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Aurcana Silver Provides Initial Assay Results and a Restart Progress Update for Its Revenue Virginius Mine

Vancouver, BC – July 7, 2021 – Aurcana SILVER Corporation ("Aurcana" or the "Company") (TSXV:AUN; OTCQX:AUNFF) is pleased to provide the results of the first assays after accessing the Virginius Vein on the 1800 level as well an update on progress towards first production.

INITIAL ASSAY RESULTS
The initial samples of the Virginius Vein intersection on the 1800 level assayed 38.611 ounces per ton (opt) (1,323.8 g/t) of silver equivalent1 over a vein width of 2.5 feet, including 85.782 opt (2,941.1 g/t) of silver equivalent1 over 0.6 feet (see below Table 1 and Figure 1 for details). These results compare favorably with the reserve grade in this location of 24.7 opt (846.8 g/t) silver equivalent1 over 1.4 feet as reported in the 2018 feasibility study (the “2018 FS”) prepared in accordance with National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). A copy of the 2018 FS is posted on the Company’s website www.aurcana.com and is also available on the Company’s profile on SEDAR at www.sedar.com.

RESTART PROGRESS UPDATE
The Revenue-Virginius project remains on track to reach full production (270 stpd) by September 2021.

* Development ore to be delivered to the process plant in July 2021 for commissioning and restart.
* Ore throughput will be ramped up to 110 short tons per day (stpd) during August, and then to full production of 270 stpd during September.
* Concentrate shipments are anticipated to begin in early August. Trafigura Trading LLC is the off-taker for 100% of the concentrates and 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.
* Payable silver equivalent2 production for the period between August and December 2021 is forecast to be 1,300,000-1,600,000 ounces at an estimated cash operating costs of between US$10.00 to US$12.00/oz silver after by-product credits3.

Qualified Person Statement
The scientific and technical content of this news release was reviewed and approved by Michael Gross, P. Geo, a “qualified person” within the meaning of NI 43-101

ABOUT AURCANA CORPORATION
Aurcana Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary resource at Shafter and Revenue-Virginius is silver. Both are fully permitted for production.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
“Kevin Drover”
President & CEO

For further information, visit the website at www.aurcana.com or contact:

Aurcana Corporation
850 – 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: [phone]

Gary Lindsey, Corporate Communications
Phone: [phone]
Email: [e-mail]

http://www.aurcana.com/news/index.php?content_id=483