Silver47 Exploration (TSX-V:AGA) is streamlining an updated resource estimate of its Red Mountain Project in Alaska US for the end of this year amid its merger with Summa Silver (TSX-V:SSVR).
The company has begun its 2025 summer exploration program to cover 4,000m through a core drilling rig to boost its current inferred resource of 168.6 million ounces of silver equivalent.
This campaign intends to achieve a preliminary economic assessment of the greater project, with the Mogollon and Hughes properties scheduled for metallurgical work and resource growth.
Previous drilling at the project returned up to 2,003 grams per tonne of silver equivalent from 4.26m, including 4,432g/t antimony and 97g/t gallium from a depth of 121.7m.
Silver47’s merger with Summa Silver is an extension of both companies’ intentions to stretch its portfolios across the US, building on its overall resources.
Speaking to Mining.com.au, Silver47 CEO Gary Thompson says that the completion of its merger will distinguish the company from its North American peers.
“Silver47, post merger with Summa Silver on a pro forma basis will hold 246 million ounces silver equivalent in the 300-400 grams per tonne silver equivalent grade range within three assets in the US (Alaska, Nevada and New Mexico) with tremendous near term growth potential,” Thompson tells this news service.
The merger sees the two companies combining under Silver47’s name, with Summa shareholders to reflect a 44% hold within the company by receiving 0.452 shares of Silver 47 per common share held.
Meanwhile over at the Adams Plateau Project, Silver47 has collected 76 rock samples with intention to progress prospecting to identify drill targets as recently reported by Mining.com.au.
The company has received a drilling permit that extends five years at the project, which is expected to host silver, zinc, copper, gold, and lead.
“The abundance of surface mineralization on the project is very encouraging for the potential of new and exciting discoveries,” Thompson tells this news service.
Highlights from historical exploration at Adams Plateau include up to 348g/t silver, 0.72g/t gold, 8.5% zinc, and 18.8% lead at 4.8m from the Spar target in 1976 drilling.
Rock samples have returned up to 4000g/t silver, 10.4g/t gold, 7% copper, 30% zinc, and 64% lead in previous sampling programs.
Covering the Eagle Bay Assemblage with a focus on limited bedrock exposure areas, Silver47 has collated its working as well as historical records to build a soil geochemical database to refine targets.
Silver47 Exploration is focused on expanding its silver output across its three wholly owned deposits in North America.
Write to Maddison Elliott at Mining.com.au
Images: Silver47 Exploration
