FULL DISCLOSURE: Silver47 Exploration is a sponsor of theDeepDive.ca.
Silver47 Exploration (TSXV: AGA) is looking to prove that there is plenty of life left in one of Nevada’s most legendary mining jurisdictions. The company announced Monday that it has officially commenced a 7,000-meter drilling program at its Hughes Project, targeting the eastern extension of the prolific Tonopah silver district.
The campaign is an attempt to find the main high-grade structure that fueled the region’s historical output of 175 million ounces of silver and 1.86 million ounces of gold. While the historic district trend spans roughly four kilometers, Silver47 is betting its ground can extend that prolific system by another 4.2 kilometers to the east.
Operations are already moving. A core rig is currently drilling using a pre-collared hole, with a reverse circulation rig expected to join the fray shortly that will then drill a series of pre-collars. The strategy involves using the RC rig to set the stage for diamond drilling tails that will pierce through high-priority target horizons.
The primary focus is the Ruby discovery, where previous drilling returned high-grade results, including 1,450 g/t silver equivalent over 3.0 meters. The company plans to drill a fence of angled holes here to map out the mineralized structure. Two other targets, Sapphire and Emerald, are also on the list, located up to four kilometers away from the historic district edge.
“2026 is shaping up to be a transformative year,” said Galen McNamara, CEO of Silver47. He noted that the potential to revitalize one of America’s legendary silver districts represents a rare opportunity for the junior explorer.
Silver47 enters the season with a comfortable cushion. The company reported approximately $54 million in working capital, a position that provides enough flexibility to expand the drill program if the initial results hit the mark.
Silver47 last traded at $0.60 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.
