Safi Silver Provides Update on Addana Drilling Program in Morocco

Figure 1: Safi Silver Corp. President and CEO, Jed Richardson viewing recovered drill core on site at Hole #1 Business Wire

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TORONTO — Safi Silver Corp. (TSX-V: SF, OTCPK: PNTZF) (“Safi Silver”, “Safi Silver Corp.” or the “Company”) is pleased to provide investors with an operational update on the ongoing diamond drilling program at the Company’s Addana Project in Morocco.

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Drilling is complete on the first hole of the Addana campaign, and has commenced on the second hole. Hole #2 is expected to be completed before May 23. The current phase of drilling is focused on targets located in the southwestern portion of the Addana property, where historical work and recent field mapping have identified structurally controlled mineralized zones in quartz-carbonate veins, considered highly prospective for polymetallic silver mineralization.

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The Company reports that drilling operations have progressed smoothly to date. Recovery of drill core and geological logging is meeting the Company’s expectations. Once recovered, the core is systematically processed, photographed, logged, and prepared for sampling at the Company’s new and secure facilities in the town of Igdi prior to shipment for analytical testing.

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Samples from the Addana drilling program will be analyzed by Afrilab, a SGS and ISO-certified independent analytical laboratory located in Marrakech, Morocco. The laboratory has previously been utilized by the Company for exploration programs within Morocco and provides internationally recognized analytical services for precious and base metal exploration projects. Afrilab utilizes fire assay, atomic absorption spectroscopy (AAS), and inductively coupled plasma mass spectrometry (ICP-MS). Such methods are ideal for this program, given the precious and base metals mineralization targeted at Addana.

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Dr. Andreas Rompel, Safi Silver’s Chief Exploration Officer, commented, “We are encouraged by the progress of the drill program thus far and pleased with the professionalism and efficiency of the local operating teams. As core is recovered, it is being geologically logged and sampled in batches to maintain a consistent flow of material to the laboratory. This approach allows us to maintain strong quality control procedures while ensuring timely assay turnaround as the program advances.” Jed Richardson, President and CEO of Safi SIlver Corp. added, “Drilling at Addana represents another important milestone in Safi Silver’s transition toward becoming a focused Moroccan polymetallic silver exploration company. We are particularly pleased to see the program advancing steadily, with the second hole anticipated to begin shortly. Safi Silver’s is in a unique position to continue advancing our work in Morocco due to the sale of our ownership interest in the Kombat Mine.” The initial drill program at Addana is designed to test priority targets identified through historical exploration, surface sampling, geological mapping, and structural interpretation. The Company expects to provide additional operational updates as drilling progresses and assay results become available.

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Qualified Person

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The scientific and technical information contained in this news release has been reviewed and approved by Dr. Andreas Rompel, (Pr.Sci.Nat., FSAIMM)., Chief Exploration of Safi Silver, who is a “Qualified Person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

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About Safi Silver

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Safi Silver Corp. is a publicly traded Canadian exploration and development company with a core focus on copper and silver holdings in mining-friendly African jurisdictions. In Morocco, the Company is advancing two exploration projects: Addana, which hosts silver-bearing polymetallic veins, and Silver Hill, a sedimentary copper prospect undergoing ongoing evaluation. In Namibia, Safi Silver holds the Kalahari Copperbelt Project.

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Cautionary Notes

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This news release may contain forward-looking statements. These statements include statements regarding the drilling program, at Addana, the mineralization and prospectivity of the Addana Project, the anticipated benefits of the Company’s strategic focus on its Moroccan silver projects, and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

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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.

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ON BEHALF OF THE BOARD OF DIRECTORS

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Jed Richardson
President & CEO

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View source version on businesswire.com:

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Contacts

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For further information, contact Tom Panoulias, VP Corporate Development:

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+1 (647) 276-6002 x 1127

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Website:

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