Silver

Aurcana Silver Provides Operations Update

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Jan. 10, 2022 (GLOBE NEWSWIRE) — AURCANA SILVER CORPORATION (“Aurcana” or the “Company“) (TSXV: AUN) is pleased to provide an update on current operations at its wholly owned Revenue-Virginius Mine located in Ouray, Colorado, USA.

Operations are continuing to focus on the completion of the #1 Alimak raise hoist / elevator system which will enable efficient movement of men and materials between the 2000 level and the four levels being developed above 2000.  Operations also continue stoping on the 1800 level of the Virginius Vein, and making ongoing improvements to the process plant.

It is anticipated that the mill will resume operations in mid-January and will run as stope ore is available. Significant improvement in concentrate quality was realized in the most recent mill run in December and is expected to continue once the mill is back in operation.

Completion of the #1 Alimak raise hoist / elevator project remains targeted for May 2022. The #1 Raise Hoist is the key to safe, efficient, and sustainable travel for men and materials to the upper levels of the Virginius mine. This hoisting system will have an immediate positive impact on mining productivities and subsequent mine development & production and mill production. The improved access to the upper levels of the Virginius and other veins is expected to also enhance future exploration and development activities at the mine.

Mining operations have continued to focus on the optimization of 1800 level stope mining. Stope ore has been stockpiled underground in anticipation of the resumption of milling. Currently, the mine has two stopes available on the 1800 level to supply the mill with high grade silver ore with a third stope partially completed.

Assays taken from on vein development openings continue to demonstrate strong mineralization in support of the geologic model. The figure below depicts a graphical representation of the grades encountered while drifting north on the Virginius Vein on the 1800 level.

Map 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5348ede0-4ef2-4c5a-b864-79bb45b69fc1

“We are very pleased with the grades we are encountering, and the fact these grades are significantly higher (83%) when compared to the geologic model; this gives us great confidence in our ore body,” said Kevin Drover, President and CEO of Aurcana.

Qualified Person Statement

The scientific and technical content of this news release was reviewed and approved by Michael Gross, P. Geo, a “qualified person” within the meaning of NI 43-101

ABOUT AURCANA SILVER CORPORATION

Aurcana Silver Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary resource at Shafter and Revenue-Virginius is silver. Both are fully permitted for production.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA SILVER CORPORATION

Kevin Drover
President & CEO

For further information, visit the website at www.aurcana.com or contact:

Aurcana Silver Corporation
850 – 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: (604) 331-9333

Gary Lindsey, Corporate Communications
Phone: (720)-273-6224
Email: gary@strata-star.com

CAUTIONARY NOTES

This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning, without limitation, statements relating to the operational adjustments resulting from the reported rock movement and the impact of such adjustments on the production and operations of the Company at the Revenue Virginius mine (including with respect to the timing of closing of all such matters). Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the receipt of regulatory or shareholder approvals, and risks related to the state of financial markets or future metals prices.

Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.

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.


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