AGA.V · 2024-11-26 12:00:00

Silver47 Drills 2.66 Metres of 1,801 g/t Silver Equivalent within 22.3 Metres of 601 g/t Silver Equivalent at its Red Mountain Project, Alaska

Drill Results

Silver47 Drills 2.66 Metres of 1,801 g/t Silver

Equivalent within 22.3 Metres of 601 g/t Silver

Equivalent at its Red Mountain Project, Alaska

Vancouver, British Columbia--(Newsfile Corp. - November 26, 2024) - Silver47 Exploration Corp.

(TSXV: AGA) ("

Silver47

" or the "

Company"

), is pleased to announce the final results from the 2024

exploration program at the Company's wholly-owned flagship Red Mountain Project in Alaska, USA. Two

infill-confirmation holes drilled at the western extent of the Dry Creek resource intersected broad zones

of polymetallic sulphide mineralization with multiple high-grade massive sulphide intervals. 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

DC24-104 returned 15.24 m grading 545.5 g/t AgEq from 14.3 m depth

(106 g/t silver, 0.45 g/t gold, 6.4% zinc, 2.2% lead, and 0.19% copper)

Including 6.0 m of 1,248.4 g/t AgEq from 15.9 m depth

(231.1 g/t silver, 1.04 g/t gold, 14.7% zinc, 5.3% lead, and 0.46% copper)

DC24-105 returned 22.32 m of mineralization grading 601.0 g/t AgEq from 18.9 m

(150.6 g/t silver, 0.82 g/t gold, 5.9% zinc, 2.6% lead, and 0.13% copper)

Including 4.25 m of 1,255.5 g/t AgEq from 20.3 m depth

(238 g/t silver, 1.57 g/t gold, 14.1% zinc, 5.9% lead, and 0.17% copper)

And 2.66 m of 1,801.2 g/t AgEq from 29.1 m depth

(599.4 g/t silver, 2.37 g/t gold, 14.5% zinc, 6.9% lead, and 0.64% copper)

Mr. Alex Wallis, P.Geo., Vice President of Exploration, stated: "

Holes 104 and 105 confirmed infilled

broad intervals of silver-gold enriched VMS style mineralization in the western portion of the Dry

Creek resource, supporting the 3D modelling of historic data. Mineralization shows both stratigraphic

and structural control in this zone. This new data from the 2024 drilling exploration campaign will aid in

future infill drilling of high-grade zones."

Dry Creek Infill-Confirmation Drilling

Two drill holes were completed to confirm the broad, high-grade mineralization encountered by historical

holes DC98-40, DC98-60, and DC99-64, which intercepted up to 40 m of semi-massive to massive

sulphide in the Fosters lens of the Dry Creek deposit.

The Dry Creek mineralization consists of multiple

horizons of semi-massive to massive sulphides within the metavolcanics and metasediments of the

Totatlanika Schist which can be traced for 4,500 m and dips steeply to the north. The Fosters and

Discovery lenses of VMS mineralization make up the central 1,400 m of the Dry Creek North Horizon

occurring as massive to semi-massive silver-zinc-lead-gold-copper sulphides. The lenses pinch and

swell along strike and down-dip, as is typical of VMS deposits.

Figure 1.

Plan map of drill holes at Dry Creek and West Tundra Flats resource areas

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10967/231396_cc6f509b648818ef_001full.jpg

Table 1.

Significant intervals for holes DC24-104 and DC24-105 at the Red Mountain Project

Hole ID

From

(m)

Interval

(m)

ZnEq

(%)

AgEq

(g/t)

(%)

DC24-104

14.30

29.50

15.24

11.40

545.50

106.00

0.45

6.40

2.20

0.19

including

15.90

21.90

6.00

26.10

1248.40

231.10

1.04

14.70

5.30

0.46

DC24-105

18.93

41.25

22.32

12.57

601.00

150.60

0.82

5.86

2.60

0.13

including

20.31

24.56

4.25

26.25

1255.50

238.00

1.57

14.09

5.90

0.17

and

29.10

31.76

2.66

37.70

1801.20

599.40

2.37

14.50

6.90

0.64

Assay intervals are weighted average and are drilled lengths, true widths cannot be determined at this

time.

Notes:

g/t=grams per tonne; AgEq=silver equivalent; ZnEq=zinc equivalent; m=metres; Ag=silver; Au=gold; Cu=copper; Zn=zinc; Pb=lead;

1ppm=1 g/t

Equivalencies are calculated using ratios with metal prices of US$2,750/tonne Zn, US$2,100/tonne Pb, US$8,880/tonne Cu, US$1,850/oz

Au, and US$23/oz Ag and

Metal recoveries are based on metallurgical work returned of 90% Zn, 75% Pb, 70% Cu, 70% Ag, and 80% Au.

Zinc Equivalent (ZnEq %) = [Zn (%) x 1] + [Pb (%) x 0.6364] + [Cu (%) x 2.4889] + [Ag (ppm) x 0.0209] + [Au (ppm) x 1.923]

Silver Equivalent (AgEq g/t) = [Zn (%) x 47.81] + [Pb (%) x 30.43] + [Cu (%) x 119] + [Ag (g/t) x 1] + [Au (g/t) x 91.93]

Figure 2

. Drill Hole DC24-104 and DC24-105 Cross Section

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10967/231396_cc6f509b648818ef_003full.jpg

Mr. Gary R. Thompson, P.Geo., CEO of Silver47 Exploration Corp., commented, "

We are pleased with

the results from this summer's drill program at West Tundra Flats and Dry Creek, which further confirm

the high-grade polymetallic mineralization and significant potential of the Red Mountain Project.

These results strengthen our exploration strategy and enhance our confidence in the scale of the

resource.

Moving forward, our focus will be on integrating the new data into an updated geological

model for planning further drilling to expand the resources along strike and down-dip.

Secondary

objectives for the next program will be drill testing for new discoveries like the Galleon and Horseshoe

showings, as well as testing the infill potential of the 2.7 km gap between the two resource areas."

Technical Discussion on Hole DC24-104

Hole DC24-104 was planned to confirm the broad, near-surface sulphide mineralization encountered in

historical hole DC98-40 in the western area of the Dry Creek deposit. The hole passes through

regionally metamorphosed metasediments and metavolcanics. The top of the hole had no recovery to

14.33 m and fragmented recovery until 32.61 m with evidence of significant post-mineralization faulting

through the entire hole. Mineralization was intercepted as semi-massive sulphides in metarhyolite from

15.9 m - 19.0 m and as massive sulphides from 19.0 m - 21.30 m.

The 15.2 m interval from 14.3 m to

29.5 m returned a grade of 545.5 g/t AgEq, with a 6.0 m high-grade zone from 15.9 m grading 1,248.4

g/t AgEq. The semi-massive sulphides have increasing sulphide bands with depth into the massive

sulphide mineralization with sparse 1 centimetre intervals of rhyolite. The sulphides are comprised of

aphanitic to fine pyrite, sphalerite, galena and minor chalcopyrite. The hole is mainly composed of

metarhyolite with some intervals of grey aphanitic phyllite with lesser graphitic intercalations and beds,

ending in tuffaceous phyllite. The entire hole is heavily foliated with frequent intervals of fault gouge and

rubbly fragments.

Technical Discussion on Hole DC24-105

Hole DC24-105 was drilled from the same pad as DC24-104, with a steeper dip to confirm continuity of

high-grade mineralization between holes DC98-40 and DC98-60.

Hole 105 passed through the same

lithologic units as hole 104, as well as similar post-mineralization faulting.

The hole is composed of

mixed intervals metarhyolite and grey aphanitic phyllite with lesser graphitic intercalations and beds. The

entire hole is heavily foliated. Mineralization was intercepted after a metarhyolite unit as three intervals of

pyrite-sphalerite-galena and minor chalcopyrite massive sulphide interspaced with felsic phyllite: 20.3 m

- 21.1 m, 22.3 m - 27.8 m, and 29.1 m - 32.6 m.

These high-grade lenses are encapsulated by a 22.3 m

interval returning a grade of 601 g/t AgEq, including 2.66 m of 599.4 g/t silver, 2.37 g/t gold, 14.5% zinc,

6.9% lead, and 0.64% copper.

Figure 3.

Drill Core DC24-105 of deformed massive sulphide at 27.5 m

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10967/231396_cc6f509b648818ef_004full.jpg

Figure 4

. Drill Core DC24-105 laminated massive sulphide as sphalerite-galena-pyrite at 29.3 m

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10967/231396_cc6f509b648818ef_005full.jpg

Table 2

. 2024 Drill Collar Information, Red Mountain Project

Red Mountain 2024 Diamond Drill Hole Collars

Hole ID

Easting

Northing

Elevation (m)

Azimuth

Dip

Depth (m)

Zone

Status

DC24-104

480364

7088200

1218

180

-45

112

Dry Creek

Reported Here

DC24-105

480364

7088200

1218

180

-75

120

Dry Creek

Reported Here

KW24-03

470228

7085491

1561

180

-50

283

Kiwi

Reported Here

WT24-33

483950

7090863

982

-90

185

West Tundra Flats

Previously Reported

WT24-34

484196

7090851

968

-78

146

West Tundra Flats

Previously Reported

DC24-106

481059

7088384

1233

170

-72

192

Dry Creek

Previously Reported

Note: Easting and northing in metres, NAD27 zone 6 UTM coordinates

Exploration Targets

Silver47 mobilized field teams to three high-priority exploration targets to determine their viability for

immediate or near-term drill testing.

Kiwi, Galleon, and Horseshoe were selected based on the good to

excellent grades in surface sampling, and geophysical anomalies identified from modern survey

methods.

Table 3.

2024 Geochemical Rock Sampling Highlights

Sample ID

Sample Type

Prospect

AgEq

(g/t)

(%)

(ppm)

H648017

Rock Grab

Galleon

329.66

132.00

1.26

1.17

0.80

0.02

453.00

H648018

Rock Grab

Galleon

92.53

42.20

0.18

0.39

0.46

0.01

206.00

H648019

Rock Grab

Galleon

87.44

28.60

0.31

0.44

0.30

0.01

337.00

H648022

Rock Grab

Kiwi

1959.17

218.00

3.19

0.22

0.50

11.95

110.50

H648024

Rock Grab

Kiwi

1269.29

177.00

1.31

8.42

0.85

4.57

39.80

H648026

Rock Grab

Kiwi

1589.49

165.00

0.96

0.98

0.54

10.70

61.20

H648027

Rock Grab

Horseshoe

294.81

36.60

0.78

2.49

1.92

0.07

147.50

H648030

Rock Grab

Horseshoe

101.69

21.00

0.04

0.40

1.80

0.02

24.80

H648031

Rock Grab

Horseshoe

193.62

18.25

0.15

2.15

1.84

0.02

30.80

Galleon Silver Target

The Galleon Target is a high-priority silver target, with historical samples returning up to 1,265 g/t silver,

2.1 g/t gold, and 5% combined zinc and lead.

The semi-massive sulphide is hosted in a metarhyolite of

the Mystic Creek Member, on the north limb of the Bonnifield East Syncline, a similar depositional

setting to the Dry Creek mineralization.

Historic work includes, mapping, trenching, 3.9 km of IP survey,

and several short drill holes completed in 1981 with a Winky drill.

The 1981 drilling failed to intercept

mineralization, but frequently had zero core recovery for many intervals.

In 2024, Silver47 collected 101 soil samples for analysis by XRF in the field, and 8 rock grab samples.

The soil samples identified several areas of anomalous zinc and lead in the soil/talus fines around the

Galleon Target and three of the rock samples returned significant polymetallic grades. The location of

historical high-grade samples was inaccessible due to significant degradation of the trench workings.

However, a sub-crop rock sample taken from a historical trench/drill pad returned 132 g/t silver, 1.26 g/t

gold, and 1.9% combined zinc and lead. Three samples also returned anomalous values for critical

minerals antimony and rubidium.

Horseshoe SEDEX Target

The Horseshoe Target was identified in 2020 with rock and soil sampling covering approximately 200 m

of gossanous exposure. Located within the Keevy Peak Formation, the host rocks exhibit more clastic

composition than the Totatlanika Schist, suggesting potential for sedimentary exhalative (SEDEX)

mineralization. Historic samples have returned up to 37.9 g/t silver, 3.81 g/t gold, and 6.8% combined

zinc and lead.

In 2024, Silver47 collected 94 soil samples for XRF analysis, and six rock grab samples.

Elevated zinc

and lead concentrations were detected throughout the soil grid, with higher values coinciding with the

gossan zone. Three rock samples returned values maintaining Horseshoe as a high-priority exploration

target, with the best sample grading 36.6 g/t silver, 0.78 g/t gold, 4.4 combined zinc and lead, and 147.5

ppm antimony. Detail outcrop structural mapping, with tighter-spaced soil-rock geochemistry is planned

to further develop Horseshoe into a drill-ready target.

Kiwi Target Drilling and Geochemical Sampling

The Kiwi Target was identified by the previous operators from surface boulders of high-grade copper-

silver rock samples, including a high of 16.2% copper and 316 g/t silver. Two historical drill holes KW21-

01 and KW21-02 were drilled to test the potential source of this mineralization.

Neither historical hole

intercepted sulphide mineralization comparable to the surface samples. A 2021 fixed loop

electromagnetic survey was completed over the target, with the results showing a strong conductive

anomaly east of holes KW21-01 and KW21-02. Hole KW24-03 was drilled to a depth of 283 m to test

this conductive feature. While narrow intervals of sulphide mineralization including chalcopyrite were

encountered in the hole, no significant results were returned.

Prior to the 2024 drilling, Silver47's geologists prospected down the western slope of the Kiwi zone to

confirm the historic rock samples. Of the seven rock samples collected, three returned high-grade

copper, silver, and gold values, including 2 samples over 10% copper and silver values of 165 g/t and

218 g/t.

Extensive follow-up sampling and structural mapping is needed to guide future drilling at the Kiwi

Target. However, given the high number of targets on the Red Mountain Project and the lackluster drill

results here, the Kiwi Target has been reduced to a lower priority ranking.

About the Red Mountain VMS-SEDEX Project - Alaska, USA

Silver47's flagship Red Mountain property covers 633 square kilometres of Alaska State-managed land

100 km south of Fairbanks, Alaska. The project is well situated for infrastructure, 30 km 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 15.6 Mt at 7% ZnEq for 1 Mt 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.

For more information, see the Red Mountain NI 43-101 technical report titled "Technical Report on the

Red Mountain VMS Property, Bonnifield Mining District, Alaska, USA" dated January 12, 2024,

prepared by Apex Geoscience Ltd., which can be found on the Company's website

https://silver47.ca/

and SEDAR+.

Quality Assurance and Quality Control

Quality assurance and quality control (QAQC) protocols for drill core sampling at the Red Mountain

Project followed industry standard practices. Core samples were typically taken at 1.0m intervals in

mineralized zones, and 3.0m intervals outside of mineralized zones. Sample lengths were adjusted as

necessary so as not to cross lithologic and mineralogic boundaries. QAQC check samples were

inserted into the sample stream with one blank, one duplicate (coarse), and one certified reference

material (CRM) occurring within every 20 samples. Drill core was cut in half, bagged, sealed and

delivered directly to ALS Minerals Fairbanks, Alaska for transport to the ALS Minerals Laboratories labs

in North Vancouver, British Columbia. ALS Minerals Laboratories are registered to ISO 9001:2008 and

ISO 17025 accreditations for laboratory procedures. Core samples were analyzed at ALS Laboratory

facilities in North Vancouver using four-acid digestion with an ICP-MS finish. Gold analysis was by fire

assay with atomic absorption finish, or gravimetric finish for over-limit samples. Over-limits for silver,

zinc, copper, and lead were analyzed using Ore Grade four-acid digestion. The standards, certified

reference materials, were acquired from CDN Resource Laboratories Ltd. of Langley, British Columbia

and selected to represent expected mineralization.

Qualified Person

Mr. Alex S. Wallis, P.Geo., the Company's Vice President of Exploration is a "qualified person" as

defined by NI 43-101. Mr. Wallis has verified the data disclosed in this press release, including the

sampling, analytical and test data underlying the technical information and has approved the technical

information in this press release.

About Silver47 Exploration Corp.

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 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. Silver47 shares trade on the TSX-V under the ticker

symbol AGA. For more information about Silver47, please visit our website at

www.silver47.ca

On Behalf of the Board of Directors

Mr. Gary R. Thompson, Director and CEO

[email protected]

403-870-1166

No securities regulatory authority has either approved or disapproved of the contents of this release.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the

TSXV) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

Information set forth in this news release may involve forward-looking statements under applicable

securities laws. Forward-looking statements are statements that relate to future, not past, events. In

this context, forward-looking statements often address expected future business and financial

performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and

"intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or

occur, including statements relating to the trading of the Company's common shares on the TSXV,

the prospective geology and composition of its properties, anticipated results of further exploration on

its properties, or other similar expressions and all statements, other than statements of historical fact

included herein. By their nature, forward-looking statements involve known and unknown risks,

uncertainties and other factors which may cause our actual results, performance or achievements, or

other future events, to be materially different from any future results, performance or achievements

expressed or implied by such forward-looking statements. Such factors include, among others, the

following risks: the need for additional financing; operational risks associated with mineral exploration;

regulatory risks; fluctuations in commodity prices; title matters; litigation risks; and the additional risks

identified in the Company's long form prospectus dated October 25, 2024 filed under its issuer profile

on SEDAR+ and other reports and filings with the TSXV and applicable Canadian securities

regulators. Forward-looking statements are made based on management's beliefs, estimates and

opinions on the date that statements are made and the Company undertakes no obligation to update

forward-looking statements if these beliefs, estimates and opinions or other circumstances should

change, except as required by applicable securities laws. Investors are cautioned against attributing

undue certainty to forward-looking statements.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/231396

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