FULL DISCLOSURE: Silver47 Exploration is a sponsor of theDeepDive.ca.
Silver47 Exploration (TSXV: AGA) has commenced a winter drill program at their Mogollon Project near Silver City, New Mexico. The program is targeting the Last Chance Vein, below historic ore shoots that were previously mined on site.
The drill program is intended to test depth extensions of the Last Chance Vein, which if successful, could present new opportunity just outside of old mine workings. The Last Chance Mine historically was one of the largest producers in the region, supporting a 40-stamp mill while remaining nearly unexplored using modern methods.
Step out drilling is set to take place outside of the current resource area, continuing on the effort of Summa Silver, who previously drilled 9,000 metres across 22 holes at the project. The targeted vein is currently known to be 2.5 kilometres in length, and sits near the South Queen target, with mineralization believed to plunge towards South Queen.
RREAD: Silver47 Reports Discovery Of FOMO Zone At Red Mountain After Sampling 1,793 g/t Silver Equivalent
“Mogollon represents a tremendous opportunity for shareholder value creation within one of the last remaining under-explored silver districts in the USA. We are excited to be drilling again at Mogollon particularly given the strong demand for silver as a critical mineral,” commented Gary Thompson, Executive Chairman of Silver47.
The Mogollan project currently hosts an inferred resource estimate consisting of 12.12 million ounces of silver at 139 g/t and 240,000 ounces of gold at 2.72 g/t.
Drilling at Mogollan represents just one of several programs planned this year across Silver47’s portfolio, with drilling at the Hughes project slated to begin in March and a large program at the company’s flagship Red Mountain project expected to start in June.
Silver47 last traded at $0.98 on the TSX Venture.
FULL DISCLOSURE: Silver47 is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Silver47. The author has been compensated to cover Silver47 on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
