Forgotten 1978 Drill Records Reveal 8,002 g/t Silver and Multiple High-Grade Intercepts

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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.

Trinity One Metals Ltd. (TOM: TSXV; ARJNF:OTCID; 5D5:FSE) reported the compilation and initial interpretation of six historic diamond core drill holes completed at the Silver-1 Mine in Ecuador as part of a United Nations exploration program in 1978.

The reported results are from the previously mined Ocashuaico sector. The company also located additional historic drill logs from the Shunaste sector, where no historical mining is known to have occurred. According to the company, those records are undergoing verification and geological interpretation.

The drilling was completed about 11 years before underground mining began at Silver-1 in 1989. Historical information indicates mining continued until about 1994 and reached a reported maximum depth of about 90 meters.

According to the company, the newly compiled records include high grade silver-lead-zinc intersections at calculated vertical depths exceeding the reported maximum historical mining depth. The principal zone in hole SB-18 began at 152.15 meters downhole and corresponded to a calculated vertical depth of 107.6 meters. The interval returned 2.60 meters grading 1,240 g/t silver, 1.57% lead and 3.08% zinc, including 0.25 meter grading 8,002 g/t silver, 7.80% lead and 11.70% zinc from 154.50 meters downhole, or a calculated vertical depth of 109.2 meters.

Additional historic results included SB-19, which returned 0.50 meter grading 2,076 g/t silver from 48.20 meters, corresponding to a calculated vertical depth of 34.1 meters, 5.30 meters grading 182 g/t silver from 55.00 meters (38.9 meters VD), 0.15 meter grading 2,229 g/t silver from 131.05 meters (92.7 meters VD), and 0.23 meter grading 1,011 g/t silver from 155.12 meters (109.7 meters VD). SB-20 returned 5.45 meters grading 217 g/t silver from 38.35 meters (27.1 meters VD), including 0.97 meter grading 754 g/t silver from the same depth, as well as 0.40 meter grading 350 g/t silver from 164.40 meters (116.2 meters VD).

The remaining three historic drill holes returned lower grades. SB-25 intersected 1.90 meters grading 125 g/t silver from 127.70 meters, SB-25B returned trace silver in its two recorded sample intervals, and SB-27 intersected 1.50 meters grading 64 g/t silver from 229.00 meters.

The company stated that the drill records were recovered by its in-country geological team through a review and digitization of original paper drill logs and technical documents held in the archives of Ecuador's Geological and Energy Research Institute (IIGE).

Thomas Wood, chief executive officer of Trinity One Metals, said in a company news release, "The recovery of these 1978 United Nations drilling records represents an important breakthrough in our understanding of Silver-1."

He added, "SB-18 is particularly significant. It intersected 2.60 m grading 1,240 g/t silver, including 0.25 m grading 8,002 g/t silver, from a downhole depth of 152.15 m."

The company said the results were compiled from original paper records held by IIGE and checked against available historical figures and drill information. It has not independently verified the results through resampling of original drill core or confirmation drilling. The company also noted that the available records do not identify analytical methods, sample preparation procedures, core diameter, sample security protocols, or complete drilling and QA/QC information, and that the historical results should not be treated as equivalent to results generated under current exploration and analytical standards.

According to the company, calculated vertical depths were based on an approximate drill inclination of negative 45 degrees and assumed no material drill hole deviation. The company also cautioned that the 0.25 meter interval grading 8,002 g/t silver in hole SB-18 "may be isolated, affected by a high-grade or nugget effect, or unrepresentative."

Silver Prices Recover While Long-Term Gains Remain Strong

Silver prices continued to trade near multi-year highs on July 27. According to live spot price data, silver was priced at US$59.20 per ounce, up US$0.48, or 0.82%, on the day. The data also showed silver prices had gained 2.37% over one day, 5.49% over the previous seven days and 55.87% over the past year, while remaining up 140.57% over five years and 193.25% over 10 years. The pricing source stated that the silver spot price "is calculated as an average of multiple wholesale market quotes," providing "a reliable central market value rather than representing any single transaction price."

According to the July 15 LBMA Precious Metals Market Report: Q2 2026, precious metals experienced significant volatility during the second quarter as geopolitical events, energy prices and inflation expectations influenced trading. The report stated that "as the intensity of the Iran War increased, the gold price (and silver price) fell, and as negotiations towards a ceasefire took place, the price tended to rise."

The report also noted that, despite a sharp decline in gold prices during the quarter, central bank demand remained a key source of support. It stated that "the People’s Bank of China added 320,000oz (~10t) to its reserve base," marking its nineteenth consecutive month as a net buyer, while the World Gold Council reported that central banks were net buyers of 41 tonnes of gold in May. According to the report, LBMA London vaults held 28,082 tonnes of silver at the end of June 2026, representing a 1.7% increase from the previous month.

FX678 Finance reported on July 27 that WTI crude fell about 5.6% during Asian trading, reducing inflation expectations and easing concerns over additional rate hikes. The publication added that "with oil prices now easing, market participants are recalibrating their outlook on global monetary policy." It also noted that "given silver's dual nature as both a precious metal and an industrial commodity, shifts in global growth prospects will also influence its demand."

Newsletter Writer Comments on Historic Drill Results

Chen Lin of the What is Chen Buying? What is Chen Selling? newsletter commented on July 23, 2026, following Trinity One Metals' announcement of historic drilling results at Silver-1. He wrote, "TOM.v reported very high grade silver intercept, 2.60 m at 36.16 oz/t silver (1,240 g/t), 1.57% lead and 3.08% zinc from 152.15 m." Lin added, "This is a fantastic result, and I believe the management will start to promote the story in September and they will have more results then."

In a previous commentary published June 10, 2026, Lin wrote that "TOM.v reported very good progress in starting up the Silver-1." He highlighted initial tailings samples that returned "132.82 g/t silver and 0.58 g/t gold, as well as 118.47 g/t silver and 0.50 g/t gold," along with waste rock sampling results that included "405.27 g/t silver and 3.07 g/t gold." Lin also noted at the time that "Trinity One is preparing a systematic tailings drilling and sampling program, currently expected to commence in July 2026."

Work Programs Continue at Silver-1

According to the company's July 8 project update, Trinity One has continued advancing the Silver-1 Mine through local field preparation, community engagement, environmental baseline work, and planning for the next stage of technical programs.

The company established a local project office in San Bartolomé to support community engagement, field logistics, technical coordination, sample handling, and planning for upcoming work programs at Silver-1.

Preparations are continuing for a planned tailings sampling program that is currently expected to begin in August 2026. Trinity One said it is selecting a contractor for the program, which is intended to support a more detailed evaluation of the historic tailings material at Silver-1.

The company also selected a contractor to complete a planned drone magnetic survey at Silver-1, with mobilization expected within the next fortnight. According to the company, the survey is intended to refine its understanding of the project's structural setting and support the generation of high-priority targets for diamond core drilling.

In addition, the company recently changed its OTC Basic Market ticker symbol from ARJNF to TOMXF, effective July 9, 2026, to align with its TSX Venture Exchange ticker. Trinity One also adopted a new equity incentive plan approved by shareholders at its June 18, 2026, Annual General and Special Meeting, with final approval remaining subject to the TSX Venture Exchange.

Ownership & Share Information¹

Trinity One Metals Ltd has a market cap of CA$8.07 million, with 67.23 million shares outstanding. The company's 52-week range is CA$0.04-CA$0.50.

Strategic Investors own 4.40% of shares, while Management and Insiders own 4.63%. The remaining 90.97% of shares are held by Retail.

FAQ

What did Trinity One Metals announce at the Silver-1 Mine?

Trinity One Metals reported the compilation and interpretation of six historic diamond drill holes completed in 1978 at the Silver-1 Mine in Ecuador. The company said the records included multiple high-grade silver, lead, and zinc intersections from the Ocashuaico sector.

What was the highest silver intercept reported by Trinity One Metals?

The highest reported historic intercept came from hole SB-18, which returned 2.60 meters grading 1,240 g/t silver, including 0.25 meter grading 8,002 g/t silver, along with lead and zinc mineralization.

Where is the Silver-1 Mine located?

The Silver-1 Mine is located in Ecuador. According to Trinity One Metals, the historic drilling discussed in the announcement was completed in 1978 as part of a United Nations exploration program.

What historic drill holes were included in the Silver-1 Mine update?

The update included historic drill holes SB-18, SB-19, SB-20, SB-25, SB-25B, and SB-27 from the Ocashuaico sector of the Silver-1 Mine.

Did Trinity One Metals verify the historic drilling results?

The company said the historic results were compiled from original paper records held by Ecuador's Geological and Energy Research Institute (IIGE). Trinity One Metals stated it has not independently verified the results through resampling of the original drill core or confirmation drilling.

How deep was historic mining at the Silver-1 Mine?

According to Trinity One Metals, historical mining reportedly reached a maximum depth of about 90 meters between 1989 and approximately 1994. The company said several historic drill intersections occurred at calculated vertical depths greater than the reported mining depth.

What metals were identified in the Silver-1 Mine drilling?

The reported historic drill results included silver, lead, and zinc mineralization. Multiple drill holes returned high-grade silver intervals together with lead and zinc values.

What is the Shunaste sector at the Silver-1 Mine?

Trinity One Metals said it located additional historic drill logs from the Shunaste sector, where no historical mining is known to have occurred. According to the company, those records are undergoing verification and geological interpretation.