Defiance Silver drills 423 g/t AgEq over 2.58 metres at Veta Grande, Mexico

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Defiance Silver Corp. [DEF-TSXV; DNCVF-OTCQX; D4E-FSE] reported the final results from seven drill holes drilled during the 2022 drill program at the 100%-optioned Veta Grande project, Mexico. These holes were designed to improve the main Veta Grande structural model and to test splays to the Veta Grande system, including the footwall San Herculano structure.

Highlights: DDSA-22-62 encountered a base-metal-rich portion of the Veta Grande structure, returning 2.58 metres of 423 g/t silver equivalent (AgEq) (from 213.40 m to 215.98 m) within a wider 11.22-metre intercept of 152 g/t AgEq (from 205.15 m to 216.37 m).

DDSA-22-61 returned 1.49 metres of 399 g/t AgEq (from 231.28 m to 232.77 m) within a wider interval of 4.97 metres of 142 g/t AgEq (from 230.04 m to 235.01 m). This hole tested up dip of historical holes SAD-15-09 and SAD-15-10, and below hole DDSA-22-59 (2.42 m of 123 g/t AgEq). Historic workings were encountered higher in the hole, while drilled mineralization occurred between the main VG structure and a hangingwall splay.

DDSA-22-60 returned 6.98 metres of 114 g/t AgEq (from 31.10 m to 38.08 m) on the Veta Grande and encountered historic workings from a downhole depth of 33.25 metres to 34.75 metres.

DDSA-22-59 from surface returned 9.57 metres of 175 AgEq (from 1.38 m to 10.95 m). This hole drilled reportable grade in three locations: surface waste dumps, the main Veta Grande structure and possible San Herculano structure. In situ vein material from Veta Grande grades 2.42 metres of 123 g/t AgEq (from 27.30 metres to 29.72 metres).

Chris Wright, chairman and cCEO, commented: “This phase of drilling was designed to strengthen our understanding of the historical underground development of the Veta Grande vein system, which is critical for both the geologic modelling and the updated resource estimation that we are working towards. We are encouraged by the wide widths of near-surface mineralization alongside high grades of Pb-Zn [lead-zinc] mineralization encountered in this phase of drilling.”

Defiance undertook a drill program in late 2022 to gather additional data in the San Acacio resource area. These holes were designed to improve the main Veta Grande structural model and to infill poorly drilled areas, as well as to test both hangingwall and footwall splays to the Veta Grande system. The footwall San Herculano structure was one of the main exploration targets of this phase of drilling.

The San Herculano structure is located in the footwall of the Veta Grande vein. San Herculano is a recently identified target revealed during surface mapping and reviews of historical documents about the underground workings.

Drill holes targeting the San Herculano structure intersected thin zones of anomalous silver and base metal mineralization. Whilst a formal San Herculano vein has yet to be identified, the company believes that exploration in semi-parallel structures to the Veta Grande warrants follow-up exploration.

Planned 2023 drilling at the Zacatecas project includes programs for resource expansion (including metallurgical testing), brownfields exploration and greenfields exploration.

Defiance Silver has been exploring the project since 2011 and has focused primarily on identifying mineral resources.

San Acacio hosts a current inferred mineral resource estimate containing 16.97 million ounces silver (17.76 million oz AgEq) grading 181.94 g/t silver (192.5 g/t AgEq) with a 100 g/t AgEq cut-off).

Defiance also announced it making a management change. Sherry Roberge, the company’s chief financial officer and corporate secretary, will be leaving the company on April 5, 2023, and the company has commenced an executive search for a new chief financial officer and corporate secretary.

Defiance Silver is an exploration company advancing the district-scale San Acacio deposit, located in the historic Zacatecas silver district and the Tepal gold/copper project in Michoacan state, Mexico. Defiance’s corporate mandate is to expand the San Acacio and Tepal projects to become premier Mexican silver and gold deposits.

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