Silver47 Achieves 80% Silver and 77% Gold Extraction from Belmont Tailings at the Hughes Project, Nevada Conventional cyanide leach identified as potential processing pathway for 2.74 Moz AgEq inferred resource on private land
Silver47 Achieves 80% Silver and 77% Gold
Extraction from Belmont Tailings at the
Hughes Project, Nevada
Conventional cyanide leach identified as potential processing
pathway for 2.74 Moz AgEq inferred resource on private land
Vancouver, British Columbia--(Newsfile Corp. - September 21, 2026) - Silver47 Exploration (TSXV:
AGA) (OTCQX: AAGAF) ("
Silver47
" or the "
Company
") is pleased to announce results from a
metallurgical testing program evaluating the potential to reprocess the tailings pile from the historic
Belmont mine at the Hughes Project, Tonopah, Nevada (the "Hughes Project").
Key Highlights
:
Strong Metallurgical Extraction:
Fine grind agitated cyanide leach testing delivered
80% silver
and 77% gold
extractions, suggesting low refractory content and further evaluation of conventional
processing techniques
.
Consistent Mineralization in Tailings Samplings:
21 auger samples (over an average
thickness of 3.3 m) were collected across the tailings pile and composited into representative west
and east master composites, with head grades of 0.27 g/t Au, 40.6 g/t Ag and 0.28 g/t Au, 45.4 g/t
Ag, respectively.
Finer Grind Drives Recovery:
Grinding from the as-received P80 of 106 µm to 53 µm increased
silver extraction by approximately 13 percentage points and gold extraction by 18 percentage
points, with extraction still rising at the finest size tested, highlighting further upside through grind
and leach optimization.
Potential Processing Pathway Identified for Evaluation:
Metallurgical testing indicates that
agitated cyanide leaching, as opposed to heap leaching, is the leading processing approach
identified for further evaluation for processing tailings associated with the inferred mineral resource
of 1.8 Moz silver and 11 koz gold (44 g/t Ag and 0.3 g/t Au, or 68 g/t AgEq*) within approximately
1.26 Mt
1
.
Potential, Low Disturbance Tailings Reprocessing Opportunity on Private Land:
These
metallurgical results have delivered key data on extraction rates and process parameters to
support further evaluation of technical and economic potential of reprocessing the tailings.
* g/t = grams per tonne; Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag - 90%, Au - 95%.
AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).
Galen McNamara, CEO, stated:
"Showing extraction of 80% silver and 77% gold support further
evaluation of the potential to reprocess the historic Belmont tailings using modern processing
techniques. With encouraging extraction results and the advantage of a private-land setting, these
results provide useful data as we advance our evaluation of the technical and economic potential of
reprocessing these historic materials."
Figure 1: Belmont tailings, Hughes Project - 2026 metallurgical auger sample locations and previous
MRE auger holes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10967/315111_2dcf2eff44bdf8fb_002full.jpg
Metallurgical Test Program Summary
Forte Analytical LLC of Fort Collins, Colorado conducted a staged metallurgical program to characterize
the Belmont Mill tailings, quantify gold and silver recovery as a function of grind size, and evaluate
agitated leach and heap leach processing options.
Sampling and Head Characterization
Silver47 collected 21 auger samples across the tailings pile, twinning the auger holes used in the 2025
Mineral Resource Estimate¹, from surface to the base of the tailings (1-6 m, averaging 3.3 m). Each
sample was assayed for gold (fire assay/AA), silver (4-acid digestion/AA), cyanide-soluble gold and
silver, carbon and sulphur speciation (LECO) and multi-element ICP-OES. The 21 samples averaged
0.30 g/t Au and 36.8 g/t Ag, with cyanide-soluble gold and silver averaging approximately 85% and 90%
of fire-assay head respectively. Sulphide sulphur averaged 0.50% and organic carbon 0.13%,
suggesting low potential for preg-robbing or refractory behaviour.
The 21 samples were combined at Silver47's direction into two mass-weighted master composites: a
West composite (101.2 kg) grading 0.27 g/t Au and 40.6 g/t Ag, and an East composite (137.1 kg)
grading 0.28 g/t Au and 45.4 g/t Ag. The as-received material has a P80 of approximately 106 µm (140
mesh).
Agitated Cyanide Leach Testing
Each composite was leached at three grind sizes - as received (P80 106 µm), P80 74 µm (200 mesh)
and P80 53 µm (270 mesh) - for 48 hours at 40% solids, 1,000 ppm NaCN and pH 10.5. Both
composites showed a consistent, near-linear improvement in gold and silver extraction with finer
grinding. At the finest grind tested (P80 53 µm), the West composite returned 76.5% gold and 80.7%
silver extraction with residues of 0.099 g/t Au and 10.4 g/t Ag, and the East composite returned 77.3%
gold and 80.0% silver with residues of 0.084 g/t Au and 11.1 g/t Ag. Relative to the as-received grind,
this represents an improvement of approximately 18 percentage points for gold and 11-16 percentage
points for silver, with extraction still increasing at the finest size tested. Sodium cyanide consumption at
P80 53 µm was 1.7-2.1 kg/t and lime addition 0.5-0.7 kg/t. Extractions are reported on a calculated-
head basis; calculated heads for the agitated leach tests exceeded measured heads, and head-grade
reconciliation will form part of the next phase of work.
Heap Leach Evaluation
Agglomeration and compacted permeability testing (ASTM D2434) was conducted on both composites
at cement additions of 10, 15 and 20 lb/ton. The tailings are 100% fines with no coarse fraction, and the
agglomerates formed were friable, broke down on saturation and consolidated into a low-permeability
cake under staged compressive loading. All six tests failed to sustain permeability. Forte concluded that
the tested conditions were insufficient to produce mechanically stable agglomerates and that substantial
additional work on particle size distribution and binder would be required for heap leaching to be viable.
Processing Direction and Next Steps
The program supports further evaluation of agitated cyanide leaching with carbon adsorption as a
potential processing route for the Belmont tailings and provides the recovery, reagent and residue data
required to scope subsequent work. Priorities for a next phase of metallurgical testing have been
identified and include grind-size optimization beyond P80 53 µm, trade-off between carbon-in-leach
(CIL) and leach carbon-in-pulp (CIP), carbon concentration and loading kinetics, reagent consumption at
optimized conditions, and head-grade reconciliation, together with preliminary process engineering to
evaluate the technical and economic potential of reprocessing the tailings.
Investor Relations Services
The Company has entered into a service agreement with CDMG, Inc. ("
CDMG
"), for the provision of
certain marketing and advertising services (the "
Agreemen
t"). The campaign is expected to commence
in January 2027 and continue to the end of 2027. Under the terms of the Agreement, CDMG will execute
a customized marketing and advertising campaign focused on increasing investor awareness through
online platforms and physical marketing, including direct mail. In consideration for the services provided
by CDMG, the Company paid CDMG US$1,514,578.
Based in Nashville, Tennessee, where its principal place of business is located, CDMG specializes in
marketing, advertising, and public awareness across various sectors, including mining and metals.
CDMG is principally owned by Craig Huey and is an arm's length party to the Company. To the
Company's knowledge, CDMG and the principals of CDMG have no direct or indirect interest in the
Company or its securities and no right or intention to acquire such an interest.
The Agreement remains subject to the approval of the TSX Venture Exchange.
Qualified Person
The technical and scientific content of this news release has been reviewed and approved by Galen
McNamara, P. Geo., the CEO of the Company and a "qualified person" as defined by National
Instrument 43-101-
Standards of Disclosure for Mineral Projects
.
References
1
.
Bourque S and Bickell J (2025). Technical Report and Mineral Resource Estimate for the Hughes
Silver-Gold Property, Tonopah District, Nye County, Nevada. 43-101 Technical Report available at
www.sedarplus.ca
(the "Technical Report"). The information contained herein in respect of inferred
mineral resources in the Hughes Property is subject to all of the assumptions, qualifications and
procedures set out in the Technical Report and reference should be made to the full text of the
Technical Report.
About Silver47 Exploration
Silver47 Exploration Corp is a mineral exploration company, focused on uncovering and developing
silver-rich deposits in North America. The Company is creating a leading high-grade US-focused silver
developer with a combined resource totaling 236 Moz AgEq at 334 g/t AgEq inferred and 10 Moz at 333
g/t AgEq Indicated. With operations in Alaska, Nevada and New Mexico, Silver47 Exploration is
anchored in America's most prolific mining jurisdictions. For detailed information regarding the resource
estimates, assumptions, and technical reports, please refer to the NI 43-101 Technical Reports and
other filings available on SEDAR+ (
www.sedarplus.ca
). The Company trades on the TSXV under the
ticker symbol AGA and OTCQX under the ticker symbol AAGAF.
For more information about the Company, please visit silver-47.com and see the Technical Reports filed
on SEDAR+ (
www.sedarplus.ca
).
Follow us on social media for the latest updates:
X:
@Silver47co
LinkedIn:
Silver47
On Behalf of the Board of Directors
Mr. Galen McNamara
CEO & Director
For investor relations
Giordy Belfiore
604-288-8004
No securities regulatory authority has either approved or disapproved of the contents of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and "forward-looking information" within the
meaning of applicable Canadian and United States securities legislation (collectively, "forward-
looking statements"). All statements in this release, other than statements of historical fact, are
forward-looking statements. Forward-looking statements are frequently, but not always, identified by
words such as "may", "will", "expect", "intend", "believe", "anticipate", "estimate", "target", "plan",
"potential", "could" or similar terminology. Forward-looking statements in this release include, without
limitation, statements relating to the interpretation of metallurgical test results; potential recoveries,
processing routes, reagent consumption, grind-size optimization, head-grade reconciliation and
further metallurgical and process engineering work; the potential technical and economic evaluation
of reprocessing the Belmont tailings; the estimation and realization of mineral resource estimates;
and the anticipated advancement of the Company's mineral properties and project portfolio, including
but not limited to the metallurgical testing program and potential next phase work referenced herein,
including the timing, scope and execution thereof; exploration expenditures, costs and timing of the
development of new deposits; costs and timing of future exploration; the completion and timing of
future development studies; estimates of metallurgical recovery rates; exploration prospects of
mineral properties; requirements for additional capital; the future price of metals; government
regulation of mining operations; environmental risks; the timing and possible outcome of pending
regulatory matters; the potential technical and economic evaluation of reprocessing tailings; future
growth potential of mineral properties; and future plans, projections, objectives, estimates and
forecasts and the timing related thereto.
Forward-looking statements are based on management's current beliefs, expectations and
assumptions, including, without limitation: that historical information is reliable; that future exploration
activities will proceed as currently anticipated; that permits, equipment, personnel and contractors will
be available on commercially reasonable terms; and that current commodity prices, labour
availability, cost and regulatory frameworks will remain consistent with management's expectations.
Although management considers these assumptions to be reasonable based on currently available
information, they may prove to be incorrect.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to differ materially from those expressed
or implied by such forward-looking statements. Such risks and uncertainties include, without limitation:
the risk that historical data may prove to be inaccurate or unverifiable; that exploration results may not
support further work or drilling; that exploration activities may be delayed, restricted or not carried out
as planned; that permits may be delayed or revoked; the absence of adverse conditions at mineral
properties; the price of silver and other metals remaining at levels that render mineral properties
economic; the Company's ability to continue raising necessary capital to finance operations; and the
ability to realize on any mineral resource estimates; the Company's ability to complete its planned
exploration programs; environmental regulations or hazards and compliance with complex
regulations associated with mining activities; climate change and climate change regulations;
fluctuations in exchange rates; the business objectives of the Company; whether economic
mineralization can be defined and, if it can be permitted for development; the uncertainty that any
mineralization encountered on adjacent properties continues on to any of the Company's properties;
the uncertainty that geological and/or geophysical and/or any trends, interpretations, or conclusions
related to adjacent properties have relevance to any of the Company's properties; the uncertainty that
the exploration season can be extended; changes in project parameters as plans to continue to be
refined; the consequences and implications of the historical mining activities on the environment and
whether such activities affect the potential exploration and/or development of the Company's
properties; the implications of claims from First Nations, Tribes, Tribal Councils, Tribal Governments,
Alaska Native Corporations, Alaska Native Regional or Village Corporations and land claims
settlements on the Company's projects; accidents, labour disputes and other risks of the mining
industry, conclusions of economic evaluations; meeting various expected cost estimates; benefits of
certain technology usage; future prices of metals; possible variations of mineral grade or recovery
rates; geological, mining and exploration technical problems; failure of plant, equipment or processes
to operate as anticipated; accidents, labour disputes and other risks of the mining industry; title to
properties; operational, technical and geological risks inherent in mineral exploration; changes in
capital markets, economic conditions, regulatory developments and stakeholder relations; the other
risks set out in the Company's public disclosure record under its profile on SEDAR+
(
www.sedarplus.ca
) and management's ability to anticipate and manage the foregoing risks and
uncertainties.
The Company provides no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements. The Company
does not undertake to update any forward-looking statements, other than as required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/315111