Minaurum Silver completes 50,000‑metre Alamos resource-expansion drilling

Minaurum Silver Inc. CVEMGG OTCMKTSMMRGF reported on Thursday that it completed its 50,000-metre Alamos resource-expansion program, with final results including 12.20 metres grading 238 grams per tonne silver equivalent. The results will feed into a fourth-quarter resource update, following January's initial inferred estimate of 55.2 million silver-equivalent ounces.

Shares closed at C$0.25 on the TSX Venture Exchange at 4:00 p.m. EST on Nov. 4, before Thursday's release, according to Google Finance's CVEMGG quote.

The Promontorio Sur result came from hole AL26-272 and included 5.45 metres grading 336 grams per tonne silver equivalent. The broader interval contained 14 grams per tonne silver, with lead and zinc contributing to its equivalent grade.

The completed Phase II program totalled 50,356.15 metres in 138 holes, exceeding its target. Minaurum said it sought to expand existing resources and test extensions in additional vein zones through step-outs spaced roughly 80 metres apart.

Minaurum is exploring its wholly owned Alamos project in Sonora, Mexico. Its January estimate covered portions of three vein zones out of the 26 identified at the project.

That initial inferred estimate contained 5.37 million tonnes averaging 320 grams per tonne silver equivalent. It used a cutoff of 150 grams per tonne silver equivalent; the new assays do not themselves establish an increase in resource ounces. The company says Europa and Promontorio remain open along strike and at depth.

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At Africa, hole AL26-274 returned 2.80 metres grading 751 grams per tonne silver equivalent. The interval began at a downhole depth of 199.75 metres.

Its interpreted true width was 2.65 metres, and the interval included 0.50 metre grading 1,579 grams per tonne silver equivalent.

Promontorio's reported length is a drilled interval. At Quintera, the company also reported 5.30 metres grading 385 grams per tonne silver equivalent, while separate footwall drilling encountered gold mineralization slated for further testing.

"These latest results complete our 50,000-metre Phase II resource-expansion drill program and set the stage for our upcoming resource update," chief executive Darrell Rader said in the release.

The Nov. 5 release bases equivalent grades on an Oct. 1, 2025 price forecast. Silver was assumed at US$29.73 an ounce and gold at US$2,646. Copper was US$4.34 a pound, while lead and zinc were US$0.92 and US$1.21 a pound, respectively.

Assumed recoveries were 88.3 per cent for silver and 88.5 per cent for gold. Copper recovery was 75.5 per cent, with lead at 83 per cent and zinc at 75 per cent.

Minaurum targets the updated Phase II mineral resource estimate for the fourth quarter of 2026.