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Vancouver, British Columbia–(Newsfile Corp. – July 8, 2021) – Aurcana Silver Corporation (TSXV: AUN) (OTCQX: AUNFF) (FSE: UHY0) has released results of the first assays after accessing the Virginius Vein on the 1800 level at its Revenue-Virginius Mine. The 100% owned Revenue-Virginius Mine, located in southwestern Colorado about 5.5 miles southwest of the town of Ouray, is one of the company’s two projects, the other being the 100% owned Shafter-Presidio Silver Project, located 21 miles northeast of Presidio, Texas. Both projects are fully permitted for production, with silver being the primary resource.

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The initial samples of the Virginius Vein intersection on the 1800 level assayed 38.611 ounces per ton or 1,323.8 grams per tonne of silver equivalent over a vein width of 2.5 feet, including 85.782 ounces per ton or 2,941.1 grams per tonne of silver equivalent over 0.6 feet. These results compare favorably with the reserve grade in this location of 24.7 ounces per ton or 846.8 grams per tonne silver equivalent over 1.4 feet as reported in the 2018 feasibility study, which is available on the company’s website.

The company plans to deliver development ore to the process plant this month for commissioning and restart. Ore throughput will be ramped up to 110 short tons per day during August, and then to full production of 270 short tons per day during September. Concentrate shipments are anticipated to begin in early August with Trafigura Trading LLC off-taking 100% of the concentrates. Trafigura will pay 95% of the contained metals value based on the mine site concentrate assays at the time of shipment, with final settlement based on smelter returns.

Management forecasts payable silver equivalent production for the period between August and December 2021 to be in the range of 1,300,000 to 1,600,000 ounces at estimated cash operating costs of between US$10.00 to US$12.00/oz silver after by-product credits.

For more information, please visit the company’s website www.aurcana.com or contact Kevin Drover, President & CEO, at 604-331-9333. For Investor Relations contact Gary Lindsey at 720-273-6224 or by email at [email protected].

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