Mr. Jim McDonald reports

KOOTENAY SILVER INITIATES NEW PHASE OF DIAMOND DRILLING AT COLUMBA HIGH GRADE SILVER PROJECT, CHIHUAHUA MEXICO

Kootenay Silver Inc. has resumed drilling at Columba high-grade silver project, located 25 kilometres south of the township of Nueva Casas Grandes, Chihuahua, Mexico. To date, Kootenay has drilled 135 holes for just over 27,000 metres on the project.

The current campaign will drill a minimum of 3,000 metres comprising of 12 to 15 holes focused on expanding on impressive, wide high-grade intercepts hit to date in the west-northwest-trending D vein. The D vein has intercepted high grades in drilling over a horizontal length of 400 metres and to a maximum depth of about 300 metres. Mineralization on the D vein is open to depth and along strike.

Favourable results from the initial program would warrant an additional 7,000 metres in 19 holes to aggressively step out on the D vein toward its projected intersection with similarly mineralized B vein.

The D vein is a quartz-calcite vein flanked by mineralized stockwork/breccia with intercepts exceeding 10 to 15 metres in true width in places. Previous drilling reported very encouraging results, as evidenced by the best interval to date in hole CDH-22-125, with 34.45 metres downhole length averaging 540 grams per tonne silver with 0.26 gram per tonne gold, 0.37 per cent lead and 1.56 per cent zinc, including a high-grade interval averaging 5,840 grams per tonne silver, 3.0 grams per tonne gold, 3.08 per cent lead and 17.25 per cent zinc over 2.45 metres (see news release dated Sept. 8, 2022 )

Kootenay's chief executive officer, Jim McDonald, stated: "Surface work and follow-up drilling at Columba has identified a series of crosscutting, well-mineralized veins within an area measuring approximately four kilometres by four kilometres. Of all the veins drilled to date, D vein has returned the most impressive grades and widths, so we are looking to expand the size of this mineralized shoot. This program marks the first step of an aggressive drilling campaign designed to culminate in a maiden resource for the third quarter of next year as financing will allow at which point a decision on a PEA [preliminary economic assessment] can be made."

The company has identified new vein targets in addition to known vein extensions warranting drill testing. The phase now under way represents the first stage of a comprehensive, projectwide program designed to step out along strike and to depth on multiple mineralized veins planned for completion within the next 12 months.

The company has contracted Globextools de SA de CV of Hermosillo, Sonora, Mexico, to conduct the drilling at Columba. Results of the drill program will be announced as soon as the assays are received and interpreted by the company.

Sampling and quality assurance/quality control at Columba

All technical information for the Columba exploration program is obtained and reported under a formal QA/QC program. Samples are taken from core cut in half with a diamond saw under the direction of qualified geologists and engineers. Samples are then labelled, placed in plastic bags, sealed, and with interval and sample numbers recorded. Samples are delivered by the company to ALS Minerals in Chihuahua. The company inserts blanks, standards and duplicates at regular intervals as follows. On average, a blank is inserted every 100 samples beginning at the start of sampling and again when leaving the mineral zone. Standards are inserted when entering the potential mineralized zone and in the middle of them; on average, one in every 25 samples is a standard. Duplicates are taken in the mineralized zone, on average one to two duplicates for each hole.

The samples are dried, crushed and pulverized, with the pulps being sent air freight for analysis by ALS in Vancouver, B.C. Systematic assaying of standards, blanks and duplicates is performed for precision and accuracy. Analysis for silver, zinc, lead and copper and related trace elements was done by ICP four-acid digestion, with gold analysis by 30-gram fire assay with an AA finish. All drilling reported is HQ core and was completed by Globexplore de SA de CV from Hermosillo, Sonora, Mexico.

Qualified person

The Kootenay technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, Standards of Disclosure for Mineral Projects, and reviewed and approved on behalf of Kootenay by James McDonald, PGeo, president, chief executive officer and director for Kootenay, a qualified person.

About Kootenay Silver Inc.

Kootenay Silver is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre region of Mexico. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects, located in prolific mining districts in Sonora state and Chihuahua state, Mexico, respectively.

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