Vancouver, British Columbia – TheNewswire – May 31, 2021 – Norseman Silver Inc. (TSXV: NOC) (OTC: NOCSF), is pleased to announce that the Company has entered into an option agreement to acquire a 100% stake in the 285 square km (110 square miles) Taquetren Silver project is located in the mining district of Navidad -Calcatreau, Argentina. The Navidad-Calcatreau mining district is a relatively recent and largely unrecognized “mining camp” and is home to the Navidad deposit, one of the largest silver deposits in the world.

“The Taquetren Silver project represents a significant addition to our real estate portfolio and is located in an area that has seen relatively little exploration activity but is home to one of the largest silver deposits in the world. Fieldwork will be led by professionals who have extensive experience in the region, including firsthand participation in the discovery of the Navidad silver deposit which currently represents over 600 million ounces. Said Sean Hurd, President and CEO.

In addition to the Navidad silver deposit, two other significant deposits are also hosted in the district, the former Mina Angela gold-silver mine and the Calcatreau gold-silver deposit. The district is not better known because the two most important deposits were still underdeveloped at this time, notably Navidad (Measured and Indicated – 632 M oz Ag contained in 155.2 Mt at 127 g / t Ag, 0.85% Pb and 0.05% Cu).

Above all, the government of Rio Negro is pro-development and promotes pro-mining policies. Permits have been obtained to carry out an initial geological, prospecting and geochemical sampling.

Norseman will have the exclusive possibility of acquiring a 100% interest in the project, free and free from all privileges and charges by:

• Payment to opters of a non-refundable deposit of US $ 40,000 within two business days of execution of the letter of intent; Paid.

• Issue of 200,000 ordinary shares in the capital of the Company (“Ordinary actions”) Within seven days of signing the Final Agreement;

• Issue 300,000 additional common shares and incur US $ 70,000 in exploration expenses on the project no later than the first anniversary of the definitive agreement;

• The issuance of 500,000 common shares and the commitment of US $ 200,000 in additional exploration expenses on the project no later than the second anniversary of the definitive agreement;

• Issue 2,000,000 common shares and incur additional exploration expenses of US $ 500,000 on the project no later than the third anniversary of the definitive agreement; and

• Grant optors a 2% Nest Smelter royalty (the “NSR”). The company can reduce the NSR by (a) redeeming a quarter of it (0.5%) by paying optors US $ 1,000,000, and (b) redeeming a second quarter of interest for a total of half (1%) of the initial NSR by paying an additional US $ 2,000,000 and issuing 5,000,000 common shares.

Location and access

The Taquetren project comprises three cateos (prospecting licenses) covering 28,448 hectares (an area of ​​approximately 30 km by 10 km) and are accessible by high quality and well maintained paved and gravel roads. The catéos were selected to cover key stratigraphic and structural elements associated with the newly discovered Navidad-Calcatreau mining district. The project is located in the southwestern part of the province of Rio Negro, approximately 30 km north of the border with the province of Chubut. The project area covers the rolling pampas and low hills, which support low intensity sheep farming. The climate is semi-arid with sparse shrub-like vegetation. Numerous gravel roads and rural tracks crisscross the three cateos.

Geology

Geologically, the Taquetren project is located on the southwest edge of the Somuncura massif (Nordpatagonico) in the Patagonia region of southern Argentina. This limit of the massif coincides with the “Gastre Fault System”, a long-lasting mega-structure. The granitic rocks of the subsoil of the south of the Rio Negro and the north of the province of Chubut are of Paleozoic age.

The mineralization is hosted in a key stratigraphic unit, the contact zone between the Jurassic Taquetren Formation (referred to as the Lonco Trapial Formation in the Province of Chabut) and the overlying sedimentary strata. The Taquetren Formation is a predominantly subaerial bimodal calc-alkaline volcanic unit composed of rhyolitic andesitic and ignimbritic rocks. The overlying sedimentary strata are of lacustrine origin and include mudstone, sandstone, conglomerates and carbonate (locally stromatolitic) and are referred to as the Coyueque Formation at Rio Negro and the Lonco Trapial Formation at Chabut. Fine clastic stones are generally bituminous and pyritic. These key Jurassic units are covered by volcanic and sedimentary rocks from the Cretaceous and Tertiary, and alluvium from the Tertiary and Quaternary.

Structurally, the Somuncura massif has three well-defined structural systems: the oldest system tends towards EW and is not associated with any mineralization. The Gastre Fault system is part of the second NNW-SSE system. It is believed to be the result of a continental-scale northeast to southwest extension that produced a series of northwest to southeast trending demi-grabens and tectonic basins. This structural system is very pronounced and constitutes a fundamental control in the geology of Patagonia. It marks the southern limit of the Somuncura massif and also forms the northeast edge of the Cañadón Asfalto basin – a sedimentary basin in a series of semi-graben structures. The third structural system tends towards NNE-SSW and is possibly a conjugate system related to the NNW-SSE system.

The three catéos cover a large part of the outcrop zone of the Jurassic formation of Taquetren and contain several mineral showings. The Taquetren property abuts the Calcatreau mineral tenures of Patagonia Gold to the east and is located 120 km northwest of Navidad. The property is located in the hinge area between the Somuncura massif in the northeast and the the Cañadón Asfalto basin to the southwest. The large Gastre fault zone forms this limit and transgresses the property.

Permits have been obtained to carry out an initial geological, prospecting and geochemical sampling and work will begin in early May 2021.

Qualified person: Mr. Rory Kutluoglu P. Geo., Member of the Advisory Board and Consultant of the Company, is the Qualified Person under NI 43-101 for the technical information contained in this press release and approves the technical content contained in this press release. hurry.

For more information, please contact:

Sean hurd

Chief executive officer

T: 604 505-4554

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States or to or on behalf of or for the benefit of a US person. (as defined in Regulation S under the United States Securities Act) unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.

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CAUTION REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain “forward-looking statements” that are not made up of historical facts. Forward-looking statements include estimates and statements that describe the company’s future plans, objectives or goals, including words indicating that the company or management expects a condition or reported result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “could”, “could”, “would”, “will” or “will”. Because forward-looking statements are based on assumptions and deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the company, the company provides no assurance that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, mineral resource estimate , mining exploration and development plans, when to start operations. and estimates of market conditions. Factors that could cause actual results to differ materially from this forward-looking information include, but are not limited to, inability to identify mineral resources, inability to convert estimated mineral resources into reserves, inability complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failing to obtain required governmental, environmental or other project approvals, political risks, l ” inability to meet Indigenous peoples’ duty to accommodate, uncertainties about the availability and costs of funding needed in the future, stock market fluctuations, inflation, exchange rate fluctuations , fluctuations in raw material prices, delays in project development, investment costs and operating costs that vary considerably from estimates and other risks inherent in the mining exploration and development industry, an inability to complete the Offer on the terms or on schedule e as announced or not at all, an inability to predict and counteract the effects of COVID-19 on the Company’s business, including, but not limited to, the effects of COVID-19 on commodity prices, capital market conditions, restrictions on international labor and travel and supply chains, as well as the risks set out in the Company’s public documents filed on SEDAR. Although the company believes that the assumptions and factors used in preparing the forward-looking information in this press release are reasonable, you should not place undue reliance on such information, which only applies as of the date of this press release. press, and no assurance can be heard that such events will occur within the disclosed time frame or not at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.