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Silver47 Exploration (TSXV: AGA) is heading into its largest exploration season to date at the Red Mountain silver and critical minerals project in Alaska.
The company on Wednesday detailed a fully funded summer program of at least 10,000 metres of core drilling, run across three rigs, that will both expand a known resource and test new targets along a 60-kilometre trend.
The work is divided into two streams, with 3,000 metres of drilling earmarked for infill and step out drilling focused on the Dry Creek deposit. That deposit currently holds an inferred resource of 11.6 million tonnes at 279.4 g/t silver equivalent, or 104.0 million silver equivalent ounces. The holes are designed to test the orientation and structural controls on higher-grade zones that remain open down-dip and along strike, with the goal of expanding the current deposit.
The larger share of the program, around 7,000 metres, is set for discovery drilling. Of the known targets across four trends in the district, only eleven have ever seen a drill, five of those with fewer than three holes each. Silver47 has narrowed its first pass list to a handful of targets, including Hunter, WTF East, Glacier Creek, FOMO and Sheep Creek, drawing on historic data and recent geochemical sampling.
WATCH: Silver at $75 and Why U.S. Silver Ounces Are Getting Hard to Find | Galen McNamara – Silver47
Property wide prospecting in 2025 turned up the FOMO zone, a new massive sulfide occurrence with sulfide lenses up to five metres wide at surface. Grab sample data released this past December at the zone returned:
- 1,793 g/t AgEq (23.2% Zn, 10.05% Pb, 2.54% Cu, 74 g/t Ag)
- 1,138 g/t AgEq (9.27% Zn, 11.65% Pb, 2.40% Cu, 54 g/t Ag)
- 972 g/t AgEq (8.5% Zn, 7.72% Pb, 2.51% Cu, 31 g/t Ag)
Chief Executive Galen McNamara framed the program as a step up in scale. “Our upcoming drill program at Red Mountain represents a pivotal step as we aggressively advance our understanding of the size and scale of this silver-rich VMS system,” he said.
“By integrating historic datasets with last year’s prospecting results, we have identified numerous massive sulfide occurrences along broad mineralized trends, pointing to the potential for a district-scale VMS system on the project.”
Mobilization is already underway. Two rigs have been contracted through Dorado Drilling and one through NISS Global, with the first on site and the remaining two being moved in. All three are expected to be turning by the end of the month.
Silver47 last traded at $ 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.
