Southern Silver Announces the Extension of the Expiry Date of Certain Common Share Purchase Warrants

Southern Silver Exploration Corp. (TSXV: SSV) ("Southern Silver" and the "Company") reports that it has received assay results from the final two core holes of its 4,050-metre, 2022 drilling program at its wholly owned Oro property, located in the Laramide-age, porphyry copper belt in southwestern New Mexico, USA.

Hole OR22-012 tested a strong ZTEM geophysical anomaly in an area believed to be relatively high in the metal system and where Cretaceous-age carbonate host rocks were expected to lie at relatively shallow depths beneath Laramide-age andesite volcanic rocks. The hole intersected veins with strongly anomalous gold (12.4 g/t over 0.8 metres at 495.7 metres depth)* in a banded anhydrite+pyrite+calcite breccia vein and, deeper in the hole, intersected anomalous silver and lead (908 g/t Ag and 10.4% Pb over 0.2 metres at 594.6 metres depth) in a barite+galena vein, consistent with expected metal zoning. Favourable carbonate host rocks were intersected with abundant sulfide minerals below a 6-metre-thick massive anhydrite vein at roughly 590-metres depth. The 427.2-metres interval from 578.6 to 1,005.8 metres averages 0.15% CuEq (0.08% Cu, 0.01% Mo, and 1.4g/t Ag), with variable mineralization continuing to the end of the hole at 1,006 metres depth. The strongest mineralization is 9.1 metres of 0.59% Cu, 0.01% Mo, 0.3 g/t Au, and 2.3g/t Ag (0.92% CuEq) from 834.5 to 843.7 metres in a carbonate replacement zone with abundant magnetite, specular hematite, and epidote with minor pyrite, calcite, and anhydrite. Dikes ranging from unaltered to strongly altered are common throughout the hole.

Mineral Resource Update:
Indicated 140Mozs AgEq or 2.3Blbs ZnEq: 42.7Mozs Ag, 364Mlbs Pb, and 903Mlbs Zn; and
Inferred 210Mozs AgEq or 3.5Blbs ZnEq: 80.0Mozs Ag, 571Mlbs Pb, and 1,029Mlbs Zn

Southern Silver Exploration Corp. (TSXV: SSV) ("Southern") reports that Kirkham Geosystems Ltd. has completed an update of its independent Mineral Resource Estimate ("MRE") on the Cerro Las Minitas project in Durango State, Mexico. The updated MRE significantly expands sulphide resources in the La Bocona deposit through the incorporation of the North Felsite zone into the resource model. The revised estimate utilizes the same metal pricing and metallurgical recoveries as the previous 2021 MRE, utilizes a Net Smelter Return ("NSR") cut-off, as detailed in Table 1, and reports average grades on a AgEq, ZnEq and $USt NSR basis. The Mineral Resource estimates for the South Skarn, Blind-El Sol Skarn Front and Las Victorias deposits and the small oxide resource initially estimated in 2021, remains unchanged in this current update.

Southern Silver Exploration Corp. (TSXV: SSV) ("Southern Silver") reported assay results from its final four drill holes on the North Felsite - North Skarn targets which continues to confirm and extend silver-polymetallic mineralization on the Cerro Las Minitas project, Durango, Mexico.

Drilling tested an eastern projection of the North Skarn target at approximately 400 metres below surface. Mineralization remains open both laterally to the east and at depth and demonstrates continuity with previously drilled mineralization in the Skarn Front deposit. Drilling also tested gaps within the current drill pattern around hole 21CLM-175 (1.9m of 1530g/t AgEq; see NR-19-21).

Southern Silver Exploration Corp. (TSXV: SSV) is pleased to announce that the company will be presenting at Red Cloud's 2022 Fall Mining Showcase. We invite our shareholders and all interested parties to join us there.

The annual conference will be hosted in-person, at the Sheraton Centre Toronto Hotel from November 9-10, 2022.

This document corrects and replaces in its entirety the previous release that was issued by Southern Silver Exploration Corp. earlier today, October 13th, 2022 at 5:39pm ET.

Southern Silver Exploration Corp. (TSXV: SSV) ("Southern Silver") reports that it has filed on SEDAR its National Instrument 43-101 Technical Report titled Preliminary Economic Assessment of the Cerro Las Minitas Project, Durango State, Mexico, dated October 13, 2022 (the "Technical Report"). The report was authored by M3 Engineering & Technology Corp. ("M3"), Kirkham Geosystems Ltd. ("KGL"), Entech Mining Limited ("Entech"), and Metallurgical Process Consultants Limited ("MPC").