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Silver47 Exploration (TSXV: AGA) is escalating exploration at its Hughes Project near Tonopah, Nevada with a minimum 7,000-meter 2026 drill program aimed at the eastern extension of the Tonopah Mining District, focusing on the Ruby, Sapphire, and Emerald targets spread roughly 1.3 km to more than 4 km east of the historic district edge.
Drilling is scheduled to begin in March, and management said the company has more than $50 million in working capital, giving it room to adjust or expand the program based on early results.
The campaign is structured as a combined reverse circulation and diamond program, with RC pre-collars through upper sections and diamond core tails through target zones.
Ruby remains the technical and economic centerpiece. The strongest cited intercept is 1,450 g/t silver equivalent over 3.0 meters, including 8.41 g/t gold and 813 g/t silver. That result came from a new vein and a 1.5 km step-out east of the historic Tonopah district edge, and the company says the intercept remains open.
Sapphire adds a second high-priority vector. Located 2.9 km east of Ruby, it is defined by coincident broad arsenic-in-soil, high-chargeability, and high-resistivity anomalies that remain open to the south and east. One 2023 wildcat RC hole intersected variably quartz-sericite-pyrite altered Mizpah Formation porphyritic andesites from 44 meters to the bottom of hole, with local strong argillic alteration and quartz-rich chips. That hole yielded 376 g/t silver equivalent over 1.5 meters, including 2.56 g/t gold and 175 g/t silver, and up to three 2026 holes are planned to test structural controls, dip extent, and parallel vein sets.
Emerald is a different geological setup but still fits the epithermal thesis. Located 1.6 km north of Ruby, the target is centered on an outcropping zone of polymictic, carbonate-rich hydrothermal breccia associated with a broad arsenic-in-soil anomaly. The 2023 wildcat hole intersected variably quartz-altered Mizpah Formation andesites and breccias from 14 meters to the 365-meter end of hole, bottoming in 20 meters of strongly quartz-pyrite altered volcaniclastic breccia. The increasing alteration with depth supports the interpretation of a concealed epithermal-related system at depth, and 2026 drilling will target the modeled structure below the outcropping breccia.
CEO Galen McNamara framed the Hughes program as a core part of a broader 2026 pipeline, saying Ruby has been viewed internally since 2020 as one of the best high-grade silver-gold discovery opportunities in Nevada.
“The holes drilled to date in the eastern extension have shown significant mineralization at Ruby, and those results will directly guide our upcoming program as we continue hunting for the main structure east of the district,” he said. “Following the ongoing Mogollon winter program, this is the next key step in our strong 2026 drilling pipeline, with Red Mountain also slated to start in June.”
Silver47 last traded at $0.96 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.
