Mr. Greg Crowe reports

SILVER ONE COMMENCES DRILLING AT ITS HIGH-GRADE PHOENIX SILVER PROJECT, ARIZONA

Drilling has commenced at Silver One Resources Inc.'s high-grade Phoenix silver project located near Globe, Ariz. The program consists of 2,500 metres in up to 40 holes of core drilling to test the first of several silver targets identified to date on the property.

The main drill target is the 417 target area, which includes the potential source of very high-grade silver vein fragments located around the 417-pound (189-kilogram) vein fragment found in the central part of the property. This vein fragment was not assayed as it is a collector specimen, but specific gravity tests indicate a very high-grade silver content of up to 70 per cent native silver (see news release of Feb. 5, 2020). Multiple other smaller specimens found on the property, also containing abundant visible native silver, assayed up to 459,000 grams per tonne (13,385 troy ounces per short ton) silver (see news release of Feb. 5, 2020).

Greg Crowe, Silver One's president, chief executive officer and director, commented: "We are very excited to initiate the inaugural drilling program at this exceptional project. The property has never been drilled, but the outlook is promising as evidenced by the abundance and nature of the very high-grade silver fragments found around the drilling area. The angular and unabraded nature to the fragments that have been discovered at shallow depths under the cover soil suggests this material has not travelled far from its suspected source. The best drill targets identified to date are just upslope from where the 417-pound fragment was uncovered, and are coincidental with the location of geophysical and geochemical anomalies."

Program details and background

The drilling program consists of 2,500 metres, including up to 40 diamond drill holes off 13 different drill pads. Seven priority silver and polymetallic targets have been delineated to date using a drone-mounted magnetic survey and through geological mapping conducted in selected areas of the property. Rock sampling, soil geochemistry and geophysical surveys (self-potential -- an electrical surveying method used in mineral exploration) conducted over selected areas have also delineated anomalies that coincide with exploration targets and highlight the importance of the 417 silver fragment target and Mexican mine areas (see July 28, 2020, and Jan. 11, 2021, news releases).

The current drill permit encompasses only the 417 target area. This target includes part of the 417 vein, as well as several other vein structures. This area is considered the top priority given that it is the potential source of most of the large silver fragments found on the property to date. It is worth noting, however, that although evidence of silver mineralization has been identified elsewhere in the property, less than 50 per cent of the property has been prospected and geochemically sampled, and only a fraction (417 target area) has been mapped in detail. Over 200 smaller silver samples have been collected to date from various areas on the property. Thus, Silver One management believes that with continued exploration, several more areas will yield positive results, and is optimistic about the larger-scale exploration potential of the property.

Qualified person

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

About Silver One Resources Inc.

Silver One is focused on the exploration and development of quality silver projects. The company holds 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 owns 636 lode claims and 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 also owns a 100-per-cent interest in the Phoenix silver project. The Phoenix silver 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.