Mr. James McDonald reports

KOOTENAY SILVER COMPLETES 2023 PROGRAM WITH 2,123 GPT SILVER OVER 1.54 METERS WITHIN 501 GPT SILVER OVER 10.26 METERS AT COLUMBA HIGH GRADE SILVER PROJECT

Kootenay Silver Inc. has released the balance of drilling results from its 2023 diamond drilling program at the Columba silver project in Chihuahua, Mexico. The program totals 12 holes for a total of 3,052.8 metres designed to extend known mineralization on the D-vein target area at Columba. The results contained herein represent the final two drill holes for 2023. Kootenay has completed over 30,000 metres in 147 holes since 2019 and the current drilling at D-vein target provides strong justification for resumption of work in the new year.

Kootenay's president and chief executive officer James McDonald states: "This drill program has returned excellent results expanding on the size of high-grade D-vein silver mineralization. The zone is open in both strike directions and to depth exhibiting excellent potential for further expansion. It is very exciting to think of the potential when two of our easternmost holes leave the zone wide open with high-grade holes of 501 and 532 gpt [grams per tonne] silver over true widths about four to five metres within fat intervals of 228 gpt and 338 gpt silver over true widths around 12 to nine metres respectively."

Holes CDH-23-146 and CDH-23-147 are two of the southeasternmost holes drilled leaving the strike potential wide open to the southeast where it appears it may converge onto the B-vein several hundred metres along strike.

Selected highlights for drill holes CDH-23-146 and CDH-23-147

CDH-23-146:

• 501 gpt silver, 0.3 per cent lead and 0.7 per cent zinc over 10.26 metres from 173 metres downhole within a broad 24.26 metres of 228 grams per tonne silver (all core length);

• 2,123 gpt silver and 1.3 per cent lead and 2.2 per cent zinc over 1.54 metres from 177.82 metres downhole including 0.54 metre of 4,120 gpt silver, 3.4 per cent lead and 2.8 per cent zinc from 178.82 metres downhole.

CDH-23-147:

• 532 gpt silver, 0.2 per cent lead and 0.7 per cent zinc over 8.19 metres;

• 338 gpt silver, 0.1 per cent lead and 0.4 per cent zinc over 17 metres and 219 gpt silver and 0.3 per cent zinc over 28 metres from 157 metres downhole including 777 gpt silver, 0.6 per cent lead and 0.7 per cent zinc over 1.0 metre from 173 metres downhole and 914 gpt, 0.3 per cent lead and 0.7 per cent zinc silver over 1.0 metre.

                     HIGHLIGHTS FROM D-VEIN DRILLING
  
Hole ID       From         To        Interval     Silver    Pb%    Zn%      Geologic 
            (metres)    (metres)   (metres) (1)     gpt                   intersection

CDH-23-146   159         183.26       24.26         228     0.1    0.3     D-vein system    
Includes     173         183.26       10.26         501     0.3    0.7     D-vein system    
Includes     177.82      179.36        1.54        2123     1.3    2.2     D-vein        
Including    178.82      179.36        0.54        4120     3.4    2.8                      
CDH-23-147   157         185          28            219            0.3     D-vein system    
Includes     165         182          17            338     0.1    0.4     D-vein system    
Includes     168         176.19        8.19         532     0.2    0.7     D-vein        
Includes     172         173           1.0          914     0.3    0.7     D-vein        
And          173         174           1.0          777     0.6    0.7     D-vein        
  
(1) True widths estimated at between 45 per cent and 50 per cent of the downhole lengths. 

Results from the Columba drilling continue to identify broad zones of mineralized stockwork adjacent to the D-vein proper. Drill holes CDH-23-146 and 147 represent the southeastern extent of drilling to date at D-vein, leaving about 800 metres of untested extensions before a predicted intersection with B-vein, another lightly drilled high-grade vein system at Columba.

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 and 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 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 inductively coupled plasma 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 Globextools S.A. de C.V. of 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 Dale Brittliffe, BSc, PGeol, vice-president, exploration, of Kootenay Silver, is the company's nominated qualified person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, 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 Inc. 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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