Mr. Greg Crowe reports

SILVER ONE STAKES NEW CLAIMS OVER POTENTIAL PORPHYRY TARGETS AT ITS PHOENIX SILVER PROJECT, ARIZONA

Silver One Resources Inc. has staked new claims, significantly expanding its ground holdings at its Phoenix silver project near Globe, Ariz. The newly staked claims cover the continuation of important magnetic anomalies located in the southern part of its property. These anomalies, which are located at the northeast end of the prolific, 30-plus-kilometre-long, northeast-trending Resolution-Globe/Miami porphyry copper belt, are interpreted to be potentially related to deep porphyry copper systems.

Greg Crowe, president and chief executive officer of Silver One, commented: "We are very pleased to have been able to stake additional ground in this prime location, adjacent to and along strike from the large Freeport McMoran's Miami copper mine and in close proximity to BHP's new Ocelot porphyry copper discovery. The company's focus has been, and continues to be, the exploration of the drill-permitted area covering the very high-grade silver targets within the property. In addition, this current land expansion provides an excellent opportunity for new copper discoveries. We are fortunate to have the ability to earn a 100-per-cent interest in the Phoenix silver project, which contains not only extremely high-grade silver targets, but also hosts porphyry copper potential within an active and prolific copper-silver belt."

The new staking includes 139 unpatented lode claims covering 1,162 hectares (2,872 acres). In total, the property now covers 4,051 hectares (40.5 square kilometres or 10,011 acres) in 514 lode claims.

The new claims occur along a prolific past and present producing northeast-trending, 30-plus-kilometre-long porphyry copper belt. Freeport McMoran is currently operating the Miami copper mine to the southwest of Phoenix silver, and BHP is actively exploring its Ocelot copper discovery five km to the south-southwest of the recently acquired claims. Additionally, South32 is conducting copper exploration adjacent to the southwest portion of Silver One's property. Select rock samples collected from the southern portion of the Phoenix silver property have returned several values over 1 per cent copper (see the July 28, 2020, news release).

Magnetic data modelling

Drone-borne and regional magnetic data modelling reveals strong magnetic anomalies in the property, which are similar to those found at Globe/Miami.

The drone-borne magnetic data come from a detailed survey commissioned by Silver One in 2019, which was reprocessed and modelled to identify magnetic bodies and alteration areas. The modelling has also been useful in identifying structures, which can typically control the silver and other mineralization in the district (see the Jan. 11, 2021, news release).

The modelling reveals a series of anomalies that represents areas of low magnetic susceptibility indicative of hydrothermal alteration and deep-seated sources of heat and hydrothermal fluids, potentially related to porphyry copper systems. Geophysical processing and interpretation indicate the above magnetic features in the property are best developed between a 600- and 1,800-metre depth.

Sampling

Preliminary rock sampling has been conducted on selected areas of the pre-2023 claims. Current assays show that the silver values are concentrated in the central and northern part of the property, and copper, including values over 1 per cent, is concentrated in the southern part of the property (see the July 28, 2020, news release). Rock sampling and geophysics (induced polarization and electromagnetic surveys) are planned over the prospective areas. Additionally, Silver One is planning to drill the very high-grade silver targets surrounding the 417-pound silver vein fragment area in the coming months.

New adviser

The company is also pleased to announce a new appointment. John DeCooman will join the company to offer corporate and financial advice.

Mr. DeCooman has nearly 30 years of executive leadership and board director experience relating to corporate strategy, finance, metal concentrate sales, capital markets, mergers, acquisitions and divestitures. Most recently, from 2020 to 2023, he was responsible for the acquisition and start-up of as president and chief executive officer of Sweetwater Royalties, a $1.3-billion privately held base and industrial mineral royalty company. Prior to this, he was senior vice-president for business development and strategy at SSR Mining from 2009 to 2020. He also served in various analyst and investment capacities for more than 10 years at Deutsche Banc. Mr. DeCooman is a graduate of the Pennsylvania State University with a bachelor of science, mineral economics, and the Colorado School of Mines with a master of science, mineral economics.

Qualified person

The technical content of this news release has been reviewed and approved by Robert M. Cann, PGeo, and a qualified person as defined by National Instrument 43-101.

About Silver One Resources Inc.

Silver One is focused on the exploration and development of quality silver projects. The company holds an option to acquire a 100-per-cent interest in its flagship project, the past-producing Candelaria mine located in Nevada. Potential reprocessing of silver from the historic leach pads at Candelaria provides an opportunity for possible near-term production. Additional opportunities lie in previously identified high-grade silver intercepts downdip and potentially increasing the substantive silver mineralization along strike from the two past-producing open pits.

The company has staked 636 lode claims and entered into a lease/purchase agreement to acquire five patented claims on its Cherokee project located in Lincoln county, Nevada, host to multiple silver-copper-gold vein systems, traced to date for over 11 kilometres along strike.

Silver One holds an option to acquire a 100-per-cent interest in the Silver Phoenix project. The Silver Phoenix project is a very high-grade native silver prospect that lies within the Arizona silver belt, immediately adjacent to the prolific copper-producing area of Globe, Ariz.

We seek Safe Harbor.