Silver47 Launches 7,000-Metre Drilling Campaign Near Tonopah Silver District

A core drill rig is already turning at Silver47 Exploration's Hughes Project near Tonopah, advancing an existing pre-collared hole toward target horizons as the company pursues what it believes is an untapped extension of one of Nevada's most storied silver districts.

The Vancouver-based company confirmed drilling had commenced at Hughes in a March 23 press release, capping a three-week countdown that began when Vice President of Investor Relations Giordy Belfiore told Kitco Mining at the Prospectors and Developers Association of Canada convention in Toronto on March 2: "Next week we're going to start drilling 7,000 meters at our Hughes project."

The program totals at least 7,000 metres of combined reverse circulation and diamond drilling, using RC pre-collars with diamond tails. Three named targets sit in the crosshairs: Ruby, Sapphire, and Emerald, positioned between roughly 1.3 and 4-plus kilometres east of the historic Tonopah Mining District edge. The opening phase will focus on Ruby, where drillers will run a fence of angled holes to map the mineralized structure before moving to Sapphire and Emerald.

Ruby already carries a compelling calling card. Prior drilling returned an intercept of 1,450 g/t silver equivalent, comprising 8.41 g/t gold and 813 g/t silver over 3.0 metres in hole SUM23-59. Mineralization there remains open, and the company describes the system as carrying strong potential for a major high-grade discovery.

The operational setup calls for a second rig to join the effort shortly. An RC unit is expected on site to drill a series of additional pre-collars, which the core rig will then deepen with diamond tails through the high-priority horizons.

The prize Silver47 is drilling toward is considerable. The historic Tonopah district produced roughly 175 million ounces of silver and 1.86 million ounces of gold, and the company believes the structural system behind that output may extend another 4.2 kilometres to the east, directly beneath its Hughes ground. CEO Galen McNamara called it "a rare opportunity," saying "2026 is shaping up to be a transformative year."

The Hughes Project came to Silver47 through its summer 2025 merger with Summa Silver, which also brought the Mogollon project in New Mexico into the portfolio. The company reported approximately $54 million to $55 million in working capital to fund its 2026 exploration programs across those holdings. Silver47 is simultaneously preparing an updated resource estimate for its Red Mountain project in Alaska. Belfiore said that if the estimate aligns with internal expectations, the company will "push forward to a PEA by the end of 2026."

Across its combined portfolio, Silver47 claims a resource totaling 236 million ounces of silver equivalent at 334 g/t inferred and 10 million ounces at 333 g/t indicated. The company trades on the TSXV under the symbol AGA and on the OTCQX under AAGAF. Technical details and resource assumptions are filed under NI 43-101 on SEDAR+.

Drill results from the Ruby fence holes will be the first test of whether the Tonopah system runs as far east as the company is betting it does.