Mr. Jorge Monroy reports

REYNA SILVER ADDS 3 HIGH-GRADE STRUCTURES TO MEDICINE SPRINGS CRD SYSTEM INCLUDING 1.32 METRES OF 334 G/T SILVER, 3.4%, AND 11.9% ZINC.

Reyna Silver Corp. has identified high-grade intercepts in three out of four holes in the 1,335-metre 2023 drilling campaign at its 6,561-hectare Medicine Springs project in Elko county, Nevada (see press releases of Jan. 5 and June 9, 2023). Combined with the results from the 2022 drilling program (see press release of Jan. 17, 2023), strong silver and zinc mineralization has been found in seven out of nine subparallel structures cutting through an area 660 metres wide and 1.75 kilometres long. All the structures show multiple stages of high-grade mineralization surrounded by wide zones of dispersed mineralization. The structures continue in both directions well beyond the initial drilling area and many additional structures along and adjacent to the corridor remain to be tested.

Importantly, a magnetotelluric (MT) geophysical survey (see geophysics section below) and detailed structural analysis were also completed this summer, and the combined results indicate that the mineralized corridor trends toward an anomaly that coincides with the strongest copper values encountered to date. This may indicate the location of the system's intrusive centre where mineralization is potentially extensive.

These results reinforce Medicine Springs as a prime candidate for a large-scale, well-mineralized carbonate replacement deposit system and the technical team is incorporating all these new results into a refined district model for drilling next season.

Highlights

High-grade silver cut in three holes:

• MS23-008 within 44 metres of dispersed mineralization cut several high-grade veins, the best of which was 1.32 metres grading 330 grams per tonne silver, 11.9 per cent zinc and 3.4 per cent lead.
• MS23-007 within 56 metres of disseminated mineralization cut by several high-grade veins, the best of which was 1.54 metres grading 304 g/t silver, 3.5 per cent zinc and 2.1 per cent lead.
• MS23-006 cut 2.35 metres of 217 g/t silver.

"Medicine Springs continues to display its potential for the kind of large, high-grade deposit that generates significant market value," said Jorge Ramiro Monroy, chief executive officer and president of Reyna Silver. "We hope to duplicate the success of our district reappraisal at Batopilas by combining the new geophysics and this summer's detailed structural study with the 75-per-cent high-grade hit rate we're hitting in nearly every structure to move us towards a major discovery."

"Cutting high-grade silver mineralization in so many structures across such a big area, this early into exploring Medicine Springs, indicates this is a large, potent system, and the new geophysics and structural study appear to be telling us which way to go," said Dr. Peter Megaw, chief technical adviser of Reyna Silver. "Now that the scale of the system is coming into focus, we can work towards the source (or sources) of the system and potentially more robust mineralization."

2023 drilling program

The 2023 drilling campaign focused on the southern Golden Pipe corridor and the Silver King area based on a combination of highly geochemically anomalous jasperoids, structural intersections and distance from previous holes. Both sets of holes tested strongly mineralized structures to refine understanding and orientation of the geologic framework of Medicine Springs and hone in on its centre.

Geophysics

A property-wide magnetotelluric (MT) geophysical survey was completed and interpreted during the summer and fall. MT is useful for revealing high- and low-angle discontinuities, and the northeast-southwest trend of the mineralized corridor appears to be well displayed in the results. The survey also reveals conductive anomalies that may reflect mineralized skarn bodies surrounding the style of intrusion that typically lies at the heart of CRD systems or the intrusion itself. The high conductivities coincide with elevated copper grades in the overlying jasperoids -- a possible indicator of proximity to an intrusive source -- representing highly prospective drill targets.

The structural study shows continuity from the high-grade reconnaissance drilling corridor to the MT anomalies over two kilometres away. Mineralization in CRD systems is characteristically continuous from the source outward along structures active at the time of deposition. Therefore, identifying the direction of ore fluid migration allows vectoring along the mineralized corridor toward more extensive proximal mineralization.

Quality assurance/quality control statement

Reyna Silver follows industry-standard procedures for diamond core drilling and sample analysis. Drilling is carried out using PQ- through NQ-size tooling. The drill core is cut in half using a diamond rock saw, with one-half of the core then taken as a sample for analysis and the other kept as a register. Sample intervals are generally from 0.2 to two m intervals, producing samples of between 0.2 and 11 kilograms. Half core samples are delivered to the internationally certified ALS Minerals laboratory facilities in the certified ALS Global facility in Elko, Nev., where the samples are prepared. ALS has a quality management system (ISO 17025), and assays are completed by ALS Minerals in Canada. Pulps were analyzed for precious and base metals and multielements using method code ME-MS41 following an aqua regia digestion. Overlimits are analyzed using an appropriate method. Multielement geochemical standards and blanks or duplicates are inserted systematically into the drill core sampling series to monitor lab performance. Overlimit values for Ag, Pb and Zn were analyzed using method codes Ag-OG46, Pb-OG46 and Zn-OG46. Multielement geochemical standards and blanks or duplicates are inserted systematically into the drill core sampling series to monitor lab performance.

Qualified person

Dr. Megaw, CPG, the company's chief exploration adviser and qualified person, reviewed the technical aspects of the exploration projects described herein and is responsible for the design and conduct of the exploration program and the verification and quality assurance of analytical results. Dr. Megaw is not independent as he and/or the companies with which he is affiliated hold net smelter royalties on the Guigui and Batopilas projects that predate Reyna Silver acquiring them.

About Reyna Silver Corp.

Reyna Silver is a growth-oriented junior exploration and development company focused on exploring for high-grade, district-scale silver deposits in Mexico and the United States.

Reyna's principal properties are the Guigui and Batopilas properties in Chihuahua, Mexico, plus Medicine Springs and Gryphon Summit in Nevada, U.S. Guigui covers the interpreted source area for the Santa Eulalia district, and Batopilas covers most of Mexico's historically highest-grade silver system. The company also has an option to acquire 100 per cent of the Medicine Springs CRD project in Elko county, Nevada, U.S., and the 10,300-hectare combined Carlin-style and CRD Gryphon Summit project in Eureka county, Nevada, U.S., as well as several early-stage properties in Mexico.

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