Advance Metals Limited has announced a strong start to its maiden diamond drilling program at the 100 percent owned Gavilanes Silver Project in western Durango, Mexico, with the first drill hole intersecting a broad zone of high grade silver mineralization.
Strongly altered breccia zone in diamond hole GV-26-001 showing multiple consecutive high grade downhole silver assay results. This zone forms part of an intersection grading 6.2 meters at 718 g/t Ag from 133 m. Image Credit: Advance Metals Limited
The first diamond hole, GV-26-001, returned 33.9 meters at 220 g/t silver from 117.6 meters, including 6.2 meters at 718 g/t silver from 133 meters.
Additional high grade silver mineralization was also intersected deeper in the hole, with increasing base metals and gold. This included 3.3 meters at 270 g/t silver, 0.2 g/t gold, 0.7 percent copper, 0.7 percent lead and 1.1 percent zinc from 164.6 meters, including 1.65 meters at 394 g/t silver, 0.4 g/t gold, 1.1 percent copper, 1.1 percent lead and 1.7 percent zinc from 166.25 meters.
The result provides early validation of Advance’s strategy to rapidly grow the high grade Gavilanes silver system, which already hosts a Foreign Estimate of 22.4 Moz AgEq at 246 g/t AgEq. The Company’s current drilling program is targeting major extensions to the known high grade system and is expected to support a JORC Mineral Resource upgrade later in 2026.
Commenting on the first results from the Company’s drilling program at Gavilanes, Advance’s Managing Director & CEO Dr Adam McKinnon said:
“This is an excellent first result from our maiden drilling program at Gavilanes and provides early validation of the strategy we outlined when drilling commenced in May. GV-26-001 has intersected a broad zone of high grade silver mineralization, including 6.2 m at 718 g/t Ag, in an area where we are targeting extensions to the known high grade system.”
“Gavilanes already hosts a substantial high grade Foreign Estimate, and these first assays strengthen our confidence in the project’s potential to support a planned JORC Resource upgrade later this year. With assays pending from GV-26-002, a third hole in progress and historic core sampling also planned, we see strong potential for continued news flow from Gavilanes.”
“The strong initial results at Gavilanes have come immediately after a highly successful drilling program at our Yoquivo Project, where the endowment has doubled to 33 Moz silver-equivalent. Both Projects are now presenting an unparalleled growth and development opportunity for Advance, with significant additional near-term value to be unlocked as we continue to execute the growth strategy across our Mexican portfolio.”
GV-26-001 was drilled to a depth of 276 meters and tested down dip extensions of the high grade Descubridora structure. The mineralization was intersected approximately 80 meters down dip to the west of the high grade zone previously defined in historic hole SCHN-12.
Advance recently completed hole GV-26-002 to a depth of 291 meters, designed to test the southern extension of the known mineralized system. Assays are pending for this hole, while drilling is underway on the third extensional hole, GV-26-003, located on the same drill section.
The broader maiden diamond drilling program is expected to comprise 15 to 18 holes for up to 4,500 meters. Advance is also updating the geological model for Gavilanes using new lithological, structural and geochemical data generated from the program.
The Company said results from the full drilling campaign, together with planned sampling of selected historic drill core, are expected to support a planned JORC Mineral Resource upgrade for Gavilanes, targeted for early Q4 CY2026.
Key next steps include receipt of assays from GV-26-002, completion of GV-26-003, continued drilling across priority targets, review and sampling of selected historic drill core, and testing outside the current Foreign Estimate area to assess the broader scale potential of the Gavilanes system.
The Foreign Estimate referenced in relation to Gavilanes is not reported in accordance with the 2012 JORC Code. A Competent Person has not yet completed sufficient work to classify the Foreign Estimate as Mineral Resources or Ore Reserves in accordance with the 2012 JORC Code, and it is uncertain whether further evaluation or exploration will enable the estimate to be reported in accordance with the JORC Code.