Silver47 Exploration (TSX-V:AGA) has begun a winter drilling program at the Mogollon Project in New Mexico, which will test the depth extents of high-grade silver along the Last Chance Vein.
Last Chance is a historical mine that was among the largest and most continuous producers in the Mogollon district, once supporting a 40-stamp mill and remaining largely unexplored by modern methods.
The holes in the program were meticulously planned through comprehensive analysis of historical data, aiming to maximise discovery efficiency and ounces per metre drilled.
Once the program is completed, substantial drilling will begin at the Hughes Project in March 2026, followed by an aggressive drilling program at the Red Mountain Project in June 2026.
CEO Galen McNamara says a “successful outcome” would open unexplored depth potential across the entire Mogollon district, largely dormant since the 1942 wartime shutdown.
“With silver now designated a critical mineral essential for solar, batteries, electronics, and defence, domestic sources are increasingly rare and strategically valuable amid global supply risks,” McNamara says.
“Ongoing exploration success and development could contribute meaningfully to US silver security, leveraging our US$55 million cash reserve, low $0.22 per ounce discovery cost and efficient resource growth outside the existing 32 million ounce inferred resource. For investors, Silver47 offers strong leverage in America’s push for critical minerals independence.”
Executive Chairman Gary Thompson adds that Mogollon represents a tremendous opportunity within one of the last remaining under-explored silver districts in the US.
Mogollon is host to numerous, epithermal-related silver-gold targets dispersed across 77km of near-continuous and complex vein systems.
Silver47 Exploration is a mineral explorer focused on uncovering and developing silver-rich deposits in North America.
Write to Aaliyah Rogan at Mining.com.au
Images: Silver47 Exploration
