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Silver47 Exploration (TSXV: AGA) has seen drills begin turning at its flagship Red Mountain project in Alaska, kicking off what the company is billing as the largest exploration campaign in the project’s history.
The fully funded summer program will run at least 10,000 metres of core drilling, with one rig already turning on the first hole. Two more are expected to join by month’s end, bringing the full three rig fleet into operation for the season.
The current plans for the program see 3,000 metres earmarked for the Dry Creek deposit, where infill and step out holes will chase the down dip and along strike extensions of higher grade zones that remain open. Dry Creek currently hosts an inferred resource of 11.6 million tonnes grading 279.4 g/t silver equivalent, or roughly 104 million silver equivalent ounces, figures which Silver47 intends to expand.
The remaining 7,000 metres is earmarked for discovery drilling, aimed at a cluster of largely untested polymetallic massive sulphide targets scattered across the 60 kilometre Dry Creek Syncline and Last Chance corridor. Of the known targets, only eleven have ever seen a drill bit, and five of those with fewer than three holes apiece.
Priority names include Hunter, WTF East, Glacier Creek, FOMO and Sheep Creek, several of which have returned noteworthy surface assays. Hunter, for instance, has been traced over 500 metres along strike, with rock chips running as high as 616 g/t silver alongside strong zinc, lead and copper.
WATCH: Silver at $75 and Why U.S. Silver Ounces Are Getting Hard to Find | Galen McNamara – Silver47
“With three rigs and 10,000 metres of drilling planned, this marks the largest exploration program ever undertaken at Red Mountain,” chief executive Galen McNamara said. He added that the campaign is built to both grow the existing resource and test high-priority ground that has seen little to no previous drilling, and that Red Mountain “continues to demonstrate the characteristics of a large-scale, silver-rich mineralizing system.”
Silver47 last traded at $0.61 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.
