Mr. James McDonald reports

KOOTENAY SILVER DRILLS 814 GPT SILVER OVER 1.0 METER WITHIN 6 METERS OF 435 GPT SILVER AND 174 GPT OVER 22 METERS AT COLUMBA HIGH GRADE SILVER PROJECT

Kootenay Silver Inc. has released results from an additional four holes of its current 2023 diamond drilling program at the Columba silver project in Chihuahua, Mexico. The program is now complete and totals 12 holes for a total of 3,052.8 metres designed to extend known mineralization on the D vein target area at Columba. Results from two remaining holes will be released once final data are received, verified and interpreted by Kootenay. The current program brings the project total to over 30,000 metres drilled in 147 holes since 2019.

Kootenay's president and chief executive officer, James McDonald, states: "We are very pleased with the current program which continues to intercept D vein with excellent grades and widths. Each hole to date has expanded the size of the zone. We have two more holes to report on in this drill program, which are stepouts to the southeast, where surface mapping indicates several hundred metres of strike potential on the vein."

Selected highlights for drill holes CDH-23-142 to CDH-23-145 are as follows:

CDH-23-145:

• Six metres core length averaging 435 grams per tonne silver, 0.1 per cent lead and 0.2 per cent zinc from 215 metres down hole within a broad 22 metres of 174 g/t silver;
  • Including three metres of 544 g/t silver and 0.13 per cent lead and 0.2 per cent zinc from 217 metres down hole;
  • One metre of 814 g/t silver, 0.24 g/t gold, 0.1 per cent lead and 0.2 per cent zinc from 219 metres down hole.

CDH-23-142:

• 121 metres core length of 60 g/t silver and 0.1 per cent zinc from 206 metres down hole;
  • Including 0.5 metre of 369 g/t silver, 0.5 per cent lead and 1.0 per cent zinc from 269.5 metres down hole immediately following a five-metre-wide dissolution void;
  • 2.88 metres of 224 g/t silver, 0.2 per cent lead and 0.5 per cent zinc from 296.12 metres down hole.

Work at Columba has identified multiple veins within the D vein trend, hole CDH-23-145 as documented above encountered the upper levels of the northeast-trending E vein from nine metres down hole and two mineralized zones interpreted as hangingwall veins from 148.74 and 199.60 metres down hole. At the target depth, a 22-metre-long interval containing D vein and adjacent stockwork veining from 208 metres was intercepted.

The Columba project hosts an extensive network of intermediate-style epithermal quartz, carbonate plus/minus barite veins aligned into two broadly crosscutting orientations. Fieldwork to date has identified numerous mineralized structures across the project measuring up to four kilometres in length. Intersection zones and flexures along the main structures represent high-priority targets with potential to host rich mineralized shoots.

The current drilling program is designed to extend the D vein in preparation of a wider-spaced follow-up program aimed to delineate a maiden resource expected in late 2024. In addition to the D vein, the company maintains a priority list of new vein targets and known vein extensions all warranting drill testing.

Sampling and quality assurance/quality control at Columba

All technical information for the Columba exploration program is obtained and reported under a formal quality assurance and quality control 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 and sealed 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 intervals at an average two duplicates for each hole.

The samples are dried, crushed and pulverized with the pulps being sent airfreight 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 inductively coupled plasma four-acid digestion, with gold analysis by 30-gram fire assay with an atomic absorption finish. All drilling reported is HQ core and was completed by Globextools SA de CV of Hermosillo, Sonora, Mexico.

Qualified persons

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 Dale Brittliffe, BSc, PGeol, vice- president, exploration, of Kootenay Silver, the company's nominated qualified person pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Brittliffe has reviewed the scientific and technical information disclosed in this news release. Mr. Brittliffe is not independent of Kootenay Silver.

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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