Silver47 Exploration (TSX-V:AGA) has begun drilling across the prospective eastern extension of the Tonopah mining district at the Hughes Project in Nevada, US.
The program comprises a minimum of 7,000m of reverse circulation and diamond drilling targeting the eastern extension. Drilling will primarily focus on the Ruby, Sapphire and Emerald targets.
CEO Galen McNamara says the potential to extend the system an additional 4.2km on the ground represents a “rare and exciting” opportunity to revitalise and expand the silver district.
“In addition to advancing our high-grade resource base, we are aggressively pursuing the main high-grade structure along the eastern extensions of the historical Tonopah District – one of Nevada’s premier exploration targets,” McNamara says.
“The Tonopah District historically produced 175 million ounces of silver and 1.86 million ounces of gold along a roughly 4km trend.”
As previously reported, drilling will begin with a fence of angled holes at the Ruby target, designed to intercept the primary mineralised structure. This activity will build directly on multiple mineralised veins encountered to date, as well as widespread and intense hydrothermal alteration observed in all holes.
Silver47 holds C$54 million ($56.18 million) in working capital, providing a ‘strong’ financial position to execute and potentially expand the program based on results.
This news comes after the company completed an upsized bought deal public offering, raising C$34.5 million earlier this year.
The Hughes Project, covering 5,504 acres, is located along the Walker Lane trend which has an endowment of at least 80 million ounces of gold and 700 million ounces of silver.
Silver47 Exploration is focused on building the US’ next high-grade silver company through its portfolio of projects in Alaska, Nevada and New Mexico.
Write to Aaliyah Rogan at Mining.com.au
Images: Silver47 Exploration
