EXPLORING FOR

HIGH-GRADE, DISTRICT-SCALE
SILVER ASSETS IN MEXICO

Batopilas Project
TSX.V: RSLV | OTCUS: RSNVF | FRA: 4ZC
Chihuahua, Mexico
February 2021
Disclaimers
Disclaimers

The information contained in this presentation (“Presentation”) is being offered by Reyna Silver Corp. (the “Company”) for information purposes only. This Presentation is not for
release, distribution or publication into or in the United States or any other jurisdiction where applicable laws prohibit its release, distribution or publication.
This Presentation is not a prospectus, offering memorandum, advertisement, or solicitation and does not constitute or form part of, and should not be construed as, an offer or
invitation to sell or any solicitation of any offer to purchase or subscribe for any securities of the Company in Canada, the United States or any other jurisdiction. Neither this
Presentation, nor any part of it nor anything contained or referred to in it, nor the fact of its distribution, should form the basis of or be relied on in connection with or act as an
inducement in relation to a decision to purchase or subscribe for or enter into any contract or make any other commitment whatsoever in relation to any securities of the Company. No
representation or warranty, expressed or implied, is given by or on behalf of the Company, its directors and affiliates or any other person as to the accuracy or completeness of the
information or opinions contained in this Presentation; and no liability whatsoever is accepted by the Company, its directors and affiliates or any other person for any loss howsoever
arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. No investment advice is offered or deemed to be offered under
the Presentation, and any prospective investor should consult with his own legal, investment, accounting and tax advisors for determination of, among other things, suitability of
investing in securities of the Company.
Purchasing securities of the Company should be considered a risky investment as the securities are speculative in nature and are appropriate only for investors who are prepared to
have their money invested for a long period of time and have the capacity to absorb a loss of some or all of their investment.
No reliance may be placed for any purpose whatsoever on the information or opinions contained in this Presentation or on its completeness, accuracy or fairness. Readers should not
treat the contents of this Presentation as advice relating to legal, taxation or investment matters, and must make their own assessments concerning these and other consequences of
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United States Matters

The securities of the Company referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”), as amended, and may only be
offered, and this presentation may only be made, to persons within the United States that are “qualified institutional buyers” within the meaning of Rule 144A under the Securities Act.
The Company does not have a class of securities registered with the Securities and Exchange Commission (the “SEC”). The Company prepares its disclosure in accordance with the
requirements of applicable securities laws in effect in Canada, which differ significantly from the requirements of U.S. securities laws.

2
Cautionary / Forward Looking Statements
Forward-Looking Statements
Certain statements contained in this presentation constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the
meaning of applicable Canadian and United States securities laws relating to, without limitation, expectations, intentions, plans and beliefs, including information as to the future
events, results of operations and the Company’s future performance (both operational and financial) and business prospects. In certain cases, forward-looking statements can be
identified by the use of words such as “expects”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “plans”, “seeks”, “projects” or variations of such words and phrases, or
state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Such forward-looking statements reflect the Company’s beliefs, estimates and opinions
regarding its future growth, results of operations, future performance (both operational and financial), and business prospects and opportunities at the time such statements are made,
and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or circumstances should change. Forward-looking statements
are necessarily based upon a number of estimates and assumptions made by the Company that are inherently subject to significant business, economic, competitive, political and social
risks, uncertainties and contingencies. Forward-looking statements are not guarantees of future performance. In particular, this presentation contains forward-looking statements
pertaining, but not limited, to: expectations regarding the price of silver and sensitivity to changes in such prices; industry conditions and outlook pertaining to the silver market;
expectations respecting future competitive conditions; industry activity levels; and the Company’s objectives, strategies and competitive strengths.
By their nature, forward-looking statements involve numerous current assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to differ materially from those anticipated by the Company and described in the forward-looking statements.
With respect to the forward-looking statements contained in this presentation, assumptions have been made regarding, among other things: current and future silver prices; future
global economic and financial conditions; demand for silver and related products, and the supply of silver; the accuracy and veracity of information and projections sourced from third
parties respecting, among other things, future industry conditions and demand for silver; and, where applicable, each of those assumptions set forth in the footnotes provided herein in
respect of particular forward-looking statements.
A number of factors, risks and uncertainties could cause results to differ materially from those anticipated and described herein including, among others: volatility in market prices and
demand for silver; effects of competition and pricing pressures; risks related to interest rate fluctuations and foreign exchange rate fluctuations; changes in general economic, financial,
market and business conditions in the silver and precious metals industry; alternatives to and changing demand for silver; potential conflicts of interests; and actual results differing
materially from management estimates and assumptions.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in its forward-looking
statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements
will materialize or prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements contained
in this presentation are expressly qualified by this cautionary statement. Readers should not place undue reliance on forward-looking statements. These statements speak only as of the
date of this presentation. Except as may be required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements or
information whether as a result of new information, future events or otherwise.
3
Reyna Silver Assets : High-Grade, District-Scale Assets
Guigui (4,804 ha) – from MAG Silver; Flagship Asset
✓ District Production of 50Mt at 310 g/t Ag, 8.2% Pb and 7.1% Zn
Medicine Springs ✓ Drilling done by MAG Silver includes an 8.3m intercept of 131 g/t Ag
and 109 g/t of silver and 5.6% lead and 4.3% zinc over 0.40 meters
Batopilas (1,183 ha) – from MAG Silver; Former Producer
✓ Over 30 known veins with total Produced 300M oz of Ag at approx.
1,500 g/t Ag
✓ Drilling by MAG highlights: 1.7m of 2,357 g/t Ag including 20cm of
19,000 g/t Ag and 1m of 3,000 g/t Ag
La Reyna (330 ha) – Generated by Reyna Silver
✓ Lies in the eastern portion of the Cusihuiriachic Silver District, which
produced 80+ Moz Ag from 1600s to 1940s
✓ Hosts low-sulfidation, epithermal deposit; Could extend up to 4km
Guigui strike
Medicine Springs (1,189 ha) – From Northern Lights Resources; Former
La Reyna
Producer
Batopilas
✓ Targeting identification of high-grade CRD sulfide mineralization at
depth
✓ Geological setting analogous to Taylor-Hermosa Zn-Pb-Ag deposit in
Arizona (acquired by South32 for $CAD 1.9 billion in 2018)
4
Geology of the Mexican Silver Belt
▪ The Mexican Silver Belt hosts the
majority of the most productive silver
districts in the world with an annual
production of over 10 billion ounces of
silver from a combination of epithermal
vein and carbonate replacement deposits
(CRDs).
▪ The silver belt roughly coincides with the
Sierra Madre Occidental magmatic
province.
▪ The Sierra Madre Occidental is one of the
largest known epithermal precious-metal
metallogenic province, hosting productive
mining districts including:
Batopilas Project
Concheño Guanacevi
Ocampo La Cienega
Bacis Mulatos
Tayoltita El Sauzal
Topia Pinos Alto

From Sierra Metals Inc September 2017 Corporate Presentation

5
Batopilas Native Silver Project – District-Scale, Former Producer
The town of Batopilas showing the bridge
across the Batopilas River below

Native Silver is the principal ore mineral

Mining concessions cover 23% of the

historic Batopilas Native Silver District

District’s geology and history indicates that

more mineralization remains to be
discovered

Opportunity to apply modern geoscience

and exploration technology

Numerous untested geologic and

geophysical targets already defined Batopilas 1906 Production
About 300,000 Oz Fine Silver –
Each Bar weighs 25 Kg

6
Batopilas Mining District – Formerly Mexico’s Highest-Grade Silver Mines
▪ Drilled by MAG Silver in 2005 with
highlights of 1.7 meters of 2,357 g/t
silver including 0.20 cm of 19,119 g/t
silver
▪ The Batopilas Mining District is one of
the few mining districts in the world with
native silver as the primary ore mineral.
▪ Historic district production (1632-1912)
amounts to ~300 million ounces of silver
at over 1,500 g/t average grade

Batopilas April 1906 Production

More than 300,000 Oz Fine Silver
(Each Bar weighs 25 Kg) Historic Batopilas Coinage
7
Batopilas Native Silver

Silver herringbone crystal with black acanthite, about 3 cm long. Spiky silver crystals to 2 cm long. Min. Record, V.17, No.1, p. 68, Fig 10.
Min. Record, V.17, No.1, p. 68, Fig 9.

8
Stock Certificate from the Batopilas Silver Mining Company

2.99 Mt 2.29 Mt

9
Rich Mining History of the Batopilas District
1630: Discovery of the high-grade native silver outcrops in the Batopilas District Hacienda San Miguel, 1887

Three Major Periods of Mining Activity

1632-1732: Spanish era; the most productive period of district mining

1790-1819: Reduced operations until Spaniards were expelled from Mexico

1862-1914: Most sophisticated and organized period of mining operations

1879: The Batopilas Mining Company was formed under the ownership of Alexander
Robey Shepherd, the former governor of Washington D.C.

1880-1914: The Batopilas Mining Company worked systematically on the mines. In

1902, A.R. Shepherd died, and his four sons ran the mines and mills until 1913.
1910: Start of the Mexican Revolution

1913: Pancho Villa's troops arrived, destroyed the hydroelectric plant and drove the
Americans away from the district.

1920s-1980s: Several attempts to revive the mining district

1996: El Sauzal discovered 15 km to the west. Batopilas was the base camp for
El Sauzal's exploration

2005-2009: MAG Silver: Drilling, Trenching and Road Programs and Regional
Geochemistry
2018: Reyna Silver project acquisition

10
Hacienda San Miguel circa 1935

1 Refractory Shop
2 Office Buildings
6 3 Corral & Stables
5
8 4 General Manager’s Residence
7 10
9 13 5 Machine Shop
12 6 Iron Foundry
4
11 7 25 Stamp Mill
2
3 8 Amalgamation Sheds
9 Cyanide Refinery
2.99 Mt 2.29 Mt
1 10 Store
11 Assay Office
12 Leaching Plant

11
Hacienda San Miguel Today

View looking east across the Batopilas

River at the remains of “Shepherd’s
Castle” or what is left of Hacienda San
Miguel today.

12
Accessible to Mining Infrastructure and Skilled Workforce

▪ The project is roughly centered on the

town of Batopilas, which lies at about
550 m elevation in the bottom of the
deep canyon of the Rio Batopilas.
▪ Total driving time from Chihuahua City is
around 8 ½ hours on paved roads.
▪ The main road runs through Batopilas
town. Road access within the project is Reyna Silver Claims
fair over portions of the property.
▪ The nearest railhead is located in the
town of Creel, 2 hours away, and is part
of the famous Chihuahua to Pacific
railroad. Shepherd’s Castle

▪ The Chihuahua International Airport is

about 300 km away from the property. Batopilas Town

▪ ALS-Chemex Laboratories operates a

facility in Chihuahua City.
▪ Water is abundant at lower elevations

13
Covers the Historic Batopilas Mining District
CLAIM MAP
Project’s mining concessions NORTH
cover approximately
1,183 hectares covering the
important portion of the
historic Batopilas Mining District
REYNA SILVER S. A. DE C. V.
BATOPILAS PROJECT
Mpio: BATOPILAS, CHIHUAHUA, MÉXICO

Reyna Silver Claims

Other Owners Claims

Vector data are referenced to

NAD 27 Mexico DATUM

Graphic Scale 1:50,000

14
Topography

Batopilas Project
Chihuahua, Mexico
AERIAL VIEW OF BATOPILAS CANYON
LOOKING TO THE NORTHWEST
Figure 4 Date: July 2006

15
 Batopilas Exploration Strategy, Then and Now

▪ Historically “Stope & Hope” Past

exploration strategy was simply following
known productive structures, until a new
bonanza ore grade pod was encountered.
▪ Reyna Silver Applying Modern
Exploration Techniques Opportunity to
apply modern geoscience and exploration
technology to this historic high-grade
producer
▪ Native Silver Probably Strong Conductor
to NSAMT and other Electrical Geophysics

Samples of Native Silver from the

Batopilas Mining District

16
Silver Mineralization
▪ Mineralization occurs as pods of
crystalline native silver irregularly
distributed along persistent
structures over a vertical distance of
over 700 meters
Reyna Silver Claims
▪ Few other metals are present, and
Veins the gangue is almost exclusively
Inferred calcite

▪ Mineralization in Batopilas is
distinct from the typical epithermal
vein deposits of the region, which
are characterized by polymetallic,
vertically limited, and zoned
orebodies hosted in quartz-rich
veins

17
 Long-Section of Old Mining Works
TUNEL FORD (no accesible)
TUNEL FORD (no accesible)

F F' F'
F CI
CI OBRAS VIEJAS
OBRAS VIEJAS
TODOS SANTOS - 225 (obras viejas)
TODOS SANTOS - 225 (obras viejas)
EXPLICACION

Exploited Mineralized
CI EXPLICACION
CI
OBRAS PROYECTADAS ADELANTE
OBRAS PROYECTADAS ADELANTE Y ATRAS.
Y ATRAS. LAS DISTANCIAS HORIZONTALES ESTAN
N 16°30' W (viendo al oeste) LAS DISTANCIAS HORIZONTALES ESTAN DISTORCIONADAS DEBIDO A LA
N 16°30' W (viendo al oeste)
Body
DISTORCIONADAS DEBIDO A LA PROYECCION
PROYECCION LA ESCALA FUE USADA UNICAMENTE
LA ESCALA FUE USADA UNICAMENTE PARA DISTANCIAS VERTICALES
GOLONDRINAS
PARA DISTANCIAS VERTICALES

Exploited Mineralized Body

GOLONDRINAS
CI DERRUMBE
CI DERRUMBE

IA INACCESIBLE
SAN PEDRO AA (65) IA INACCESIBLE
SAN PEDRO AA (65) IA
IA SAN PEDRO
SAN PEDRO
CUERPO MINERALIZADO
SAN CRISPIN CUERPO MINERALIZADO (mineralización observada)

Massive Native Silver Wire

SAN CRISPIN (mineralización observada)
NIVEL 10º PEÑASQUITO
NIVEL 10º PEÑASQUITO PEÑASQUITO PEÑASQUITO
PEÑASQUITO PEÑASQUITO MB,2 CUERPO MINERAL EXPLOTADO
MB,2 CUERPO MINERAL EXPLOTADO
X-CUT MB,6 MB,5 MB,4 3 2½ MB,3A 2 MB,3B 1
X-CUT MB,6 MB,5 MB,4 3 2½ MB,3A 2 MB,3B 1 MB,1
MB,1 EJE DE PLIEGUE

Orebodies
EJE DE PLIEGUE

OBJETIVO DE EXPLORACION
OBJETIVO DE EXPLORACION
PEDRO Y ELENA 92
PEDRO Y ELENA 92

SAN BARRON
SAN BARRON

SAN ANTONIO SAN ANTONIO 210

(no accesible) 210 SAN ANTONIO SAN ANTONIO 210
(no accesible) 210

(no accesible) LOS HILOS LOS ANGELES

(no accesible) LOS HILOS LOS REYES LOS ANGELES

1m-4m WIDE
LOS REYES 290
EL PERO 290
EL PERO

PROVIDENCIA S-350
DENCIA S-350 PROVIDENCIA S-350
MB,A MB,B
PROVIDENCIA S-350 S-350
(no accesible) MB,A MB,B IA
IA S-350

30m-80m on LEVEL
(no accesible)

(no accesible) 440 (SIN CUERPOS MINERALES)

T-400 (SIN CUERPOS MINERALES) T-400
(no accesible) 440 440 T-400
T-400
440
LA JUNTA
LA JUNTA
U - 500
U - 500

CI MB,1
CI
MB,2
MB,1 MB,2
U-500
U-500

V-590
CI
CI
To 350 m on PLUNGE
V-590 V-590
SAN FRANCISCO
(no accesible) V-590
SAN FRANCISCO CI
(no accesible) CI
APACHE
LOS GAVILANES APACHE
LOS GAVILANES (no accesible) MB,2 MB,3
MB,1 NIVEL
(no accesible) MB,2 MB,3 IA
MB,1 NIVEL W-665
IA W-665
X - 720 X-720 X-720
CI
X - 720 X-720 X-720
CI MB,C
MB,B

Porfirio Díaz Túnel

MB,C MB,A
MB,B
MB,A
800 SAN RAMON
800 (no accesible) SAN RAMON
814 814
(no accesible) 814 814
Y - 860 Y-860
lA 600'
Y - 860 Y-860
lA MB,I MB,2 MB,3
600'
MB,4 NOTA : MODIFICADO (1981) DE UN PLANO
0 50 100 150 200 PIES MB,I MB,2 MB,3 MB,4 NOTA : MODIFICADO (1981) DE UN PLANO (aproximadamente 1906).
0 50 100 150 200 PIES COPIADO POR ELLERMAN Y KELLER
ESCALA APROXIMADA
(aproximadamente 1906).
COPIADO POR ELLERMAN Y KELLER (6-20-68)
ESCALA APROXIMADA
740'(6-20-68)

TIRO PRINCIPAL
740'

TIRO PRINCIPAL
MB,Z-A NIVEL -960
MB,Z-A NIVEL -960 ESCALA GRAFICA APROXIMADA
ESCALA GRAFICA APROXIMADA 0 10 20 30 40 50
LEVANTADO AÑO NUEVO 0 10 20 30 40 50
LEVANTADO AÑO NUEVO metros
CONTRA OBRA metros
CONTRA OBRA MB,A NIVEL DEL TUNEL P.D.
NIVEL TUNEL PORFIRIO DIAZ NUEVO MUNDO MB,E MINERA CASCABEL S.A. de C.V.
MB,A NIVEL DEL TUNEL P.D.
NIVEL TUNEL PORFIRIO DIAZ NUEVO MUNDO MINERA CASCABEL S.A. de C.V.
FUENTE : G. WILKERSON (1983) MB,E
X - CUT I SAN ROBERTO
MB,D
MB,B X-CUT 2
DON FIPPI
Mpio: BATOPILAS, CHIH.

E : G. WILKERSON (1983) X - CUT I SAN ROBERTO

MB,D
MB,B X-CUTB,C
2
DON FIPPI
Mpio: BATOPILAS, CHIH.

Figura 20
Figura 20
B,C VETA TODOS SANTOS
IV VETA TODOS SANTOS PROYECCION VERTICAL
ARRIBA DEL TUNEL PORFIRIO DIAZ
IV PROYECCION VERTICAL
ARRIBA DEL TUNEL PORFIRIO DIAZ Por : MINERA CASCABEL Fecha : ENERO 2002

Por : MINERA CASCABEL Fecha : ENERO 2002

18
Exploration Potential Around Former Producer
▪ Approximately 30 known mineralized
veins
▪ The mining concessions include,
among other things, the historic
Porfirio Díaz tunnel, where part of
more than 200 Moz that occurred in
the past was extracted (grading at
>1.5 kg/t).
▪ All three kilometers of the tunnel has
been reconstructed, allowing access
to the Peñasquito Breccia Zone.
▪ Opportunity to apply modern
geoscience and exploration
technology to numerous untested
geologic and geophysical targets

▪ Through the rehabilitation of the tunnel, many old workings will be accessible. Drilling the known areas of the tunnel from
the surface, the 700 m difference between the higher parts and the tunnel level of Porfirio Diaz will be tested.

19
Rehabilitation of the Porfirio Diaz Tunnel
Peñasquito Crosscut Workers Rehabilitating
the Tunnel

Part of the Porfirio Díaz Tunnel Rehabilitation

1.5 meters

2.5 meters

San Antonio Raise

20
NSAMT Survey

Natural-Source Audio-Frequency Magnetotellurics

(NSAMT) LINE 1

Drill Holes

21
Recent Exploration Drilling
From 2005-2008, a total of 9,756m of drilling was carried out in the Batopilas project.
PHASE 1 – MAG Silver: Drilling Program (2005)
▪ Drilling: Total of 12 holes
▪ Successful in identifying a number of important exploration controls & vectors including – a. Lithological controls on the native silver
mineralization, b. Structural history and structural ore controls, c. Vein geochemistry and lateral and vertical metal zoning patterns.
▪ Highlight: BA05-02: From 53.71 m to 55.41 m (1.7 m thick), 2,357 g/t Ag, including 20 cm with 19,119 g/t Ag.

PHASE 2 – MAG Silver: Drilling, Trenching and Road programs (2007)

▪ Drilling: Total of 7 holes
▪ Trenching and Road Program: 2,495 meters
▪ Successful in encountering high grade silver in – a. Drilling Roncesvalles-Todos Santos Area, b.Drilling the Las Animas Area (Cobriza
veins), c. Roads and Trenches in the Las Animas Ridge area
▪ Highlights: BA07-15: (1.0 m thick), 3,070 g/t Ag; BA07-16: (1.0 m thick), 93.5 g/t Ag; BA07-17: (1.0 m thick), 156 g/t Ag; BA07-18: (1.0
m thick), 186 g/t Ag
PHASE 3 – MAG Silver: Drilling, Mapping and Sampling programs (2008-2009)
▪ A mapping exploration, sampling and core revision program was made to further refine mineralization and age relationships, which
changed targeting concepts and brought base metal zoning into the picture.
▪ Highlights: BA08-24: From 320.67 m to 320.90 m (23 cm thick), 366 g/t Ag, 2.15% Pb and 3.1% Zn; BA08-27: From 110.25 m to 115.29
m (5.04 m thick), 72 g/t Ag, 2.84% Pb and 2.20% Zn; BA08-28: From 6.10 m to 6.79 m (69 cm thick), 80.4 g/t Ag, 2.35% Pb and 4.2% Zn.

22
Drilling Program - 2005

BA05-02. At 54.21 m. Brecciated vein with sectile

acanthite with native Ag.
20cm with 19 kg/t (614 oz/t) Ag.
23
Highlights of Past Exploration Drilling
Selected Batopilas Assay Results
HOLE FROM TO INTER. Ag Ag Pb Zn AgEq
number meters meters meters (g/t) Screen (g/t) % % (g/t)
*ICP for BA07s
BA05-02
Upper Zone 53.71 55.41 1.7 2,357 2,357
INCLUDING 54.21 54.41 0.2 19,119 19,119
Lower Zone 70.86 72.56 1.7 132 132
INCLUDING 72.36 72.56 0.2 721.5 722
BA07-15* 251.6 252.6 1 >100 3,070 3,070
BA07-16* 224.25 225.25 1 93.5 93.50
BA07-17* 337.55 338.55 1 70.3 156 156
BA07-18* 272.3 273.3 1 186 186
BA08-21 48.58 52.42 3.84 90.4 90.40
BA08-24 320.67 320.90 0.23 366 2.15 3.1 563
BA08-27 110.25 115.29 5.04 72 2.84 2.20 260
BA08-28 6.10 6.79 0.69 80.4 2.35 4.2 327
*Note: AgEq uses metal prices of $17.90 per oz of silver, $0.95 per pound (“lb”) of Lead and $1.00/lb of Zinc.

24
Location of Previous Drill Holes

25
2020 Exploration Program at Batopilas

Map of the 2020 Exploration Program at Batopilas

▪ Focused on the northern part

(Pastrana-Roncesvalles veins
zone), and Northeast (San
Miguel-San Antonio veins zone)
of the project
▪ 268 trench, rock chip and soil
samples collected between
October to December 2020
based on structural mapping
Pastrana Vein
and ASTER satellite image
linears
▪ Notable high-grade samples
ranged from 305 to 42,306 g/t
silver and 1.03 to 21.4 g/t gold

26
Significant 2020 Exploration Program Results

■ The program found the vein extensions of

Sampling Locations of the 2020 Exploration Program the Pastrana-Roncesvalles Vein, the San
Miguel-San Antonio Vein and the La
Cobriza Vein.
■ Two new veins found: One a typical
Batopilas-style native silver vein, the other,
the first significant gold-rich vein
encountered on the project to date
■ Two mineralized structures with maximum
grade of 42,306 g/t Ag were intersected.
The grades are consistent with the
bonanza grades that made this district
famous.
■ Discovered a new area (Teodoro quartz
vein) with significant gold enrichment. It
has a mineralized halo up to 1.50m in
width and has high-grade gold with
grades up to 21.4 g/t Au.

27
Highlights of Results of 2020 Exploration Program
Highlights of Silver Results Highlights of Gold Results
Sample Sample Ag Sample Sample Au
Number Type (g/t) Number Type (g/t)
133164 Channel 42,306.00 133090 Channel 21.40
133119 Channel 18,078.00 133093 Channel 18.35
133172 Channel 6,320.00 133248 Channel 18.30
133120 Channel 2,880.00 109247 Channel 16.90
133117 Channel 2,060.00 133095 Petro 16.40
133173 Channel 2,060.00 133088 Dump 15.40
133178 Channel 1,510.00 133091 Channel 15.20
133112 Channel 989.00 133232 Channel 12.90
133113 Channel 841.00 133250 Channel 12.40
133073 Channel 671.00 109249 Channel 7.82
133108 Soil 662.00 109251 Petro 5.71
133137 Petro 414.00 109250 Petro 5.44
133169 Channel 405.00 133094 Channel 3.77
133072 Channel 400.00 133087 Dump 3.34
133071 Channel 310.00 133249 Channel 3.24
133107 Soil 305.00 109254 Petro 2.98
133247 Channel 2.03
109257 Petro 1.18
133080 Petro 1.13
133239 Channel 1.03
133243 Channel 1.02

28
Native Silver Samples
Native silver crystal (plate form), 21.00 cm long by Native silver crystal (plate form), 16.00 cm long by
11.80 cm wide, and a weight of ~1,251g 13.50 cm wide, and a weight of ~1,160 g

Some of the Native Silver Crystals Found in the Trenches from the Recent Exploration Program at Batopilas
29
Site Photos
Remains of Hacienda San Miguel Entrance to the Porfirio Diaz Tunnel

Acanthite vein from a core sample at Batopilas Accessing the Pastrana levels

30
Where Do We Go From Here?

31
Revised Exploration Model and Potential

This model combines mineralization

sources, and structural and stratigraphic
controls on silver ore formation.

This model suggests two major avenues

for exploration:
a) Seeking previously unconsidered
mineralization styles such as broader
scale Ag-Pb-Zn mineralization in and
around the intrusive dikes and their
stocks
a) Targeting the historic high-grade
native silver vein mineralization in
specific stratigraphic units where
vein openings should be widest.

32
Possible Mineralization Source

The “Asterisk” Radial Hub

▪ Multiple veins and
structures seem to diverge
from a common point
forming a radial structural
assembly now called the
Asterisk.

The “Asterisk” ▪ Of particular exploration

interest is the center of the
Radial Hub of radial pattern, which could
veins & structures be the main feeder for
district mineralization.

33
Exploration Vectors Point South of the Escondida Vein

▪ Results from the 2007-2008

exploration program at
Batopilas highlighted the
Asterisk Radial Hub, located
south of the Escondida
vein.

▪ Asterisk exploration needs

roadwork first.

34
Asterisk Road Plan for further Exploration

Red roads to be
built by RSM 1) Idea is that Municipio and Ejido share costs of
direct connection between town and
Uruachic…they get all weather access to the
west of river and we get a direct approach to
“asterisk zone”.
2) Lagartos to build (red) upper half and
Municipio to make (blue) connection to town
below north end of Pastrana Vein
Blue roads to 3) Designed to cut major asterisk target
structures: San Martin, Escondida, RFZ
be built by extension, Cobriza, Pastrana and also provide
Municipio access to Don Juan and TS footwall.
4) Total elevation gain is around 675 meters
which requires a minimum of around 7 km of
road at an average 10% grade.
Proposed road also
gives access to 5) Work would be done with Municipio
follow-up bulldozer at very low cost
Don Juan and BA07-
15/16 high grade hits
35
SW Area Exploration
SW quadrant of Don Fippi with 1
km grid Asterisk, PDT workings
and Tunnel Le Brun, inlier claims
Camuchin and El Caballo SW Area Regional Geochemistry (2008)
▪ SW area, major structures mapped and
revealed by surface geochemistry.
Unexplored part of system. Fits with
favorable AEM indicators.
▪ Program consisted of 649 soils and 131
rock chip samples collected at roughly
20 m intervals (15.7 km).
▪ Indicated targets never drilled

36
Geochemical Sampling Results – SW Area Exploration
SW geochem
SW geochem program AgAg
program rock
rock
and soil
and data; redred
soil data; > 11ppm;
> 11ppm;
magenta
magenta > 180> 180
ppm ppm

SW Area Regional Geochemistry (2008)

▪ Soils included 26 samples > 10 ppm Ag.
Of these 13 > 15ppm, 2 > 100 ppm.
Highest value 360 ppm.
▪ Rocks included 46 samples > 10 ppm
Ag. Of these, 25 - > 30 ppm, 8 > 100
ppm. Highest value 1480 ppm. (NOTE:
includes mine dump and prospect
samples)
▪ NW-SW anomalous trends that appear
to coincide with structures and fabric
mapped.

37
Next Steps at Batopilas

1 2 3

Continue with surface Drilling of the initial focus area Negotiations continued with the
exploration to find new from the surface and at depth, Ejido and the municipality
mineralized structures, and to find mineralization regarding the construction of
eventually drill them and proposed roads and permits
previously identified structures

38
Batopilas Native Silver Project – Summary

Panoramic view of the Batopilas Canyon looking SE

Prime Location. Located in SW Chihuahua, Mexico Well-studied Area. Studies that recharacterize the
covering approximately 1,183 hectares of land and district’s geology and mineralization indicate new
most of the historic Batopilas Native Silver District. exploration potential, but no drilling has been done
Exceptional Mining District. The Batopilas Mining based on these studies.
District is one of the few mining districts where the Encouraging Drill Result. Drilling in 2005 intercepted
major ore mineral is native silver. Ores grading 2% 20 cm of brecciated vein containing 19 Kg/t (614 oz/t)
silver were routinely mined 1880-1913 of Ag.
39
Email: jorge@reynasilver.com
325 Howe St, Vancouver, B.C., V6C
1Z7, Canada
Tel: 1-416-977-3188
Fax: 1-416-977-8002
www.reynasilver.com