Figure 1:

1800 level 980-1450 Stoping Block

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 05, 2021 (GLOBE NEWSWIRE) — AURCANA SILVER CORPORATION ("Aurcana" or the "Company") (TSXV: AUN, OTCQF: AUNFF) is pleased to provide an update on development progress for the 1800 level stopes and mill operations.

The mill construction is complete and final commissioning of the mill is ongoing. Development ore was stockpiled for processing during the commission period with final commissioning to coincide with stope ore. Mill throughput has been tested as high as 13 tons per hour (tph) 312 tons per day (tpd) without any major issues arising. The targeted mill throughput is 270 tph. Both lead and zinc concentrates are being produced and it is anticipated that the first shipment will occur during the week of October 4^th. Although early in the start-up process, metallurgical performance of the mill and flotation circuits appear to be as forecast in the Feasibility Study.

Lateral development on the 1800 level is progressing well; the first stope ore came online from the 1800 level on September 25^th. Geological sampling of development headings shows an average weighted silver equivalent grade of 39 ounces per short ton, with grades as high as 196 ounces per short ton (AgEq/ton) compared to the modeled grades in the same area of approximately 27 AgEq/ton.

The first stope will be brought into the production sequence in phases, based on the timeline indicated in Figure 1.

Figure 1 accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/5581892c-832f-407a-b034-d518cc6653c8

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¹ By-product credit metal pricing is the same as Silver equivalent pricing

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: (604) 331-9333

Gary Lindsey, Corporate Communications
Phone: (720)-273-6224
Email: gary@strata-star.com

CAUTIONARY NOTES

This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning, without limitation, statements relating to the Private Placement (including with respect to the timing of closing of the Private Placement). Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the receipt of regulatory or shareholder approvals, and risks related to the state of financial markets or future metals prices.

Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.

Neither the 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.