program both channel and chip sampling method were employed.

Cartier Silver is utilizing both ALS and AHK for drill core analysis, both of which are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda.'s preparation facility in Oruro, Bolivia, and the preparation facility operated by AHK in Tupiza, with pulps sent to the main ALS Global laboratory in Lima for analysis. Cartier Silver employs an industry-standard quality assurance/quality control program, with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK are prepared in a preparation facility installed and managed by AHK in Tupiza, with pulps sent to the AHK laboratory in Lima, Peru. Check samples between ALS and AHK are regularly done as a quality assurance/quality control check. AHK is following the same analytical protocols used as with ALS and with the same quality assurance/quality control protocols.

About Cartier Silver Corp.

Cartier Silver is an exploration and development company focused on discovering and developing its recently acquired silver property assets, including the Chorrillos project and claims staked by the company's subsidiary, all of which are located in the Potosi department of southern Bolivia. The company also holds significant iron-ore resources at its Gagnon holdings in the southern Labrador Trough region of east-central Quebec, and the Big Easy gold property in the Burin Peninsula epithermal gold belt in the Avalon zone of eastern Newfoundland and Labrador.

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