Silver47 Exploration Corp. [TSXV: AGA] reported the first results from the 2024 drill program at the Company’s wholly owned flagship Red Mountain Project in Alaska, USA. Results for the first of six holes drilled on the property in 2024 indicate strong potential for increased high-grade infill drilling within the Dry Creek resource area. A total of 1,039 metres of drilling was completed in 6 holes at the Dry Creek, West Tundra Flats, and Kiwi prospects combined.
Highlights from hole DC24-106: Drilling cut several massive sulphide horizons within a 24.5m semi-massive, mineralized section at the Dry Creek Zone with the highest gold grade interval intercepted to date on the project and remains open.
From a depth of 128.29m, hole 106 cut 2.48 m of 61.44% ZnEq or 2,938.5 g/t AgEq
(14.95 g/t gold 249.50 g/t silver, 21.97% zinc, 7.03% lead, 0.42% copper).
From a depth of 133.87m, hole 106 cut 0.91 m of 46.74% ZnEq or 2,235 g/t AgEq
(8.08 g/t gold, 225.00 g/t silver, 21.20% zinc, 6.68% lead, 0.42% copper).
From 126.40 m-150.91m a 24.51 m interval graded 10.17% ZnEq or 486.3 g/t AgEq
(1.99 g/t gold, 55.50 g/t silver, 4.08% zinc 1.32% lead, 0.10% copper).
Alex Walls, P.Geo., Vice President of Exploration, stated: “We are extremely excited to report these kinds of high-grade polymetallic intercepts in our first drill program on the project. This drill intercept supports our thesis that Red Mountain Project hosts significant precious metal enrichment in addition to the base metal endowment.”
The Dry Creek mineralization consists of multiple horizons of semi-massive to massive sulfides within the metavolcanics and metasediments of the Totatlanika Schist which can be traced for 4,500 metres and dips steeply to the north. The Fosters and Discovery lenses of VMS mineralization make up the central 1,400 metres of the Dry Creek North Horizon occurring as massive to semi-massive silver-zinc-lead-gold-copper sulfides. The lenses pinch and swell along strike and down-dip, as is typical of VMS deposits. True width intersections are up to 40 m at Fosters where there is evidence of growth faults, showing potential proximity to a VMS feeder zone.
Hole DC24-106 was planned to step 60 metres down-dip from near-surface mineralized intercepts in DC97-03, DC97-04, DC97-07, and DC97-08. Additionally, the hole was intended to test continuity of high-grade mineralization between the 1997 holes and the deep, down-dip intercept in DC18-79. DC24-106 passes through regionally metamorphosed metasediments and metavolcanics of the Totatlanika Schist.
The 24.51-metre mineralized intercept is hosted in a metarhyolite unit, with increasing intervals of semi-massive sulfides from 126.40 metres, massive sulfides from 128.3m, and finishing with semi-massive sulfides from 143.45 to 150.91 metres. The sulfides are comprised of aphanitic to coarse pyrite, sphalerite, galena, and chalcopyrite. The mineralized widths are consistent with the historical results, and the 2.48 metres of 14.95 g/t gold is the highest-grade gold interval drilled to date on the Red Mountain Project.
This successful infill hole in the centre of the Dry Creek resource indicates a strong potential for rapid resource upgrade and growth extending down-dip. The wide spacing of the historical drilling provides ample opportunity to increase the resource, which remains open at depth and along strike.
Silver47’s flagship Red Mountain property covers 633 km2 of Alaska State-managed land 100km south of Fairbanks, Alaska. The project is well situated for infrastructure, 30km east of the community of Healy which has power, rail and state highway access to Alaska Route 3, providing a valuable connection to Anchorage and tide water. The Company has an approved permit to conduct advanced exploration, including drilling, across the property.
Red Mountain hosts a NI 43-101 inferred mineral resource estimate of 15.6Mt at 7% ZnEq for 1Mt of ZnEq or 335.7 g/t AgEq for 168.6 Moz AgEq at the Dry Creek (DC) and West Tundra Flats (WTF) resource areas as combined open pit and underground. DC and WTF are the two most advanced mineralized zones at Red Mountain, with at least 20 additional mineralized prospects discovered on the property to date over the 60 km of highly prospective geology.
Silver47 wholly-owns three silver and critical metals (polymetallic) exploration projects in Canada and the US: the Flagship Red Mountain silver-gold-zinc-copper-lead VMS-SEDEX project in southcentral Alaska; the Adams Plateau silver-zinc-copper-gold-lead SEDEX-VMS project in southern British Columbia, and the Michelle silver-lead-zinc-gallium-antimony MVT-SEDEX Project in the Yukon Territory.
