Arizona Silver Intersects Gold – Silver Mineralization in Final 2022 Core Holes at The Philadelphia Gold Project, Arizona

Vancouver, B C - TheNewswire - January 24 2023 - Arizona Silver Exploration Inc. (TSXV: AZS ) ( OTC:AZASF ) announces assay results from three core holes, PC22-94, PC22-95 and PC22-96 on the Philadelphia gold project, Arizona drilled in Q4 2022.   The Philadelphia  property hosts high-grade gold and silver vein targets in Mohave County.  The county is home to the Oatman Mining District which produced over 2 million ounces of gold from high-grade epithermal veins.

The three new holes test part of the Northern Extension of the portion of the mineralized system that has was our 2021-2022 priority. The holes demonstrate the continuity of the mineral system, which remains open down dip and along strike towards undrilled portions of the patented claims leased in 2021. See Figure 1.

All three drill holes intersected wide intervals of potentially “bulk tonnage” gold grades, that is grades within the parameters of grades currently being mined in the district.

Mr. Greg Hahn, V.P Exploration stated, “Recently completed surface mapping and sampling demonstrates continuity at surface of the quartz stockwork system with associated anomalous gold and silver values continuing northward from the locations of these core holes. The surface geochemistry is similar to what is evident at surface southward along the vein structure where drilling demonstrated increased thickness and grade with depth. Our interpretation is that we are at the very top of the boiling zone along the entire outcrop horizon of the mineral system.”

Mr. Mike Stark, President and CEO commented, ” Arizona Silver has the treasury and technical resources in place to begin exploration in 2023, including drilling, immediately after we finalize contractual arrangements. I expect to release details in the very near future.”  

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The following table summarizes the drill intercepts.

Core hole PC22-95 was drilled from a pad located approximately 50 metres north of previously completed RC and core holes PRC22-81 thru PC22-88.  It intersected the target from 79-140.5 metres (61.5 metres thick), within predominantly rhyolite breccia, grading 0.71 grams per tonne (“gpt”) gold (Au) and 11.46 gpt silver (Ag).  The FW vein breccia was intersected from 94.94 – 102.44 meters (2.5 metres thick) grading 5.10 gpt Au and 18.34 gpt ag within a thicker vein zone from 98.81-105.61metres (6.74 metres thick) grading 3.79 gpt Au and 16.18 gpt Ag, consisting primarily of yellow quartz clasts in a variably banded and bladed calcite matrix. Minor visible gold was identified in some of the yellow quartz clasts.  The balance of the mineralized intercept is composed of quartz and calcite stockwork in rhyolite breccia.

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Core hole PC22-96, a vertical hole, was collared 225 metres north and west of hole PC22-95 and located to test the mineralized structure below a  1981 Meridian Gold reverse circulation drill hole.  PC22-96 intersected both the HW and FW vein within a package of strong to intense stockwork quartz with minor calcite from 38.7 - 93.6 metres (54.44 metres thick), in both rhyolite and granite breccia, carrying 0.71 gpt Au and 11.48 gpt Ag.  The HW and FW veins carried 3.6 metres at 2.4 gpt Au and 47.43 gpt Ag and 1.52 gpt Au and 8.4 gpt Ag respectively, The drill hole intersects mineralization approximately 116 metres below the surface where gold in stockwork quartz is exposed.  The intercept demonstrates that the mineral system continues and remains open both along strike and down dip from previous drill intercepts, which will be the focus of continued drilling in 2023.

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Core hole PC22-94 was a vertical hole drilled from the same pad as hole PC22-95, and intersected the mineralized zone high in the hole from 30.01-54.27 metres and lower down from 78.2-88.41 metres.  These intercepts are up-dip from the intercept in hole PC22-95 and at a shallower depth than the intercept in hole PC22-96, consisting primarily of weak stockwork quartz in predominantly granite with no evidence of the

HW and FW veins present.  We interpret this intercept to be above the boiling zone given the absence of the high grade veins carrying boiling zone textures and the dominance of weak stockwork mineralization.

QA/QC Program

All core was delivered to the ALS sample preparation facility in Tucson, Arizona for photographing, sawing, sampling, and sample preparation. All assaying will be conducted by ALS Global, an independent analytical laboratory. Core was trucked to the ALS sample preparation facility in Tucson, Arizona, where the samples were inventoried, dried, crushed and pulverized.  Pulverized splits were sent to the ALS analytical facility in Vancouver, British Columbia for analyses. All material handling is done under a strict chain of custody protocol.  Gold is determined by fire assay with an AA finish and silver is determined by ICP-MS methods within a 31-element suite.

The Company maintains its own program of inserting Standard Reference material in the form of standards and blanks to the sampling stream, prior to being shipped to ALS's preparation facility in Tucson, Arizona, in addition to the independent QA/QC protocols of ALS Global.

Qualified Person

Gregory Hahn, VP-Exploration and a Certified Professional Geologist (#7122) is a Qualified Person under National Instrument 43-101 ("NI 43-101") and has reviewed and approved the technical information contained in this news release.

About Arizona Silver Exploration Inc.

Arizona Silver is a young exploration company focused on exploring gold-silver properties in western Arizona and Nevada. The flagship asset is the Philadelphia property and the subject of this news release.

On behalf of the Board of Directors:

ARIZONA SILVER EXPLORATION INC.

Mike Stark, President and CEO, Director

Phone: (604) 833-4278

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the 2023 exploration program; the potential for development of the mineral resources; the potential mineralization and geological merits of the exploration properties; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company's 2023 drilling program(s) on its properties, will not be consistent with the Company's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company's future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the exploration properties are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2023 programs would proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation .