Silver 47 Exploration Company (TSXV: but; OTCC: AgaveIt reported that a fully funded 2026 summer drilling program has begun across the Red Mountain Project for silver and important minerals in Alaska.
Highlights – Drilling in progress: The core drilling rig is now fully operational at Red Mountain, actively developing the first hole of the 2026 summer exploration program. All three drilling rigs are expected to be active at the end of the month.
Targeting Resource Growth at Dry Creek: The program will focus on expanding the inferred resource of 168.6 million ounces of silver equivalent (336 g/t AgEq), while systematically increasing tonnage at the Dry Creek deposit.
Exploratory drilling on area-wide targets: Drilling will test several largely undrilled polymetallic massive sulphides occurrences across the 60-kilometre prospect where multi-faceted data analysis by experts indicates the highest degree of probability.
Focus on U.S. silver and critical minerals: The summer drilling program at Red Mountain will target U.S. silver and critical minerals, making the project a strategic U.S. source of high-demand materials.
Fully Funded: The company has approximately C$48 million in working capital, providing a strong financial position to execute the planned program.
“With three rigs and 10,000 meters of drilling planned, this represents the largest exploration program ever undertaken at Red Mountain,” said Galen McNamara, CEO. “The program is designed to expand existing resources and systematically evaluate several high-priority targets that have seen limited or no drilling previously.
“Red Mountain continues to demonstrate the characteristics of a large-scale, silver-rich mining system, and we believe this campaign has the potential to significantly enhance project value through resource growth and the discovery of additional massive sulphide mineralization along the 60-kilometre prospect trend.”
The 2026 exploration drilling program at the Red Mountain Project, 60 miles south of Fairbanks, Alaska, will consist of at least 10,000 meters of core drilling focused on deposit expansion and discovery.
Red Mountain’s priority volcanic massive sulphides (VMS) exploration targets are distributed across the Bonnifield’s highly promising mining area which includes at least 60 km of strata considered suitable for VMS mineralization.
Drilling program objectives include further delineation and expansion of the Dry Creek deposit (inferred mineral resource of 11.6 million tonnes at 279.4 g/t AgEq, totaling 104.0 million silver equivalent ounces) through a series of infill and exit holes, approximately 3,000 metres, designed to investigate orientation and structural controls on high-grade VMS mineralization (e.g., 22.3 meters at 601 g/t AgEq) (150.6 g/t Ag, 0.82 g/t Au, 5.86% Zn, 2.60% Pb, 0.13% Cu) at DC24-105 Drilling will also evaluate dip and strike extents of these higher grade zones where mineralization remains open.
New discovery through evaluation of high-grade mineralization potential of several VMS targets identified across the Dry Creek Syncline and Last Chance. Of the known exploration targets, only 11 have been tested, five of which have fewer than three holes each. Based on this limited historical drilling data as well as recent project-wide geochemical sampling results (rock, soil, and fine talus) several high-priority targets have been identified (e.g., Sheep Creek, Hunter, Glacier, FOMO, WTF E).
Target optimization and new target identification through project-wide exploration activities including geological mapping, grid-based soil geochemical surveys and project-wide mobile hyperspectral scanning.
Silver47 Exploration has focused on the discovery and development of silver-rich deposits in North America. The company is creating a leading US-focused high-quality silver developer with combined resources totaling 236 Moz AgEq at 334 g/t AgEq inferred and 10 Moz at 333 g/t AgEq indicated. With operations in Alaska, Nevada and New Mexico, Silver47 Exploration is based in America’s most productive mining regions.
