Mr. David Stein reports

KUYA SILVER INTERSECTS 12,200 G/T SILVER, 0.17% COBALT (12,264 G/T AGEQ*) OVER 0.40 M ON ANGUS VEIN DRILL HOLE AND ANNOUNCES NEW COBALT-SILVER RICH DISCOVERY IN STEP-OUT DRILLING AT AIRGIOD PROPERTY, SILVER KINGS PROJECT, ONTARIO

Kuya Silver Corp. has released the final assay results from a second diamond drilling program at the Campbell-Crawford and Airgiod target areas, Silver Kings project, where grassroots drilling in March and April, 2023, intersected a new high-grade silver and cobalt discovery. The final results of this second drill campaign, including holes 23-SK-27 to -31, are presented. Kuya Silver has identified several new highly mineralized veins in this program, including a significant new grassroots drill intersection beneath the adjacent Airgiod property, and has tripled the potential size of the buried target zone area which remains open in all directions.

Highlights:

• High-grade mineralized footprint expanded at the Campbell-Crawford target area:
  • Hole 23-SK-31 intersected 12,200 grams per tonne (392 ounces per ton) silver, 0.17 per cent cobalt (12,264 g/t silver equivalent) over 0.40 metre within a wider zone grading 1,799 g/t Ag, 0.03 per cent Co (1,810 g/t AgEq) over 3.20 m in the Angus vein;
  • Kuya has now reported four clustered drilling intersections of greater than 2,000 g/t silver (plus cobalt) on the Angus and Toms veins.
• New blind discovery made at the Airgiod target area, 250 m northwest of original Angus vein intersection:
  • Hole 23-SK-30 intersected 249 g/t silver, 1.64 per cent cobalt (863 g/t AgEq) over 0.40 m, within a wider zone grading 132 g/t silver, 0.35 per cent cobalt (263 g/t AgEq) over 1.88 m, in a new northwest-trending vein named the Moran vein;
  • This is the first known drill hole in the Airgiod property targeting the buried lower Nipissing diabase contact. The new vein was intersected in an identical setting to the Angus vein at the Campbell-Crawford target area;
  • This 250 m stepout triples the tested extent of buried silver-cobalt mineralization between the neighbouring Campbell-Crawford and Airgiod properties.

David Lewis, vice-president, exploration, commented: "We are extremely pleased with the results from our fall 2023 drill program at Silver Kings. At the Campbell-Crawford prospect, we expanded the area of high-grade vein mineralization, intersected a number of newly identified silver-cobalt veins and gained a greater understanding of the potential deposit model. On the Airgiod property, we made a blind vein discovery by stepping out approximately 250 metres from the main Campbell-Crawford vein zone. This new Moran vein reported our highest-grade cobalt assay to date, as well as silver, and appears to strike in a different orientation to the Clark vein, which was trenched and mapped on surface."

David Stein, Kuya Silver's president and chief executive officer, remarked: "The blind discovery of a second highly mineralized vein zone below the Nipissing diabase north of Kerr Lake establishes a new exploration model for the Cobalt camp which can be repeated to generate multiple targets over Kuya Silver's expansive and district-scale land package. Adding recent discoveries at Airgiod and Campbell-Campbell to some of the better historical prospects on our properties, we now see four or five distinct, high-priority, silver-cobalt targets that demonstrate the potential for a hub-and-spoke business case (that is, multiple mines feeding a centralized plant) for the Silver Kings project. In addition to expanding the Campbell-Crawford and Airgiod discoveries, Kuya Silver is excited by the potential for other new discoveries on its properties."

New vein discovery on Airgiod property, 250 metres northwest of the Campbell-Crawford vein zone

Hole 23-SK-30, collared 220 metres due west of the main Campbell-Crawford vein zone and targeting the neighbouring Airgiod property, intersected 249 g/t silver, 1.64 per cent cobalt (863 g/t AgEq) over 0.40 m from 345.12 m, within a wider 1.88 m zone grading 132 g/t silver, 0.35 per cent cobalt (263 g/t AgEq) in a newly identified northwest-trending vein named the Moran vein. This new discovery includes Kuya Silver's highest-grade cobalt assay to date, which is closely associated with silver mineralization in all the largest historical mines in the Cobalt camp. This is the first known drill hole to test the buried and untouched lower Nipissing diabase contact in the Airgiod property (where mineralization in the camp is known to cluster), and this new vein was intersected in an identical setting to the Angus vein at the Campbell-Crawford target area to the east. A second, moderately mineralized vein was also intersected at 370.46 m, potentially corresponding to the east-northeast-trending Clark vein on surface. This 250 m stepout drill hole potentially triples the southeast-northwest extent of buried silver-cobalt mineralization in the neighbouring Campbell-Crawford and Airgiod properties.

Drilling at Campbell-Crawford continues to expand silver-cobalt discovery area

While all the drill holes in this batch hit multiple mineralized veins, hole 23-SK-31 reported the best result, intersecting 12,200 g/t (392 oz/t) Ag, 0.17 per cent Co (12,264 g/t AgEq) over 0.40 m within a wider zone grading 1,799 g/t Ag, 0.03 per cent Co (1,810 g/t AgEq) over 3.20 m in the Angus vein. To date, four clustered drilling intersections, ranging from 2,180 to 74,418 g/t silver (plus cobalt) on the Angus and Toms vein, are now defining a 15-plus m wide high-grade mineralized shoot near the intersection of these veins that is open to 70-plus m depth. It is becoming clearer that vein intersections and flexures are very important to the formation of these wider mineralized zones or shoots, and which may carry disproportionately more silver and cobalt mineralization than the veins themselves. In that regard, the definition of additional veins in the cluster increases the number of potentially mineralized vein intersections. For example, to date in the Campbell-Crawford area, Kuya Silver has discovered at least seven prominent mineralized veins that can be traced by different drill holes, which could indicate as many as 10 vein intersection zones. Several other vein structures have been intersected in single drill holes that could further add to this potential.

23-metre mineralized zone intersected in hole 23-SK-29

Silver and cobalt mineralization was also identified in holes 23-SK-27, -28 and -29. Hole 23-SK-29 intersected several mineralized veins and broad sulphide zones, including several veins within a 23.10 m, semi-massive copper-lead-zinc-bearing sulphide zone beginning at 193.90 m depth. Highly anomalous silver-cobalt mineralization occurred throughout this zone, outside of documented veins, and significant mineralization was intersected in four vein structures. This style of mineralization (veins adjacent to massive sulphide zones) was mined at the nearby Beaver-Timiskaming mine, which produced almost 20 million ounces of silver. Of the mines in the Cobalt and Silver Centre mining camp, the Beaver-Timiskaming mine has many similarities (host rock, vein association with massive sulphide zones, structural setting, association with Archean volcano-sedimentary rocks, vein position relative to the Nipissing diabase, lack of Coleman Member sedimentary rocks, proximity) to the veins drilled at Campbell-Crawford and Airgiod to date.

Quality assurance and quality control

The drill core samples were logged and sampled with limestone blank material and standard reference material added in sample sequence and/or following visual identification of silver or cobalt mineralization. The samples were cut perpendicular to veining by core saw and were secured in labelled vinyl sample bags. Samples were shipped to Agat Laboratories in Timmins, Ont., where they were weighed, crushed and pulverized.

At Agat Labs (Calgary, Alta.), samples were digested by four-acid and analyzed by inductively coupled plasma optical emission spectroscopy (maximum undiluted detection limit of 500 g/t silver).

At SGS Labs (Lakefield, Ont.), samples were processed by 500-gram screened metallics. This method is suitable for coarse native metals (such as gold, silver, copper, palladium and platinum) with no upper detection limit. Samples were screened to 106 microns and fire assayed.

When samples were analyzed for silver by both inductively coupled plasma atomic emission spectroscopy and screened metallics, the screened metallics results are presented. All QA/QC standards were acceptable and within two standard deviations of certified values.

National Instrument 43-101 disclosure

The technical content of this news release has been reviewed and approved by Mr. Lewis, PGeo, vice-president, exploration, of Kuya Silver and a qualified person as defined by National Instrument 43-101.

About Kuya Silver Corp.

Kuya Silver is a Canadian-based mineral exploration and development company with a focus on acquiring, exploring and advancing precious metals assets in Peru and Canada.

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