Quality Silver Assets are Scarce
.....We Have Several

Kootenay Silver Inc. (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to announce JV operator Aztec Minerals Corp. has released additional drill results on the California target, which continue to return broad gold mineralization from the 2022 RC drill program being completed at the Cervantes property located in Sonora, Mexico.

California Zone Highlights

• CAL22-015 returned 0.421 gpt gold over 68.4 meters and a deeper interval of 2.246 gpt gold over 10.6 meters.
• CAL22-016 returned 0.475 gpt gold over 56.2 meters. The first multi-element ICP results show good relationships between Au, Cu, Bi, Ag and As, with prospective grades and widths for Cu and Ag for a potential porphyry deposit model.
• CAL22-015 is located at the southeastern edge of the California zone and CAL22-016 is located at the northeastern edge. Both holes intercepted mineralized porphyries and hydrothermal breccias.
• CAL22-017 returned 0.32 gpt gold over 24.3 meters and 1.65 gpt gold over 6.1 meters in porphyry, sediments and hydrothermal breccia 350 meters north of California target.

Additionally, at the Jasper target a new zone of copper mineralization was intercepted in drilling.

Widespread visible copper oxides and sulfides occur over 150 meters in quartz feldspar porphyry intrusion in RC drill hole at Jasper target 600 meters west of California Zone at Cervantes in Hole JAS22-001. This hole hit widespread visible copper oxide and secondary sulfide mineralization over 150 meters of quartz feldspar porphyry intrusion, including 0.332 gpt gold over 9.1 metres.

The first ICP results have been returned and show some very good copper and gold grades. For example, CAL22-001 has 0.21% copper and 1.1 gpt gold over 88.4 meters including 0.45% copper and 3.92 gpt gold over 15.2 meters. The ICP results are consistent with a copper-gold porphyry system.

View drill section here:

Holes CAL22-015, 016, 017
Link to section view hole JAS22-001

Reported lengths are apparent widths, not true widths, and the observed gold mineralization appears to be widely distributed in disseminations, fractures and veinlets within quartz-feldspar porphyry, feldspar porphyry stocks and related hydrothermal breccias.

California 2022 RC Drill Program Plan Map

Jasper Zone Location Map

Table 1: Select Multi-Element Results with Gold

Table 2: RC Drilling Results (Gold Only)

The Aztec-Kootenay JV has now completed its Phase 2 Reverse circulation (RC) program of 26 holes, totaling 4,649 metres at the Cervantes Property.

Drill samples cuttings are collected every 5 feet (1.52m) from all drill holes. The samples are analyzed by Bureau Veritas for gold with a 30-gram sample size using the method FA430 followed by MA300. Over limits, when present, are analyzed by AR404 or FA550. All holes contain certified blanks, standards, and duplicates as part of the quality control program. The QA/QC review for all drilling has been completed with excellent results showing good data integrity. The samples are shipped to and received by Bureau Veritas Minerals laboratory for the gold and multielement geochemical analysis and additional gold results will be received and reported in the next several weeks. Final multielement ICP results are expected to follow the release of the preliminary gold assays and are expected to be received during the second quarter 2022.

Qualified Persons

The Kootenay technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved on behalf of Kootenay by James McDonald, P.Geo, President, CEO & Director for Kootenay, a Qualified Person.

About Kootenay Silver Inc.

Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The Company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects located in prolific mining districts in Sonora, State and Chihuahua, State, Mexico, respectively.

For additional information, please contact:
James McDonald, CEO and President at 403-880-6016
Ken Berry, Chairman at 604-601-5652; 1-888-601-5650
or visit: www.kootenaysilver.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

The information in this news release has been prepared as at May 4, 2022. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the 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.

2022 number 11