Silverco Mining Confirms New Discovery Model, Drilling 7.5m Grading 364g/t AgEq at Cusi Property, Chihuahua, Mexico 2024 Drilling Highlights
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Silverco Mining Confirms New Discovery Model, Drilling 7.5m Grading 364g/t AgEq at Cusi
Property, Chihuahua, Mexico
2024 Drilling Highlights
• Eduwiges Extension Vein
o 519 g/t AgEq over 3.2 metres
• San Miguel Vein
o 364 g/t AgEq over 7.5 metres
o 425 g/t AgEq over 3.3 metres
o 365 g/t AgEq over 2.6 metres
o 301 g/t AgEq over 5.9 metres
o 322 g/t AgEq over 3.7 metres
Vancouver, British Columbia – October 30, 2025 – Quetzal Copper Corp. (doing business as
Silverco Mining Ltd.) (“Silverco” or the “Company”) (TSXV: SICO) is pleased to report assay results
from its 5,500-metre 2024 diamond drill program at the Company’s 100%-owned and permitted
Cusi Property (“Cusi”), located approximately 90 kilometres northwest of the Los Gatos Mine in
Chihuahua, Mexico.
The Cusi Mine was in commercial production until September 2023, when it was placed on care
and maintenance. The property has seen limited modern exploration, and results from the 2024
drill campaign represent a step change in both size and grade potential of the mineralized
system. Building on these results, Silverco is advancing a 15,000-metre 2025 drill program, with
initial assays expected in the fourth quarter of 2025. The Company’s objective is to convert this new
geological understanding into an expanded, higher-grade resource base to support possible restart
of operations as soon as H2 2026, subject to technical studies, financing, permitting and a positive
restart decision.
Mark Ayranto, CEO of Silverco, commented:
“When we acquired the Cusi Mine in early 2024, we recognized the untapped potential of the San
Miguel Vein within the inset claims which we were able to acquire concurrently through an
additional transaction. Our initial 2024 drill program has confirmed significant, open-ended
resource potential that we are now actively expanding. We believe the San Miguel Vein can
underpin a higher-grade production profile upon the planned mine restart in H2 2026. ”
“Perhaps even more significant is our interpretation that all major mined veins at Cusi may continue
within a down-thrown block to the northeast. This model was validated by the recent discovery of
519 g/t AgEq over 3.2 metres in a 200-metre step-out hole at the Eduwiges Extension. This marks
the third vein with open mineralization confirmed in extension drilling. Collectively, these results
demonstrate that Cusi has the potential to be substantially larger and higher grade than
previously recognized. ”
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“Two drill rigs are currently active on these targets, and we anticipate the first results from the
ongoing 2025 program in November. ”
Details of the 2024 Drill Program
The 2024 program consisted of 14 diamond drill holes, totaling 5,518 metres. The 2024 program
was primarily focused on testing the down-dip plunge of historical drilling on the consolidated San
Miguel inset claims and testing the extension of Eduwiges to the east of the Cusi fault. Drilling was
performed from surface by a local contractor, utilizing portable drill rigs. All core was HQ in size.
Figure 1: 2024 Drill Program Collar Locations
San Miguel Vein - Inset Claims Target
With the acquisition of the Cusi Property, the Company additionally acquired and consolidated two
inset claims along the San Miguel vein system. This area has a small open pit mine at surface
(~30m depth) and minor underground workings from historical mining, assumed to be pre-2000s.
Historical drilling, conducted in 2006 and 2007, targeted approximately 30m below the open pit and
returned excellent results, including hole DC07B077 which hit 482 g/t Ag over 7.5m and DC06B030
which returned 390 g/t Ag over 7.0m. No drilling was completed after 2007 as the ownership of the
claims was subsequently disputed.
The 2024 drilling in this area targeted the interpreted, high-grade, down-plunge extension of the San
Miguel vein system, which had never been drilled. The objective was to test the continuity of the
structure within the Company's recently acquired inset claims. A strike length of approximately
250m was drilled over the vein with the deepest intercept at 250m below surface. This drilling was
on average 175 m below the historical intercepts.
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The San Miguel vein system was hit in the majority of the drill holes, with the best intercept in CU-
24-08 with 7.5 metres of 364 g/t AgEq. Hole CU-24-08 was the deepest intercept of the program
highlighting that the vein system is currently open at depth and increasing in width. Other intercepts
of note are highlighted in Figure 2 and Table 1. The system remains completely open at depth and
along strike. Another ore shoot directly to the east of this drilling remains open as well, with only
historical, near surface drilling.
Figure 2: San Miguel Long Section, +/- 150m, Looking WNW
The mineralization at the San Miguel vein system is hosted within a sequence of rhyolite lapilli tuff.
The host rock is characterized by strong to moderate silicification and local oxidation and chlorite
alteration, indicating a significant hydrothermal system was active in the area.
The mineralized structures consist of a series of steeply-dipping, parallel veins, primarily presenting
as a hydrothermal breccia. This breccia is a fractured and cemented rock, with fragments of the
host rock and angular quartz clasts cemented by silica. Vein widths are variable, ranging from less
than 1.0m to exceeding 5.0m, and are steeply dipping at 70-80o.
Eduwiges Downthrown Block Target
This portion of the 2024 program was designed to test the interpreted fault-displaced, or
"downthrown, " continuation of the Eduwiges vein system. This downthrown extension was
previously discovered and partially mined in the Promontorio zone (Figure 4) where deeper drilling
has shown both lateral and vertical continuity past existing workings. Similarly, surface exploration
drilling at the San Juan system (Figure 5) in 2021 also intersected this key structural feature.
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Hole CU-24-10c successfully intersected the Eduwiges vein structure to the east of the Cusi fault,
returning 3.2 metres of 519g/t AgEq. This intercept is a 200 metre step out from historical workings
at Eduwiges 190m from hole CU-24-05 intercept of 2.5 metres of 265 g/t AgEq. Historical drilling in
the area was unable to successfully target the vein. This intercept confirms the Company’s
structural model and provides a new, deeper exploration horizon that is predicted to host the same
high-grade potential as its shallow, un-faulted counterpart, on all the vein systems on the Cusi
property.
Figure 3: Eduwiges Long Section +/- 100m (mine as-built unclipped), Looking NNW
Cusi Downthrown Block Targets
The Company’s exploration target is based on a structural model which suggests a significant post-
mineral fault has displaced all the vein systems on the property to the east of the Cusi fault. This
means the downthrown block, while occurring at a deeper elevation relative to surface, represents
the same favorable relative elevation within the overall epithermal mineral system. This structural
understanding indicates the continued potential for the same high-grade silver mineralization found
in the un-faulted portions of the deposit. A conceptual exploration model is provided in Figure 4,
with the Promontorio underground workings reference for scale.
The previous project owner had discovered this structural continuation east of the Cusi fault in the
Promontorio vein system, mining a portion of the first downthrown extension. Exploration drilling at
Promontorio shows that the vein system continues, however only limited step out drilling has been
performed. This drilling had outlined historical intercepts such as DC21M837 with 8.1m of 286 g/t
AgEq, DC17B718 with 4.2m of 834 g/t AgEq, and DC17B757 with 3.5m @ 361 g/t AgEq. The
Company plans on following up on these results through underground drilling at Promontorio.
These historical results are highlighted in Figure 5.
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Figure 4: Cusi Geological & Conceptual Exploration Model
Figure 5: Promontorio Long Section +/- 250m, Looking NNW
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Following up on the discovery at Promontorio, drilling was also completed on the San Juan vein
system in 2021. This drilling involved a significant step out of approximately 500m from previous
drilling and successfully intercepted the San Juan vein in DC21B955 with 4.4m @ 472 g/t AgEq. San
Juan remains open in all directions, and the Company plans on infilling the vein. Select historical
intercepts from San Juan are displayed in Figure 6.
Figure 6: San Juan Long Section +/- 75m, Looking NNW
Detailed drill results, along with notable assays results are provided in Tables 1 and 2.
Table 1: Significant Assay Results from the 2024 Drill Program
Hole ID Zone From (m) To (m) Length (m)(2) Au g/t Ag g/t Pb % Zn % AgEq g/t (1)
CU-24-01 Eduwiges 220.3 222.0 1.7 0.13 202 0.83 4.46 287
CU-24-01 Eduwiges 415.3 415.9 0.6 0.14 116 9.47 1.76 337
CU-24-02 San Miguel No Significant intercept
CU-24-03 San Miguel 168.0 171.3 3.3 0.15 450 0.31 0.42 425
incl. 170.7 171.3 0.6 0.41 1,766 0.76 0.70 1,634
CU-24-04 San Miguel 190.2 193.0 2.8 0.20 306 0.28 0.29 294
CU-24-05 Eduwiges 332.5 334.9 2.5 0.62 236 0.81 0.62 265
CU-24-06 San Miguel 178.9 183.3 4.4 0.22 270 0.33 0.17 262
incl. 182.1 182.3 0.2 1.35 1,740 1.47 0.16 1,653
CU-24-06 San Miguel 201.0 205.3 4.4 0.06 114 1.08 0.36 134
CU-24-07 San Miguel 177.5 180.0 2.6 0.26 385 0.29 0.13 365
CU-24-07 San Miguel 184.5 189.9 5.4 0.14 184 0.08 0.08 174
CU-24-08 San Miguel 171.4 174.4 3.0 0.20 181 0.10 0.08 323
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Hole ID Zone From (m) To (m) Length (m)(2) Au g/t Ag g/t Pb % Zn % AgEq g/t (1)
incl. 171.4 171.7 0.3 2.51 1,590 20.00 5.06 2,037
CU-24-08 San Miguel 223.5 227.9 4.4 0.10 129 0.07 0.05 122
CU-24-08 San Miguel 237.1 244.7 7.5 0.30 291 2.17 2.45 364
incl. 239.0 239.7 0.7 0.96 958 2.01 5.02 1,035
CU-24-09 San Miguel 125.8 126.5 0.7 0.13 288 0.25 0.67 282
CU-24-09 San Miguel 191.4 197.2 5.9 0.16 315 0.42 0.12 301
incl. 193.4 194.3 0.9 0.23 803 0.76 0.06 748
CU-24-10C Eduwiges 383.2 386.4 3.2 0.23 498 1.34 1.83 519
CU-24-10C Eduwiges 647.6 649.5 1.9 0.12 78 1.76 1.53 140
CU-24-11 San Miguel 165.1 168.7 3.7 0.26 304 1.28 0.66 322
CU-24-12 San Miguel No Significant intercept
CU-24-13 San Miguel No Significant intercept
CU-24-14 San Miguel No Significant intercept
Notes
(1) AgEq = Ag g/t x Ag Recovery + [(Au g/t x Au Rec x Au price/gram)+(Pb% x Pb rec. X Pb price/t) + (Zn% x Zn rec. X Zn
price/t)]/Ag price/gram. Metal price assumptions are: $30.00/oz silver, $2400/oz gold, $1.00/lb lead, 1.35/lb zinc.
Metallurgical recovery assumptions are 90% for silver, 50% for gold, 90% for lead, and 60% for zinc. Metallurgical
recoveries used in this release are based on historical operational results on the Cusi project.
(2) Reported intervals are downhole core lengths. True widths are estimated at ~70–80% based on vein orientation
observed in drill core; however, actual true widths may vary with additional drilling.
Table 2: Drill Collar Location
Hole ID Easting Northing Elevation Azimuth (1) Dip (1) Depth
CU-24-01 319,751 3,125,118 2,034 356 -52 552.0
CU-24-02 320,431 3,123,359 2,067 318 -35 223.5
CU-24-03 320,431 3,123,358 2,067 310 -40 220.5
CU-24-04 320,431 3,123,359 2,067 304 -50 244.5
CU-24-05 320,034 3,125,056 2,000 322 -46 721.5
CU-24-06 320,431 3,123,358 2,067 281 -48 255.0
CU-24-07 320,462 3,123,425 2,063 302 -46 252.0
CU-24-08 320,462 3,123,425 2,063 286 -58 298.5
CU-24-09 320,455 3,123,508 2,071 285 -61 249.0
CU-24-10C 320,107 3,125,209 2,000 325 -61 802.5
CU-24-11 320,459 3,123,581 2,059 271 -58 198.0
CU-24-12 320,631 3,123,980 1,973 287 -68 256.5
CU-24-13 320,741 3,123,842 1,987 310 -59 459.0
CU-24-14 321,035 3,124,036 2,017 304 -64 785.5
Notes
(1) Hole azimuths and dips are based on average of surveyed intervals
Quality Assurance/Quality Control and Sampling Procedures
All diamond drill core from the 2024 program at the Cusi Project was logged, photographed, and
sawn in half using a diamond blade core saw. One half of the core was submitted for geochemical
analysis, while the other half was retained in secure storage for reference. Sampling intervals were
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determined based on geological boundaries and typically ranged from 0.3- 1.5 metres. Control
samples comprised approximately 18% of all samples submitted, including certified reference
standards, analytical blanks, field duplicates, preparation duplicates and analytical duplicates.
QA/QC results were reviewed in real time, and all data have been verified as meeting acceptable
thresholds for accuracy, precision, and contamination before inclusion in this release.
Drill core and rock samples were sent to ALS Minerals for analysis with sample preparation in
Chihuahua, Mexico and analysis in North Vancouver, British Columbia. Samples remained under
Company custody until delivery to ALS; sealed bags were transported by Company personnel to
ALS Chihuahua. The ALS Chihuahua and North Vancouver facilities are ISO/IEC 17025 certified.
Samples are dried, weighed, and crushed to at least 70% passing 2mm, and a 250 g split is
pulverized to at least 85% passing 75 μm (PREP-31). Silver and base metals are analyzed using a
four-acid digestion and ICP-AES. Over-limit analyses for silver (>100 ppm), lead (>10,000 ppm), and
zinc (>10,000 ppm) are re-assayed using an ore-grade four-acid digestion and ICP-AES (ME-OG62).
Samples with over-limit silver assays > 1500 ppm are analyzed by 30-gram fire assay with a
gravimetric finish (Ag-GRA21). Gold is assayed by 30-gram fire assay and AAS (Au-AA23)
Technical Disclosure
The scientific and technical information contained in this news release has been reviewed and
approved by Nico Harvey, P .Eng., Vice President Project Development of Silverco, a Qualified
Person as defined in National Instrument 43-101. Mr. Harvey is not independent of the Company.
Mr. Harvey has reviewed the sampling, analytical and QA/QC data underlying the technical
information disclosed herein.
No production decision has been made at Cusi. Any decision to restart operations will follow
completion of the requisite technical, financial and permitting milestones.
About Silverco Mining Ltd.
The Company owns a 100% interest in the 11,665-hectare Cusi Project located in Chihuahua State,
Mexico (the “Cusi Property”). It lies within the prolific Sierra Madre Occidental gold-silver belt.
There is an existing 1,200 ton per day mill with permitted tailings capacity at the Cusi Property.
The Cusi Property is a permitted, past-producing underground silver-lead-zinc-gold project
approximately 135 kilometres west of Chihuahua City. The Cusi Property boasts excellent
infrastructure, including paved highway access and connection to the national power grid.
The Cusi Property hosts multiple historical Ag-Au-Pb-Zn producing mines each developed along
multiple vein structures. The Cusi Property hosts several significant exploration targets, including
the extension of a newly identified downthrown mineralized geological block and additional
potential through claim consolidation.
On Behalf of the Board of Directors
“Mark Ayranto”
Mark Ayranto, President & CEO
Email: [email protected]
For further information, please contact:
Investor relations & Communications