Silver One Resources Reinitiates Extensive Drilling at Nevada’s Candelaria Silver Project

Drilling Program Resumption and Contractor Transition Following Earlier Halt

Silver One confirmed that drilling at its Candelaria Silver Project will recommence after the program, initially announced on May 27, 2026, was interrupted. The original campaign, designed as a large-scale 20,000–25,000-metre reverse-circulation and potential diamond drilling project, was stopped shortly after starting. The company reported that no drill holes were completed during the initial attempt, with the only initiated hole abandoned due to operational issues.

In response, Silver One has engaged Major Drilling, a globally experienced drilling services provider known for large-scale North American exploration projects, to conduct the renewed campaign. Mobilization is currently in progress, with drilling expected to begin immediately after site setup, anticipated to be about one day post-mobilization. This contractor change follows operational difficulties encountered during the first program attempt.

Core Technical Goals of the Renewed Drilling Initiative

The restarted drilling campaign will uphold the technical objectives outlined in the May 27, 2026 announcement. Silver One identified three main focus areas: resource expansion drilling near existing Measured, Indicated, and Inferred resources at Candelaria; exploration of new targets including silver-oxide, mixed oxide-sulphide zones, and deeper porphyry-style copper-silver-gold targets identified by previous geophysical surveys; and condemnation drilling to support infrastructure planning for future development.

The company expects Major Drilling’s operational reliability and technical expertise to facilitate consistent progress through the summer and fall drilling seasons. By addressing these objectives, Silver One aims to advance immediate resource growth and long-term exploration potential across the district-scale mineralization at Candelaria.

Overview and Strategic Importance of the Candelaria Project

Silver One holds 100% ownership of the Candelaria Silver Project, a former producing mine in Nevada. The company highlights multiple advancement opportunities, including potential reprocessing of silver from historic leach pads, which could enable near-term production. Additionally, previously identified high-grade silver intercepts down-dip from historic workings and the possibility of expanding silver mineralization along-strike from two past-producing open pits further enhance the project’s prospects.

The Candelaria property includes 636 lode claims and five patented claims, underscoring Silver One’s substantial land position in the district. The scale of the planned 20,000–25,000-metre drilling campaign reflects the company’s dedication to systematically improving technical knowledge and resource definition for this historic silver asset.

Silver One’s Broader Project Portfolio

In addition to Candelaria, Silver One maintains a diversified exploration portfolio in the western United States. This includes the Cherokee project in Lincoln County, Nevada, consisting of 636 lode claims and five patented claims that host multiple silver-copper-gold vein systems traced for over 11 kilometres along strike.

The company also owns 100% of the Silver Phoenix Project, a very high-grade native silver prospect located within the "Arizona Silver Belt," adjacent to the prolific copper-producing region near Globe, Arizona. These projects complement Silver One’s focus on silver exploration and development in established mining districts.

Management Insights on Drilling Program Restart

Greg Crowe, President and CEO of Silver One, commented on the program’s resumption, stating, "While the termination of the earlier contract was disappointing, our priority remains ensuring safe, efficient, and technically sound execution." He emphasized the company’s commitment to quality and reliability over speed.

Crowe added, "Major Drilling brings the scale, experience, and reliability required for a program of this size. Their involvement gives us confidence to advance drilling at Candelaria and continue highlighting the district-scale potential of this historic silver project." This statement reflects management’s view that the contractor change addresses the operational challenges that caused the initial program’s interruption.

Qualified Person Review and Technical Validation

The technical content of this announcement, excluding mineral resource information, has been reviewed and approved by Robert M. Cann, P. Geo, a Qualified Person under National Instrument 43-101 and an independent consultant to Silver One. This review provides third-party verification of the technical aspects of the drilling program and its objectives.

Investor Implications and Market Context

The recommencement of drilling at Candelaria marks a significant milestone in Silver One’s near-term operational activities. Contracting a major, internationally recognized drilling firm demonstrates management’s dedication to execution quality and may alleviate investor concerns stemming from the initial program’s suspension.

Investors are likely to monitor drilling progress throughout the summer and fall seasons, as completing the planned 20,000–25,000-metre campaign will yield important data on resource expansion, exploration targets, and infrastructure needs. These results will be pivotal for advancing the project toward potential development or mine restart scenarios.

Forward-Looking Statements and Risk Factors

Silver One’s announcement contains forward-looking statements based on assumptions as of the release date. These statements reflect management’s current estimates, beliefs, intentions, and expectations but do not guarantee future outcomes. The company cautions that all forward-looking information is inherently uncertain and subject to numerous material factors beyond its control.

Specific risks include Silver One’s limited operating history, ability to secure sufficient financing for exploration and development at Candelaria, and the need to obtain permits and comply with environmental and governmental regulations. Actual results may differ materially from those expressed or implied in the forward-looking information.