Mr. Darwin Green reports

MACKAY GOLD & SILVER KICKS-OFF INAUGURAL 20,000 METRE PROGRAM WITH DRILLING NOW UNDERWAY AT THE COMSTOCK DISTRICT, NEVADA

The first drill rig has been mobilized to site and Mackay Gold & Silver Corp.'s initial 20,000-metre drill program has commenced at its 100-per-cent-owned Comstock district property in Nevada.

The phase 1 drill program marks a significant milestone for Mackay, the start of the first-ever large-scale, systematic exploration drilling along the Occidental-Brunswick lode, a multikilometre vein system running parallel to the historic Comstock Lode. Plans for this phase 1 program include:

• Shallow RC (reverse circulation) drilling over a 1,000-metre-by-400 metre (m) area at Occidental South, targeting a zone of high-grade oxide gold-silver mineralization associated with strong gold-in-soil geochemistry;
• Deeper core drilling to test the depth projection of the Occidental-Brunswick lode near to where the historic Sutro dewatering tunnel reportedly crossed a 30 m thick interval of the lode at a vertical depth of approximately 450 m below surface;
• The phase 1 drill program is planned for between 80 to 100 drill holes with capacity to expand.

"Seeing rigs turning on the ground is what this has all been building toward. After assembling the largest consolidated land package in the district's history, we are launching the first modern systematic exploration effort this historic district has seen," stated Darwin Green, chief executive officer and director.

"Our initial focus is the Occidental-Brunswick lode, a compelling highly underexplored target that's been hiding in plain site for over a century. The Occidental-Brunswick lode is a three-mile-long mineralized structure, with the same strike, dip and overall geological setting and character as the neighbouring Comstock lode that was mined to depths of over 3000 feet. We interpret postmineral faulting to have downdropped the Occidental-Brunswick relative to the Comstock, placing the richest portions of the lode at depth. The current drill program targets both near-surface oxide mineralization, which is low grade by historical Comstock standards but high grade in comparison to modern oxide gold deposits, and the deeper parts of the lode for the kind of very-high-grade mineralization the historic Comstock district is best known for."

Phase 1 program details

The phase 1 program consists of approximately 15,000 metres of RC drilling and 5,000 metres of diamond core drilling. The RC drill rig arrived on site June 17 and drilling is now under way. The core drill rig is scheduled to arrive in early August. Assays will be reported as they are received, compiled and verified, with reporting of first assay results currently projected for late summer. The company looks forward to providing results and continuing updates as the program advances.

At Occidental South, drilling will include stepouts at 50 m to 100 m spacing along 1,000 m of strike and 300 m downdip of a zone of oxide gold-silver mineralization as defined in outcrop and limited drilling by previous operators (between 2018 and 2021). No prior modern exploration occurred in this area due to property boundary impediments and limitations. The mineralized zone is supported by strong gold-in-soil geochemistry across the entire length of an approximately 1,000 m long detailed soil grid. Majority of the RC drilling is planned with hole depths from 100 m to 250 m.

Initial core drilling is designed to test the depth projection of the Occidental vein structure at 100 m spacing, testing above, below and either side of the historic Sutro dewatering tunnel intersection with the Occidental-Brunswick lode. The four-mile tunnel was built in the late 1870s and connected to the 1,640-foot level of the main Comstock mines, allowing gravity flow drainage from the mines. The tunnel, which was oriented perpendicular to the strike of the main lodes, crosscut a 100-foot-wide (ft) (30 m) interval of the Occidental-Brunswick Lode that was reportedly mineralized but considered below the cut-off grade at the time (estimated at approximately eight grams per tonne (g/t) gold equivalent). The tunnel is no longer accessible and has never been drill tested.

About Mackay Gold & Silver Corp.

Mackay Gold is a Nevada-focused gold and silver exploration company with 100-per-cent control of a large, consolidated land package in one of America's richest, productive and oldest mining districts. With an estimated 8.2 million ounces of historical gold production and 192 million ounces of silver produced between 1859 and 1926 from so called bonanza lodes that averaged 35 g/t gold and 726 g/t silver, the Comstock district is recognized as one of America's highest-grade epithermal systems and an attractive setting for modern discovery. Led by an experienced team with a strong record of discovery, development and value creation, Mackay Gold is well financed and committed to delivering shareholder value through disciplined exploration and responsible resource development.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Mr. Green, chief executive officer and director of the company, and a qualified person under National Instrument 43-101. Mr. Green is not independent of the company.

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