Summa Silver Intersects 1,699 g/t Silver Equiv. over 4.3m including 9,989 g/t Silver Equiv.  over 0.6m at the Hughes Property in Tonopah, Nevada

Step-Out Holes Continue to Intersect High-Grade Silver and Gold as Strike Lengths Expand and Veins Widen

Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQB:SSVRF) (Frankfurt:48X) is pleased to announce additional high-grade silver and gold intercepts from the ongoing drill program at the historically producing high-grade silver and gold Hughes Property at Tonopah, Nevada (see attached figures).

Rescue Veins of the Past Producing Belmont Mine:

• 1,699 g/t silver equivalent (913 g/t Ag and 7.86 g/t Au) over 4.3 m from 421.6 m including
  9,989 g/t silver equivalent (4,338 g/t Ag and 56.5 g/t Au) over 0.6 m from 422.2 m in SUM21-31 which is an in-fill hole confirming high-grade mineralization at Rescue. 

• 551 g/t silver equivalent (337 g/t Ag and 2.10 g/t Au) over 5.7 m from 338.7 m including
  2,087 g/t silver equivalent (1,301 g/t Ag and 7.86 g/t Au) over 0.9 m from 342.1 m in SUM21-42 which is a 110 m step-out up-dip and to the southwest at Rescue.

Murray Target:

• 506 g/t silver equivalent (253 g/t Ag and 2.53 g/t Au) over 6.1 m from 437.8 m including
  1,085 g/t silver equivalent (543 g/t Ag and 5.42 g/t Au) over 0.9 m from 440.9 m in SUM21-40 which is a 120 m step-out down-dip and to the northeast at Murray.

Note: silver equivalent (AgEq) based on 100(Ag):1(Au), true widths are unknown

Dimensions of Mineralization:

• High-grade mineralization at Rescue has been intersected in several stacked structures over an area of 375 x 100 m where it remains open to expansion.
• High-grade mineralization at Murray, has been intersected over an area of 300 x 200 m where it remains open to expansion.
• Further mineralization is present in multiple additional areas over a length of 3.5 km, including the Ruby discovery, a 1.3 km step-out from the historic Belmont Mine and the current site of drilling.

Drill Program Update: Drilling remains ongoing on the Hughes property with results now pending for 7 additional holes, and drilling taking place at the Ruby Discovery. Most holes have intersected zones of quartz-adularia veins, stockworks, and breccias typically featuring visible Ag-sulfosalts.

Galen McNamara, CEO, stated: “Today’s results mark significant and successful step-outs in both the Rescue Veins and at the Murray Target. In both areas, the footprints of high-grade mineralization continue to grow and remain open. We are encouraged not just by the high-grades present, but also with the wide intercepts of the veins. At Rescue, it is now clear that several stacked mineralized horizons are present. Substantial further drilling is required as we efficiently build high-grade ounces while pressing towards mineral resource estimates at both the Hughes and the Mogollon properties in 2022.”

Table 1: Assay Results

Belmont Mine Target – Rescue Veins

Nine holes in 2021 have so far tested the steeply-dipping, southwest-striking Rescue vein system hosted in the footwall of the Belmont vein, where extensive past production took place.

Hole SUM21-31 tested the continuity of mineralization up-dip from SUM21-20 and SUM21-30. It intersected 1,699 g/t AgEq over 4.3 m including 9,989 g/t AgEq over 0.6 m.

Hole SUM21-42 represents a 110 m step-out, up-dip along the vein from hole SUM20-06. It intersected 551 g/t AgEq over 5.7 m including 2,087 g/t AgEq over 0.9 m.

Hole SUM21-33 represents one of the largest step-outs along strike in the Rescue vein system. The hole intersected two zones of mineralization; an upper intercept of 228 g/t AgEq over 0.7 m and a lower intercept, 50 m downhole, of 857 g/t AgEq over 0.7 m. The pierce points along the modeled stacked-veins are approximately 280 m along strike from SUM20-06.

In all holes the high-grade intercepts comprised silver-sulfosalt bearing, banded to brecciated quartz ± adularia veins with associated argillic alteration halos. The south-west striking, structurally-controlled veins are hosted in intermediate to felsic volcanic and volcaniclastic rocks of the Mizpah Formation. The newly reported intervals demonstrate the significant ounce potential of the high-grade Rescue vein system. Additional drilling is warranted to further investigate the extent and the plunge of the high-grade zones. Assays for 4 holes are reported in Table 1 and assays for 5 holes remain pending from the Rescue target.

Murray Target

Six holes in 2021 have so far tested the gently-dipping, southwest-striking Murray vein hosted along the regional-scale Tonopah fault at the Murray target.

Hole SUM21-040 tested the down-dip extension of mineralization hit in numerous holes in 2020. The hole hit the mineralized structure approximately 215 m down-dip from SUM20-17 and intersected 506 g/t AgEq over 6.1 m including 1,085 g/t AgEq over 0.9 m. This intercept supports the down-dip potential of the Murray vein.

Mineralization at the Murray Target is associated with broad intervals of strong argillic alteration cored by zones of quartz stockwork up to 30 m wide and local Ag-sulfosalt bearing, banded quartz veins.  Assays for 3 holes are reported in Table 1 and assays for 2 holes remain pending from Murray.

Mizpah Extension Target

Three holes tested the gently-dipping, east-striking Halifax vein of the Mizpah Extension target that was first drilled in 2020. Holes SUM21-34, 35 and 43 hit broad intervals of anomalous silver and gold mineralization hosted in epithermal-related veins and stockworks, along strike from SUM20-09, suggesting further drilling is warranted.

Table 2: Drillhole Information

Analytical and QA/QC Procedures

All samples were sent to Paragon Geochemical Laboratories in Sparks, Nevada for preparation and analysis. Paragon meets all requirements of the International Accreditation Service AC89 and demonstrates compliance with ISO/IEC Standard 17025:2017 for analytical procedures. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA30”) and silver via atomic emission spectroscopy after four-acid digestion (“AgMA-AAS”). Samples that assayed over 5 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GR30”). Samples that assayed over 200 ppm Ag were re-run via fire assay for Ag with a gravimetric finish (“Ag-GRAA30”). In addition to Paragon quality assurance / quality control (“QA/QC”) protocols, Summa Silver implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and certified reference materials at systematic and random points in the sample stream.

Qualified Person

The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the CEO of the Company and a qualified person as defined by National Instrument 43-101.

About Summa Silver Corp

Summa Silver Corp is a Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices and little to no modern exploration work has ever been completed.

Follow Summa Silver on Twitter: @summasilver

LinkedIn: https://www.linkedin.com/company/summa-silver-corp/

ON BEHALF OF THE BOARD OF DIRECTORS

“Galen McNamara”

Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

Investor Relations Contact:

Kin Communications
Giordy Belfiore
604-684-6730
SSVR@kincommunications.com

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.

Cautionary note regarding forward-looking statements

This news release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. These forward‐looking statements or information relate to, among other things: the release of assays, and the exploration and development of the Company’s mineral exploration projects.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; and other related risks and uncertainties.

Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.