Defiance Silver Corp. (“Defiance” or the “Company”) is pleased to announce that it has recommenced drilling at the company’s Zacatecas project in Mexico. The current drill program, which is focused on the Lucita license area, began in early November and recommenced in January after a three-week hiatus.

The current drill program is designed to expand on the successful 7,800 metre oriented core diamond drill campaign completed in June 2021 at the San Acacio/Veta Grande resource area (see News Releases dated April 28th, 2021 and September 7th, 2021). The 2020-2021 drill campaign at San Acacio was successful in identifying subtle structural controls of mineralizing events and delivered the highest-grade results the company has drilled to date at San Acacio. Results from the 2020-2021 phase of drilling in the Veta Grande resource area successfully demonstrated the down-dip and lateral continuity of the mineralized Veta Grande vein system below the current resource estimate. The oriented core data from the past phase of drilling is being analyzed with the goal of defining controlling structures and their relationship to grade distribution.

In early November 2021, the company commenced the first-ever regional drill program on the central Lucita land package (see News Release Dated October 1st, 2021). To date, the company has completed over 3,000 metres of regional drilling at the central Lucita land package. The company is planning approximately 4,500 metres of first-pass drilling at Tahuares and the central Lucita land package. Following the completion of first phase regional drilling and the return of drill assay results, the company will conduct a technical review in order to plan follow up drill targets. The general exploration program in Zacatecas in 2022 will focus on testing prospective regional targets at Lucita, Tahuares, and Veta Grande, as well as follow-up drilling on the successful 2020-2021 campaign at the historical San Acacio mine and Veta Grande resource area.

Alongside the ongoing exploration program, underground engineering work is underway with an objective of establishing safe and secure underground access in the extensive underground mine infrastructure at San Acacio.

Figure 1: The San Acacio & Lucita License Areas

Chris Wright, Executive Chairman & CEO, commented: “Over the past year, we have been able to deliver successful and consistent drill results, which demonstrates the strength of our technical team’s ability to generate new targets from the ongoing exploration work at our Zacatecas project. We are pleased that drilling is now underway on the Lucita and Tahuares land packages, testing mapped vein targets that have never been drilled. Once first pass drilling is complete at Lucita, we will move the drill to follow up on last season’s successful Veta Grande drill program.”

Defiance also announces that it has granted incentive stock options to certain directors and officers to purchase of an aggregate of 1,756,250 common shares of the Company at an exercise price of $0.405 (the “Options”) in accordance with the terms of the Company’s omnibus equity incentive plan. The Options are exercisable for ten years until January 31st, 2032 and vest as follows: one-third on the date of grant, one-third twelve months following grant date, and one-third twenty-four months following grant date. The company has also issued 230,000 Deferred Share Units (“DSUs”) and 75,000 Performance Share Units (“PSUs”), which mature immediately upon grant and 356,250 Restricted Share Units (“RSUs”), which will mature as follows: one-third on the date of grant, one-third twelve months following grant date and one-third twenty-four months following grant date. The Company has also made certain grants to other employees and consultants in accordance with the terms of the Company’s omnibus equity incentive plan.

About Defiance Silver Corp.

Defiance Silver Corp. (DEF | TSX Venture Exchange; DNCVF | OTCQX; D4E | Frankfurt) is an exploration company advancing the district-scale Zacatecas silver project, located in the historic Zacatecas Silver District and the 100% owned Tepal gold/copper project in Michoacán state, Mexico. Defiance is managed by a team of proven mine developers with a track record of exploring, advancing and developing several operating mines and advanced resource projects. Defiance’s corporate mandate is to expand the San Acacio and Tepal projects to become premier Mexican silver and gold deposits.

Mr. George Cavey P.Geo., Vice President Exploration, is a Qualified Person within the meaning of National Instrument 43-101 and has approved the technical information concerning the Company’s material mineral properties contained in this press release.

On behalf of Defiance Silver Corp.

“Chris Wright”

Chairman of the Board

For more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at [email protected]
Suite 2900-550 Burrard Street
Vancouver, BC V6C 0A3
Tel: +1 (604) 343-4677 Email: [email protected]

Neither 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.

This news release may contain forward-looking statements including but not limited to comments regarding timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Defiance Silver Corp. relies upon litigation protection for forward-looking statements.

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