The latest drill results from Metalsource Mining Inc. (MSM:CSE; SFRIF:OTC; E9Z:FSE) expanded the high-grade corridor at its Silver Hill Project in North Carolina, with step-out drilling extending mineralization beyond historical workings while providing additional information on the geometry of the polymetallic system.
The company reported assay results from holes SH26-17 and SH26-18 as part of its ongoing exploration program at Silver Hill. Hole SH26-18 returned 11.83 meters grading 245 grams per tonne silver equivalent (AgEq), including 1.40 meters grading 833 g/t AgEq and 0.64 meters grading 1,580 g/t AgEq. The hole extended mineralization approximately 28 meters south of the previously reported hole SH26-08.
Hole SH26-17 tested the northern edge of a recently identified high-grade zone and intersected the target horizon between 185.59 and 185.75 meters, returning combined lead-zinc values of up to 14.3%. According to the company, the result demonstrates that mineralization remains open to the north while also indicating local variation in width and grade.
Hole SH26-18 was drilled as a 28-meter step-out from SH26-08 to test the continuity of mineralization and the recently defined high-grade plunging zone. The company reported combined lead-zinc values of 32.5% and 13.8 g/t gold between 199.40 and 200.04 meters, stating the results increase confidence in targeting mineralization down plunge.
Joe Cullen, CEO of Metalsource Mining, said in the company news release, "These results are significant because they continue to demonstrate continuity within the system while validating our evolving geological model. Hole SH26-18 successfully stepped out approximately 28 meters from Hole SH26-08 and intersected the same style of strong silver, gold, lead, and zinc mineralization, giving us increasing confidence that we are tracking a coherent high-grade corridor rather than isolated pockets of mineralization."
The company said the results continue to improve its understanding of the deposit morphology, grade variation, and orientation of high-grade plunging mineralization within the broader polymetallic system. Metalsource also noted that multiple assay results remain pending from the current drill campaign.
Analytical testing was conducted by ALS Geochemistry in Reno, Nevada, and ALS Canada in Vancouver, British Columbia. The company stated that exploration results remain preliminary and are insufficient to define a mineral resource, with additional drilling required to determine the continuity, geometry, and grade distribution of mineralization.
Analyst Expects Steady Flow of Drill Results
In a June 11 commentary, Bob Moriarty of 321gold.com discussed Metalsource Mining's ongoing drill program at the Silver Hill project in North Carolina. Moriarty wrote that the company "continues to deliver barn-burning results" from the program, highlighting drill results that returned 434 grams per tonne silver equivalent over 10.64 meters, including 2,050 grams per tonne silver equivalent over 1.52 meters.
According to Moriarty, the drill hole extended the deposit 195 meters down dip. He also noted that approximately a dozen additional drill hole assays remained to be released, writing that "investors can look forward to a steady flow of information from the company."
Streetwise Ownership Overview*
Metalsource Mining Inc. (MSM:CSE;SFRIF:OTC;E9Z:FSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 01/30/24 | SF | 1 | MSM | 1 |
| 02/04/13 | SF | 10 | SF | 1 |
| 05/07/10 | SF | 10 | SF | 1 |
| 06/19/06 | RL | 1 | SF | 1 |
| 07/16/02 | GHM | 1 | RL | 1 |
| 01/30/01 | GMI | 3 | GHM | 1 |
| 10/06/99 | GNN | 6 | GMI | 1 |
Exploration Activities Continue Across Silver Hill
Metalsource said numerous drill holes from the current exploration campaign remain pending, including holes designed to test extensions of mineralization along strike, down plunge, and at depth.
The company is advancing plans to secure an additional drill rig to accelerate testing of both known mineralization and newly identified exploration targets.
Metalsource also said it is evaluating opportunities to expand its land position in prospective areas identified through geological and geophysical analysis.
The company continues to integrate recently completed induced polarization survey results with ongoing drilling data and historical datasets. According to Metalsource, early interpretations suggest additional exploration opportunities may exist beyond the currently defined mineralized footprint, with follow-up work underway to refine and prioritize future drill targets.
Metalsource said it is advancing the next phase of exploration by pursuing initiatives intended to accelerate exploration and evaluate the broader potential of the Silver Hill district. The company added that drilling, geophysical work, and geological interpretation continue to provide vectoring information for future exploration and target generation.
According to the accompanying corporate presentation, Silver Hill is located on a 1,225-acre property in Davidson County, North Carolina, where Phase 1 drilling extended high-grade gold-silver-base metal mineralization 195 meters down dip. The presentation also outlines ongoing down-plunge drilling below the historic 1,000 level, strike expansion drilling, updated three-dimensional modeling, and advanced geophysical work as part of the project's exploration program.
Ownership & Share Information1
Metalsource Mining Inc. has a market cap of CA$113.20 million, with 72.90 million shares outstanding. The company's 52-week range is CA$0.11-CA$2.29.
Strategic Investors own 26% of shares, while Management & Insiders own 3%. The remaining 71% of shares are Retail.
| Want to be the first to know about interesting Silver and Gold investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.
1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
