Silver47 Launches Drilling to Target Depth Extensions of High-Grade Silver at Mogollon Silver-Gold Project, New Mexico

Core Viewpoint - Silver47 Exploration Corp. has initiated a winter drill program at its Mogollon Project in New Mexico, targeting high-grade silver extensions along the Last Chance Vein, which could significantly enhance the exploration potential in the area [1][3][4]. Group 1: Project Overview - The Mogollon Project is located near Silver City, New Mexico, and features numerous high-grade silver-gold targets across approximately 77 km of complex vein systems [7]. - The current drilling program aims to explore depth extensions below historical ore shoots on the Last Chance Vein, a significant historical producer in the Mogollon District [3][4][8]. - The Last Chance Mine historically supported a 40-stamp mill and remains largely unexplored by modern methods, presenting a unique opportunity for resource expansion [4][6]. Group 2: Resource and Financial Highlights - The current Inferred Mineral Resource at the Mogollon Project is estimated at 32.08 million ounces (Moz) of silver equivalent, comprising 12.12 Moz of silver and 0.24 Moz of gold, with a grade of 367 grams per tonne (g/t) silver equivalent [4][7]. - The company has a cash reserve of $55 million and a low discovery cost of $0.22 per ounce, which positions it favorably for further exploration and development [3][4]. - The exploration success could contribute significantly to U.S. silver security, especially as silver is increasingly recognized as a critical mineral for various industries [3][4]. Group 3: Future Plans and Commitments - Following the winter drill program at Mogollon, substantial drilling is planned at the Hughes Project in March and an aggressive program at the Red Mountain Project in June, ensuring ongoing news flow from the company's U.S. silver assets [4][6]. - Silver47 is committed to advancing the Mogollon Project step by step, aiming to deliver economic benefits while respecting the area's mining legacy [4][6].