Southern Silver Reports 2.8m of 757g/t AgEq and 3.2m of 479 g/t AgEq from Underground Channel Sampling at the Puro Corazon Mine

Southern Silver Exploration Corp. (SSV) has released assay results from underground channel sampling at its historic Puro Corazon Mine in Cerro Las Minitas, Mexico. The company sampled 230 channels across 14 sublevels and a spiral decline, targeting skarn alteration adjacent to a central intrusion and out-board structures. Results were obtained from levels down to Level 4, with deeper assays pending.

Key highlights from the sampling include: * 2.8 m of 757 g/t AgEq * 3.2 m of 479 g/t AgEq * 1.0 m of 1,097 g/t AgEq

Simultaneously, the company confirmed it has closed the first and final tranche of its non-brokered LIFE private placement, issuing 4 million shares at $0.55 for approximately $2.2 million in gross proceeds. No further tranches are planned. The funds will support a Phase I infill drill program of up to 12,500 m at Puro Corazon, as well as a resource update and a revised preliminary economic assessment.

Southern Silver Exploration Corp. (SSV) released channel sampling results that confirm high-grade polymetallic mineralization adjacent to existing underground workings at Puro Corazon, filling gaps between earlier drill holes. The data reinforces findings from the preceding drill program conducted between December 2025 and April 2026, which delivered multiple bonanza-grade intercepts, including 10.5 m @ 1,115 g/t AgEq, 6.3 m @ 874 g/t AgEq, and 15.3 m @ 581 g/t AgEq. These results established Puro Corazon as a high-grade near-surface target, with the new channel samples serving as incremental follow-up data from historic workings rather than representing new discovery or step-out drilling.

The company’s stock has already reflected the high-grade nature of the Puro Corazon deposit, having surged from approximately $0.27 in September 2025 to a peak of $0.99 in January 2026 following the acquisition and early drill results. Since that peak, the share price has steadily retreated to $0.45, a decline of over 50%, as enthusiasm waned and the company encountered delays. A financing round that closed at $0.55 per share—originally announced at $0.60 before being amended down—struggled to meet its target. Only $2.2 million was raised in a first and only tranche, compared with the amended maximum of $4 million, signaling weak institutional demand and suggesting the market may be questioning the pace of advancement.

The most recent corporate release on June 18 pushed the mineral resource estimate update from Q2 2026 to Q3 2026 and the Preliminary Economic Assessment (PEA) update from Q1 2026 to Q3-Q4 2026. Today’s release reiterates that timeline, offering no acceleration.

Southern Silver Exploration Corp. is a Canadian exploration company focused on its 100%-owned Cerro Las Minitas (CLM) project in Durango, Mexico. CLM is a silver-enriched skarn/CRD system hosting an indicated + inferred resource of 302 Moz AgEq (116 Moz Indicated, 186 Moz Inferred) at cut-off US$60/t NSR, based on a March 2024 mineral resource estimate. A 2024 PEA models a 17-year underground mining operation with attractive economics.

In September 2025, Southern Silver acquired the adjacent 9 ha Puro Corazon claim, a small operating mine (~60 t/d), aiming to integrate its high-grade, near-surface mineralization early in the mine plan to improve capital efficiency and project NPV/IRR.

Other projects include the Nazas Au-Ag property in Mexico and the Oro and Hermanas properties in New Mexico, USA, for which a drill permit application is in progress.