Silver47 Drills Massive Sulfide at the New Second Chance Zone: 74 m of Visually Observed Semi-Massive to Massive Sulfide Intervals Within 197 m of Continuous Sulfide Mineralization, Red Mountain Project, Alaska 50m of Visually Observed Sulfide Mineralization Also Intersected at Dry Creek
Silver47 Drills Massive Sulfide at the New
Second Chance Zone: 74 m of Visually
Observed Semi-Massive to Massive Sulfide
Intervals Within 197 m of Continuous Sulfide
Mineralization, Red Mountain Project, Alaska
50m of Visually Observed Sulfide Mineralization Also Intersected at Dry Creek
Successful Summer Drill Program Complete
All Assays Pending
Vancouver, British Columbia--(Newsfile Corp. - September 8, 2026) - Silver47 Exploration Corp. (TSXV:
AGA) (OTCQX: AAGAF) ("
Silver47
" or the "
Company
") is pleased to announce the completion of its
summer drill program at the high-grade silver and critical minerals Red Mountain Project, Alaska (the
"
Red Mountain Project
"). Assay results for the drill holes described in this news release are pending
unless otherwise stated.
Highlights:
Second Chance Zone - 197 m of Visually Observed Sulfide Mineralization:
Initial drilling at
the Second Chance zone, 43 km west of the Dry Creek deposit, intersected 197 m of visually
observed continuous pyrite-sphalerite-galena mineralization (48.8 m to 245.7 m core length) in drill
hole SC26-003, including a cumulative 74 m of semi-massive to massive sulfide intervals. To the
Company's knowledge, based on its review of historical and current drilling records, this
represents the widest mineralized interval drilled on the project to date.
Second Chance Zone Open in All Directions:
Four of five holes at Second Chance intersected
the sulfide horizon over an initial 200 m of strike length and 150 m down-dip, based on visual
observations. The fifth hole crossed a fault before reaching the horizon, which has since been
mapped at surface on the far side of the fault. The zone is untested beyond the current drilling
.
Surface Mapping Extends Target Horizon:
Preliminary geological mapping has traced the
mineralized horizon at surface over a strike length of 3 km. The horizon remains open beyond the
limits of this season's mapping in both directions.
Dry Creek - 50 Meters of Visually Observed Sulfide Mineralization:
Infill and step-out drilling
at the Dry Creek Deposit has returned up to 50.6 m of visually observed continuous sulfide
mineralization in core length, dominated by massive to semi-massive sulfide mineralization with
visible sphalerite, galena and chalcopyrite.
Drilling Complete and Assays Pending:
The three-rig summer program has been completed
and tested targets at Dry Creek, Second Chance, Hunter, FOMO, and WTF East.
Mogollon Project Drilling Intersects Silver-Gold Mineralization Below the Last Chance
Mine:
Both holes of the winter program at Mogollon intersected epithermal silver-gold
mineralization beneath the historic Last Chance mine, outside the current inferred mineral resource
of 2.72 million tonnes at 367 g/t AgEq, totalling 32.08 million AgEq**.
*Notes: Red Mountain Project 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. 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]
**Mogollon Project Silver equivalent is calculated using ratios with metal prices of 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)). Equivalent grades are provided for
illustrative purposes only and are not intended to represent actual recoveries or payable metal.
Galen McNamara, CEO, stated:
"The first drill holes at Second Chance have identified a broad zone of
visually observed sulfide mineralization 43 kilometers west of the Dry Creek deposit and outside the
existing Red Mountain resource footprint. At Dry Creek, visual observations from 2026 drilling have
identified up to 50 meters of continuous sulfide in core length. With drilling complete, we expect a steady
flow of results as assays are received. These results support our view that Red Mountain is an important
silver and critical minerals project within the proposed combination with Bunker Hill."
Gary R. Thompson, Executive Chairman, stated:
"The visible sulfide mineralization observed at
both Second Chance and Dry Creek demonstrates the strength of the Red Mountain Project and
underscores the success of this summer's drill program. As we advance our proposed merger with
Bunker Hill Mining, we are bringing together complementary silver assets and creating a stronger
platform for growth. We look forward to the pending assays and to advancing our combined portfolio for
the benefit of shareholders."
Figure 1. Plan Map of Red Mountain with Key Exploration Targets and Dry Creek Deposit
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/10967/313249_bfc6961694da3ad7_002full.jpg
Figure 2: (
see attached figure
). Mineralized core from drill hole SC26-003 at the Second Chance
target showing multiple pyrite-dominant massive to semi-massive sulfide intervals (128.95m to
136.79m downhole). Photo is provided for illustrative purposes only and is not intended to be
representative of broader mineralization.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/10967/313249_bfc6961694da3ad7_003full.jpg
Red Mountain Drill Program
The 2026 drill program at the Red Mountain Project, 100 km south of Fairbanks, Alaska, is now
complete with 4,136 meters drilled across 14 drill holes. Priority volcanogenic massive sulfide (VMS)
exploration targets at Red Mountain are dispersed across the highly prospective Bonnifield mining
district which comprises at least 60 km of stratigraphy considered favorable for VMS mineralization.
Three drill rigs focused on five priority targets - Dry Creek, Second Chance, Hunter, WTF-E and FOMO.
Program highlights include:
Drilling at the Second Chance zone (formerly known as Sheep Creek), 43 km west of the Dry
Creek deposit, tested a ~200m portion of an east-west trending target horizon hosted in
metasediments. Five drill holes (SC26-001, SC26-002, SC26-003, SC26-004, and SC26-005)
have now been completed including:
Drill hole SC26-001 (azimuth 150°, dip -50°, total depth 216.6 m), intersected a 66.8 m
mineralized interval from 78.4 m to 145.2 m core length of disseminated to banded pyrite
and sphalerite. The interval includes 10.7 m of intermittent to massive sulfide banding from
85.6 m to 96.3 m, visually estimated at 10 to 45% pyrite, and a discrete massive sulfide unit
from 139.9 m to 145.2 m containing two zones visually estimated at approximately 90%
pyrite with sphalerite and banded galena. An upper zone of sphalerite-bearing schist was
also intersected from 48.0 m to 59.5 m. The hole ended in a fault zone and the mineralized
interval remains open at depth.
Drill hole SC26-002, collared from the same pad as SC26-001 and drilled to the south-
southwest (azimuth 190°, dip -45°, total depth 250.2 m), intersected two zones of sulfide
mineralization. The upper zone, from 107.0 m to 148.6 m core length (41.6 m), consists of
replacement-style pyrite-sphalerite-galena mineralization in silicified quartzite and
metaconglomerate with semi-massive to massive sulfide bands, including 1.0 m from 130.8
m visually estimated at 40 to 45% pyrite, 5 to 7% sphalerite and 1 to 2% galena, and 1.2 m
of massive sulfide from 147.4 m visually estimated at approximately 95% pyrite with
sphalerite. A further 2.7 m massive sulfide interval from 175.9 m to 178.6 m is visually
estimated at approximately 90% pyrite with 1 to 10% sphalerite and trace galena. The lower
zone, from 195.5 m to 220.7 m (25.1 m), consists of semi-massive sulfide in gray quartzite,
including 20.0 m visually estimated at 35% pyrite and 10% sphalerite. The hole ended in
black phyllite.
Drill hole SC26-003, collared from a second pad to the west (azimuth 129°, dip -62°, total
depth 259.1 m), intersected a continuous zone of silicified, sulfide-bearing quartzite from
48.8 m to 245.7 m core length (196.9 m), hosted within a broader black graphitic phyllite
sequence, before ending in weakly altered phyllite. Sulfide mineralization (pyrite-sphalerite-
galena) is present as disseminations, stringers and veins throughout the silicified quartzite
package and includes a cumulative 74 m of semi-massive to massive sulfide intervals, with
several intervals visually estimated at up to 70% pyrite, 25% sphalerite and 2% galena. To
the company's knowledge, SC26-003 represents the widest mineralized intersection drilled
to date at Red Mountain.
Drill hole SC26-004 was drilled to the south (azimuth 195°, dip -45°, total depth 304.8 m)
from the SC26-003 pad. The hole crossed a fault and intersected graphitic phyllite with weak
pyrite and trace sphalerite but did not intersect the mineralized quartzite horizon. Subsequent
mapping has traced the horizon at surface on the far side of the fault, where it remains
untested by drilling.
Drill hole SC26-005, the final hole of the 2026 program, was drilled to the east-southeast
(azimuth 105°, dip -56°, total depth 307.8 m) from the SC26-003 pad and intersected sulfide-
bearing silicified gray quartzite from 43.9 m to 139.9 m core length (96.0 m). Sulfide
mineralization is present throughout the interval as disseminations, stringers and veins,
visually estimated at 1 to 30% pyrite and 1 to 20% sphalerite with minor galena, The silicified
grey quartzite includes multiple semi-massive to massive sulfide intervals ranging between <
1m and 5m of core length. A further 4.6 m of pyrite-sphalerite mineralization (20% pyrite, 5%
sphalerite) was intersected in graphitic phyllite from 222.2 m, immediately above a fault
gouge zone. The mineralized quartzite in SC26-005 correlates with the horizon intersected in
SC26-003.
Drilling at Dry Creek was designed to further delineate and expand the Dry Creek deposit (inferred
mineral resource of 11.6 million tonnes at 279.4 g/t AgEq, totalling 104.0 million silver equivalent
ounces*, Table 1). Each hole served two purposes: infilling the modelled mineralized zones and
stepping out into undrilled stratigraphy above and below those zones that is not included in the
current mineral resource estimate. Five drill holes, DC26-115, DC26-116, DC26-117, DC26-118
and DC26-119, were drilled planned to investigate the orientation and structural controls on higher-
grade VMS mineralization. All five holes intersected visually observed broad zones of massive,
semi-massive and disseminated sulfide within pyritic metavolcanics and metasediments of the
Totatlanika Schist. DC26-118 intersected 50.6 m of visually observed continuous sulfide
mineralization in core length, of which approximately 34 m is massive to semi-massive sulfide,
including a 12.8 m massive sulfide horizon containing pyrite, sphalerite, galena and chalcopyrite.
Drilling at the Hunter target, 5.8 km west of the Dry Creek deposit (Figure 1) targeted the extent of
silver-rich massive sulfide mineralization which has been traced for over 500 m. Rock chip
sampling of the discovery outcrop returned assays up to 616 g/t Ag, 18.6% Zn, 5.4% Pb, 2.5% Cu,
and 0.33 g/t Au. Six drill holes in 2018, 2019 and 2021 successfully tested the dip-extent of the
massive sulfide horizon highlighted by 1.4 m of 17.4% Zn, 3.9% Pb, 1.6% Cu, 90 g/t Ag and 0.23
g/t Au (HR18-01)
1
and 1.8 m of 13.8% Zn, 3.1% Pb, 56 g/t Ag, 0.2 g/t Au and 0.9% Cu (HR18-
02)
1
. Two drill holes, HR26-008 and HR26-009, have been completed and intersected local zones
of massive sulfides.
Drilling at the WTF East target, 5.0 km northeast of the Dry Creek deposit (Figure 1), targeted the
potential eastern faulted offset of the West Tundra Flats deposit, which hosts an inferred mineral
resource of 4.0 million tonnes at 496.9 g/t AgEq, totaling 64.6 million silver equivalent ounces
1
.
WTF East was identified as a high-priority exploration target based on a previously untested EM
conductor located in a position considered consistent with a faulted offset of the known West
Tundra Flats mineralization. One drill hole, WTE26-001, tested the EM conductor and intersected
visually observed local sulfide mineralization, with pyrite, sphalerite and chalcopyrite stringers
increasing downhole and a narrow galena-chalcopyrite-bearing zone at 139.5 m downhole.
Drilling at the FOMO target, 10 km west of the Dry Creek deposit (Figure 1), targeted the extent of
semi-massive to massive sulfide mineralization discovered in 2025. Mineralization at FOMO is
hosted within the Sheep Creek Member of the Totatlanika Schist, towards the center of the Dry
Creek syncline, with sulfides consisting of sphalerite, galena, chalcopyrite and pyrite occurring
across 0.5 m to 5 m wide zones. Rock sampling at FOMO returned assays of up to 1,792 g/t
AgEq, including 74 g/t Ag, 2.54% Cu, 10.05% Pb and 23.20% Zn. One drill hole, FO26-001,
evaluated the FOMO target and intersected visually observed local sulfide mineralization including
a narrow interval of strong pyrite, galena, and chalcopyrite at 57 m downhole.
Project-scale exploration focused on drill target generation across the entire Red Mountain Project area
is also now complete. The program consisted of detailed geological and structural mapping across key
target areas together with prospecting and soil geochemical surveys.
*Table 1: Combined Open Pit and Underground Inferred Mineral Resource Estimate for the Red
Mountain Project, Alaska
To view an enhanced version of Table 1 please visit:
https://images.newsfilecorp.com/files/10967/313249_bfc6961694da3ad7_004full.jpg
1
.
The 2024 Red Mountain Mineral Resource Estimate was estimated and classified in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM") "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" dated November 29,
2019, and the CIM "Definition Standards for Mineral Resources and Mineral Reserves" dated May 10, 2014.
2
.
Mr. Warren Black, M.Sc., P.Geo. of APEX Geoscience Ltd., a QP as defined by National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101"), is responsible for completing the 2024 Mineral Resource Estimate, effective January 12, 2024.
3
.
Mineral resources that are not mineral reserves have not demonstrated economic viability. No mineral reserves have been calculated for
Red Mountain. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the
future.
4
.
The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market, or other relevant factors.
5
.
The quantity and grade of reported Inferred Resources is uncertain, and there has not been sufficient work to define the Inferred Mineral
Resource as an Indicated or Measured Mineral Resource. It is reasonably expected that most of the Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration.
6
.
All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Reported grades are
undiluted.
7
.
A standard density of 2.94 g/cm³ is assumed for mineralized material and waste rock. Overburden density is set at 1.8 g/cm³. For
mineralized material blocks with iron assays close enough to estimate an iron value for the block, density is calculated using the formula:
density (g/cm³) = 0.0553 * Fe (%) + 2.5426.
8
.
Metal prices are 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.
Mogollon Winter Drill Program
Silver47 also reports assay results from its winter drill program at the high-grade silver-gold Mogollon
Project, New Mexico (the "Mogollon Project"). The program consisted of two drill holes designed to
evaluate the depth extent of high-grade silver mineralization below the Last Chance mine, centered on
the +2.5 km, east-west trending Last Chance Vein near the South Queen target (Figure 3).
Mineralization along the Last Chance vein is currently outside of the Mogollon Inferred Mineral Resource
of
32.08 Moz silver equivalent
(12.12 Moz silver and 0.24 Moz gold) at
367 g/t silver equivalent*
(139 g/t silver and 2.72 g/t gold) within 2.72 Mt
2
. Mineral resources are not mineral reserves and do not
have demonstrated economic viability. Inferred mineral resources are uncertain in nature and there has
not been sufficient work to define them as indicated or measured mineral resources.
Mineralization at the Last Chance Mine is interpreted to plunge to the east, towards the intersection with
the significant north-south trending Queen Vein (Figure 3). The drill holes tested the depth extent of high-
grade silver-gold mineralization towards the modelled vein intersection. Both holes intersected zones of
epithermal-related silver-gold mineralization (e.g., 303 g/t silver equivalent (117 g/t Ag, 2.31 g/t Au) over
0.3 m, MOG26-23, Table 2) interpreted to represent un-mined mineralization associated with the Last
Chance vein system. Further drilling to investigate potential structural offsets and/or cross faults towards
the Queen Vein is being evaluated to better define the structural controls and orientations of vein sets
along the South Queen target.
Table 2: Assay Results
Drill Hole
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
AgEq* (g/t)
MOG26-23
418.80
419.10
0.3
2.31
117
303
MOG26-24
395.03
396.74
1.7
1.20
73.8
169
* g/t = grams per tonne; Silver equivalent is calculated using ratios with metal prices of 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)).
Table 3: Collar Information
Target Area
Hole ID
Easting
Northing
Azimuth
Dip
Final Depth (m)
Last Chance
MOG26-0023
704180
3697231
134
-44
542.5
Last Chance
MOG26-0024
704180
3697231
143
-52
457.8
Figure 3: Plan Map of Mogollon Project
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/10967/313249_bfc6961694da3ad7_005full.jpg
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 1.0 m intervals in
mineralized zones, and 3.0 m 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.
Drill core was sawn in half at Silver47's core logging and processing facilities at the Mogollon Project. All
core samples were sent to Paragon Geochemical Laboratories in Sparks, Nevada for preparation and
analysis. Paragon meets all requirements of the International Accreditation Service AC89 and
demonstrates compliance with ISO/IEC Standard 17025:2017 for analytical procedures. Samples were
analyzed for gold via fire assay with an AA finish and samples that assayed over 8 ppm were re-run via
fire assay with a gravimetric finish. Silver and trace elements were analyzed via inductively coupled
plasma mass spectroscopy after four-acid digestion. Samples that assayed over 100 ppm Ag were re-
run via fire assay for Ag with a gravimetric finish. In addition to Paragon quality assurance / quality control
("QA/QC") protocols, Silver47 implements an internal QA/QC program that includes the insertion of