Mr. Fred Davidson reports

IMPACT SILVER INTERSECTS 6.9 METERS WITH 10.22% ZINC, 5.43% LEAD AND 27.7 G/T SILVER IN FIRST DRILL RESULTS AT THE PLOMOSAS MINE

Impact Silver Corp. has released initial results of a continuing exploration program being undertaken at the recently acquired Plomosas zinc (-lead-silver) mine in northern Mexico. Highlights include drill hole TAS-23-18, which cut three mineralized intervals: 2.7 metres with 11.07 per cent zinc (Zn) and 9.24 per cent lead (Pb), 6.9 metres with 10.22 per cent zinc and 5.43 per cent lead, and 3.6 metres with 10.91 per cent zinc and 2.07 per cent lead.

The company has undertaken a surface drill program to test mineralization near the Tres Amigos section of the mine and has conducted a sampling program in stopes of the Plomosas mine that were partially exploited by the previous operator.

Highlights:

• Initial drill results from the Tres Amigos drill program have confirmed the presence of high-grade mineralization in the Juarez horizon, near accessible mine workings on levels 2, 5 and 7. Reported downhole intervals are believed to represent true widths for the mineralization:
  • Drill hole TAS-23-9 intersected three intervals: 5.70 metres with 7.9 per cent zinc, 5.3 per cent lead and 23.2 grams per tonne (g/t) silver (Ag); 3.46 m with 9.37 per cent zinc, 5.24 per cent lead and 25.9 g/t silver; and 1.5 m with 11.89 per cent zinc, 3.09 per cent lead and 64.3 g/t silver.
  • Hole TAS-23-16 cut two high-grade intervals: 10.8 m with 6.30 per cent zinc, 0.80 per cent lead and 14.7 g/t silver; and 6.43 m with 8.99 per cent zinc, 1.16 per cent lead and 16.6 g/t silver.
  • Hole TAS-23-18 cut three intervals: 2.7 m with 11.07 per cent zinc, 9.24 per cent lead and 34.7 g/t silver; 6.9 m with 10.22 per cent zinc, 5.43 per cent lead and 27.7 g/t silver; and 3.6 m with 10.91 per cent zinc, 2.07 per cent lead and 50 g/t silver.
• Fifty-eight samples taken over a strike length of approximately 50 metres in the 880 stope on Level 8 of the Plomosas mine (Mina Vieja horizon) have yielded an average of 12.1 per cent zinc, 5.8 per cent lead and 44 g/t silver over an average sample width of 1.8 metres.

Chief executive officer statement

Fred Davidson, chairman and CEO, commented: "We are pleased that our initial drilling and underground sampling program has returned high grades over mining widths in line with expectations at Plomosas. Our field crews have also begun exploration activity beyond the immediate mine area and have already identified some high-priority drill targets. On the production side, the restart of mining and processing operations has gone well after an extended period of rehabilitation and upgrading of facilities and equipment, and we look forward to a full year of revenue-generating production from Plomosas in 2024."

Tres Amigos drill results

The Plomosas mine, a historic high-grade zinc producer in northern Mexico, was recently acquired by the company, which has undertaken a surface drill program in the Tres Amigos area of the mine and has conducted an underground sampling program in stopes of the Plomosas mine, which were partially exploited by the previous operator. Mineralization at the Plomosas mine occurs as zinc-rich carbonate replacement deposits (CRD) along certain horizons of the local sedimentary rock sequence. Two main mineralized horizons have provided the bulk of historic production -- the Mina Vieja marble and the Juarez limestone -- where structural ground preparation along these two units resulted in concentrations of zinc, lead and silver.

The company initiated an exploration drill program of the Juarez limestone in the Tres Amigos area to test mineralization near workings with known mineralization from historic work. Mineralization in the Juarez limestone generally forms pods of high-grade zinc and lead at and near the contact with an overlying shale, and drill results such as reported here indicate potential for a large body of mineralization in this area, providing impetus for further exploration.

The company also conducted an underground sampling program in mine workings between levels 8 and 9 that the former operator partially exploited along the Mina Vieja horizon. These high-grade results are being evaluated in relation to the mill upgrades the company has recently completed.

About Impact Silver Corp.

Impact Silver is a successful producer-explorer with two mining projects in Mexico.

Royal Mines of Zacualpan silver-gold district: Impact owns 100 per cent of the 211-square-kilometre Zacualpan project in central Mexico where three underground silver mines and one open-pit mine feed the central 500-tonne-per-day (tpd) Guadalupe processing plant. To the south, the Capire project includes a 200 tpd processing pilot plant adjacent to an open-pit silver mine with a National Instrument 43-101 inferred mineral resource of over 4.5 million ounces (Moz) silver, 48 million pounds (Mlb) zinc and 21 million pounds lead (see Impact news release dated Jan. 18, 2016, for details and qualified person statement). Company engineers are reviewing Capire for a potential restart of operations. Over the past 17 years, Impact has placed multiple zones into commercial production and produced over 12 million ounces of silver, generating revenues over $256-million, with no long-term debt.

Plomosas zinc-lead-silver district: Plomosas is a high-grade zinc producer in northern Mexico with exceptional exploration upside potential, where only 600 m of the six km long structure have seen modern exploration to date. This is in addition to other exploration targets on the 3,019-hectare property, including untested copper-gold targets with indications of high-grade material from surface. Regionally, Plomosas lies in the same mineral belt as some of the largest carbonate replacement deposits in the world.

Quality control/quality assurance (QA/QC)

Samples take by the company were analyzed by ALS Group, an internationally recognized analytical services provider, and by the laboratory at the Plomosas mine. Samples analyzed by ALS used fire assay with an AA (atomic absorption) finish for gold and a multielement ICP (inductively coupled plasma) package for other metals. Assays for metals greater than 1 per cent used an overlimit ICP method. For samples with greater than 30 per cent zinc, a wet chemical method is used. For analyses at the mine, all metals are analyzed by AA. For some samples with greater than 30 per cent Zn, the analysis from the mine lab was used if an overlimit from ALS was not available. Certified reference materials and internal control samples are added to the sample stream at regular intervals to track accuracy of assays.

Qualified person and National Instrument 43-101 disclosure

Craig Gibson, PhD, CPG, is a qualified person within the meaning of NI 43-101 and has approved the technical information contained in this news release.

We seek Safe Harbor.