Silver47 Exploration (CSE:AGA) has begun a drilling program to expand the silver-rich volcanogenic massive sulphide (VMS) deposits at the Red Mountain Project in Alaska, US.
As part of the company’s 2025 summer exploration campaign, drilling is focusing on expanding the inferred 168.6 million ounce resource at Dry Creek and West Tunda Flats.
The program is also targeting untested areas near historical “high-grade” intercepts, prioritising areas richer in silver and gold to enhance the project’s resource base.
CEO Gary Thompson says the results from previous drillholes demonstrate the robust nature of the Bonnifield district, where Red Mountain is located.
“This year is shaping up to be transformational for the company with a full season of drilling and the pending merger with Summa Silver (TSV-V:SSVR),” Thompson says.
Some of the previous drill results include 15.24m @ 546 grams per tonne silver-equivalent plus 290g/t antimony and 32g/t gallium from 14.3m; and 22.32m @ 601g/t silver-equivalent plus 503g/t antimony and 54g/t gallium from 18.9m.
Further, Silver47 completed the Summa Silver oversubscribed C$6.9 million subscription receipt financing. The company says this paves the way for an expansion of the current drilling program, when the merger is completed.
In mid-May 2025, Silver47 and Summa Silver entered into an arm’s length definitive agreement to create a US-focused silver explorer and developer with a combined cash position of C$10 million.
Under the agreement, Summa shareholders will receive 0.452 Silver47 shares in exchange for each Summa share held.
Once completed, existing Silver47 and Summa shareholders will own 56% and 44% of the outstanding shares, respectively.
The Red Mountain Project is a VMS deposit that also contains critical minerals such as antimony, gallium, zinc, copper, and tin. The project spans over 630km2 and remains largely underexplored.
Silver47 Exploration is a silver and critical minerals explorer with three projects in Canada and the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Silver47 Exploration Corp
