That was quick: The – oversubscribed – financing that Summa Silver completed as part of the merger with Silver47 Exploration (TSXV AGA / WKN A2P4EE) has barely concluded, and the latter announces that the drills are now turning on the Red Mountain project in Alaska! This means the first hole of the fully funded summer 2025 drilling program is already underway.
Significant Expansion Potential
This season, Silver47 aims to achieve the highest possible resource growth with the planned drilling. The company is focusing on expanding the existing inferred resource of 168.6 million ounces of silver equivalent, which averages 336 g/t AgEq. The focus is on the Dry Creek and West Tundra Flats zones. Both Silver47 and previous operators of the project had identified significant expansion potential there.
Among other things, the company, which is still led by CEO Gary Thompson until the completion of the merger with Summa Silver, will test previously unexplored areas near particularly high-grade historical drill intersections. This focuses on areas especially rich in silver and gold to expand and improve the resource base of Red Mountain.
Strategic Critical Minerals also in Focus for Silver47
Incidentally, Red Mountain not only contains precious metals but also five critical minerals that are or are becoming scarce in the USA. These include zinc, copper, tin, antimony, and gallium. In the past, these were not considered in the resource estimate, but with the program now underway, Silver47 also wants to evaluate the project’s potential to become part of domestic supply chains aimed at increasing the USA’s security of supply.
As we previously reported, Summa Silver has now completed an oversubscribed financing as part of the merger with Silver47. Instead of the originally targeted 5 million CAD, 6.9 million CAD were raised. The partners have earmarked this money for Red Mountain, so that after the merger is completed, the current drilling program can be significantly expanded!
Why this could be worthwhile is particularly evident from some selected results of previous drilling. These include:
- 15.24 meters grading 546 g/t AgEq plus 290 g/t antimony (“Sb”) and 32 g/t gallium (“Ga”) from 14.3 meters depth,
- 22.32 meters grading 601 g/t AgEq plus 503 g/t Sb and 54 g/t Ga from 18.9 meters depth, and
- 2.90 meters grading 1,079 g/t AgEq plus 920 g/t Sb and 15 g/t Ga from 121.70 meters depth!
No wonder CEO Thompson is excited that drilling has now begun: “We are excited to commence an extensive drilling program on our silver-gold rich VMS project Red Mountain to expand the resource base and make new discoveries. The results from previous drilling demonstrate the robust nature of the Bonnifield District, where Red Mountain is located, and we look forward to building on these successes. With a full drilling season and the upcoming merger with Summa Silver, this year should be a transformative one for the company.”
