Guanajuato Silver

GSilver Establishes New High-Grade Gold Zone at San Ignacio Mine
22 July 2025

Drills 8.20m true width of 536 g/t AgEq AND 1.06m true width of 2,585 g/t AgEq*

Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR)(OTCQX:GSVRF) is providing an update on exploration and development work at the Company's wholly-owned San Ignacio Mine ("San Ignacio") located in Guanajuato, Mexico.

Highlights

   High-grade veins have been intercepted at the Santo Nino zone including:

       8.20 metres true width grading 5.7 g/t gold and 54 g/t silver (536 g/t AgEq) and a separate 1.06 metres true width grading 28.5 g/t gold and 164 g/t silver (2,585 g/t AgEq) in UGSI25-007

       2.34 metres true width grading 4.9 g/t gold and 165 g/t silver for 579 g/t AgEq in UGSI25-006

       4.46 metres true width grading 2.2 g/t gold and 99 g/t silver for 287 g/t AgEq in UGSI25-009

   The intercepts highlight a new gold-rich zone within the Santo Nino area at San Ignacio.

   Development work has been initiated to access these high-grade gold areas for development in 2025.

James Anderson, Chairman & CEO, said, "With these exceptional results from San Ignacio in hand, we have already begun the engineering and preparatory work that will allow for rapid exploitation of this potentially rich mining zone that sits entirely outside of our official resource estimates. We expect to be mining this new area within three months' time; thereby showcasing our ability to act quickly when special opportunities arise and, in the process, demonstrating our outsized leverage to precious metals' prices."

As previously announced, Guanajuato Silver completed work on the 430 Ramp earlier this year (See Guanajuato Silver news release dated February 28, 2025 titled "Guanajuato Silver Completes Development of High Grade Santo Nino Vein at San Ignacio"). The new ramp opened access to the Santo Nino Vein, which is one of the larger veins that sit within the highly productive La Luz structure; this multi-pulse mineralized system has a known strike length of over 8km. The La Luz structural system also feeds Endeavour Silver's nearby Bolanitos Mine, which produced 452,627 ounces of silver and 25,230 ounces of gold in 2024 (See Endeavour Silver news release dated January 9, 2024).

San Ignacio Drilling

The Company initiated a phase one diamond drilling campaign in early 2025 with the objective of expanding existing resources and identifying new resource opportunities within the western (Santo Nino) and eastern (Melladito and Nombre de Dios) areas at San Ignacio. Nine underground holes have been completed to date, representing approximately 1,000 metres of drilling, the results of which are presented below. These holes have been drilled using one of the company's four in-house drill rigs.

   Drillholes 1 through 5 were drilled to the east towards the Nombre de Dios and Melladito areas.

   Drillholes 6 through 9 were drilled to the west towards Santo Nino.
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https://www.gsilver.com/news/2025c/...t-san-ignacio-2025-07-22-043502