KUYAF - Kuya Silver Provides Exploration Update for Its Silver Kings Project Ontario

Toronto, Ontario--(Newsfile Corp. - January 9, 2023) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya Silver") is pleased to provide an update on exploration activities at its Silver Kings Project, located in the historic Cobalt, Ontario mining camp, including drilling updates from its wholly owned Kerr Project (which forms part of the larger Silver Kings Project). Since launching the project in 2021, Kuya Silver has drilled a total of 5,084 m to scout various targets (3,344 m at the Kerr Project; Table 1, 2), re-assayed certain diamond drill intervals from the previous operator which had been capped at 1,500 g/t silver and completed extensive surface mapping and 3D geological modelling of the area to better refine targets that have the best potential for resource definition. This update includes a discussion of the implications of Kuya Silver's drill holes (12 diamond drill holes plus one hole extension of oriented drill core into four major target areas near Kerr Lake: North Drummond, Crown Reserve, Fleming, and Hargrave). It also contains details on the 2021 and 2022 work programs, especially newly recognized details on the zonation of mineralized veins, and a discussion of plans for future exploration.

Exploration Update Highlights

Kerr Lake area demonstrates the potential for new discoveries:

• Recent drilling has expanded the size potential of the North Drummond target through the identification of new mineralized structures that appear to be part of a vein cluster at depth. Drilling in the vicinity of the 2018 North Drummond discovery, Kuya Silver intercepted both extensions to and newly identified vein structures with multiple vein orientations (Figure 1). Highlights include hole 21-Kerr-011, which intercepted two significant vein structures at depth:

• 22 g/t Ag, 0.68% Co / 0.30 m (471 g/t AgEq* at 260.7 m) and 186 g/t Ag, 0.50% Co / 0.30 m (515 g/t AgEq* at 282.0 m)
• Re-assays of overlimit silver (>1,500 g/t) from the 2018 drill program included a composite of 1,042 g/t AgEq* / 2.20 m including 2,420 g/t Ag, 0.05% Co / 0.30 m in FCC-18-0093 (173.6 m; North Drummond target)
• North Drummond target to be a major focus of 2023 exploration program

• Other new drill intercepts include:

• 251 g/t Ag, 0.77% Co / 0.30 m (759 g/t AgEq* at 77.7 m) in 21-Kerr-008, Crown Reserve target

• Additional re-assays of overlimit silver (>1,500 g/t) from the 2018 drill program include:

• 5,390 g/t Ag, 0.59% Co / 0.30 m in FCC-18-0094 (20.7 m; Drummond target)
  • Composite 1,097 g/t AgEq* / 2.00 m
• 1,910 g/t Ag, 0.51% Co / 0.30 m in FCC-18-0106 (31.3 m; Drummond target)
  • Composite 876 g/t AgEq* / 0.90 m
• 1,810 g/t Ag, 0.02% Co / 0.30 m (65.4 - 65.7 m) in FCC-18-0111 (65.4 m; Drummond target)
  • Composite 1,083 g/t AgEq* / 0.60 m

David Lewis, Kuya Silver Exploration Director commented: "In 2021, Kuya Silver was a newcomer to the 550-million-ounce Cobalt silver mining camp. Through completed acquisitions and the imminent exercise of an option, we are on the verge of having the largest property package in the camp. This property package is reported to have produced approximately one sixth of total historical silver production (96 of 550 million ounces) and remains highly prospective for new discoveries."

"Our initial drill program at our Kerr Project was designed to test for additional mineralization near high-grade intersections from drilling by prior operators. We are pleased to report that, in our North Drummond target area, we intersected a mineralized vein cluster at depth, buried beneath cover, away from known workings and ranging from 30 to 90 m below our ideal target horizon (Figure 2). We are encouraged by our drill results, as they suggest the potential for an economic target nearer to surface, but the system also remains open to the northeast and at depth and warrants follow-up work."

Reviewing historical mining in the camp, the Proterozoic (Huronian) sedimentary rock contact has been important, as it hosts most of the mined veins at Kerr Lake (Figure 2). Silver/cobalt (Ag/Co) vein metal ratios, which range from Co > Ag to Ag >> Co, can increase dramatically to high silver content, particularly in these Proterozoic rocks. The positioning is crucial: the Carson Vein, 0.5 km away at Kuya Silver's nearby Crown Reserve Mine, produced 9.2 million ounces of silver from dimensions estimated at 87 m by 61 m (286 ft by 200 ft; Knight 1922) at and above this contact.

2022 exploration work was focused on refining the chemical and structural characteristics of the silver/cobalt mineralized veins. For the first time in the camp, detailed systematic exploration efforts are demonstrating how the target veins are zoned, with high-grade silver in the core, surrounded by cobalt and nickel, and with base metals in the vein extremities; high-grade silver is localized at vein intersections and bends. This is relevant to ongoing exploration, both for drilling and drill targeting, and may be crucial to defining a mineral resource in the future.

Figure 1 - Regional map showing the Kerr Lake area relative to the Cobalt townsite and silver mining camp (left), as well as a detailed map of the Kerr Lake area including the location of historic properties, mines, and veins as well as the current Kuya Silver mining patents, leases, and claims (right). Major (>1,000 g/t silver) drill intercepts from the 2018 drill program carried out by First Cobalt Corp., now Electra Battery Materials Corporation ("Electra"), are shown, as well as overlimit (>1,500 g/t silver) re-assays commissioned in 2021 by Kuya Silver.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5945/150569_df97edd534c1b84a_001full.jpg

Figure 2 - Newly-drilled vein cluster intersected in the 2021 Kuya Silver drilling program at the North Drummond area. A conceptual vein model, developed on the Electra drill program, indicates that drilling intersects are near the lower limit of veining with significant shallower potential and at vein intersections.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/5945/150569_df97edd534c1b84a_002full.jpg

Table 1 - Assay results (including composite and silver equivalent [AgEq*] values) from 2021 Kuya Silver drill program and 2018 overlimit (>1,500 g/t) silver and >1,000 g/t silver analyses. AgEq* was calculated from silver (Ag) and cobalt (Co) only, with values captured on December 14, 2022. Silver price of $23.89/oz () and cobalt price of $51,000.00/tonne () were used.

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