A2Gold Corp. (AUAU:TSXV; AUXXF:OTCQX; RR7:FSE) has released results from the first four holes of its initial reverse-circulation (RC) drill program at the Taylor Silver-Gold Project, reporting shallow, high-grade antimony-gold mineralization alongside broad, high-grade silver intervals, according to a September 22 release.
These four holes represent all assays received, reviewed, and verified through the company's quality assurance and quality control process as of the release date.
About 170 meters north of the former Merrimac Mine, TAR-008 returned 1.28 grams per tonne (g/t) gold-equivalent (AuEq) over 36.6 meters, containing 0.26% antimony and 0.26 g/t gold, including a high-grade interval of 20.96 g/t AuEq over 1.5 meters that averaged 5.24% antimony and 0.52 g/t gold. TAR-009 delivered 4.09 g/t AuEq over 13.7 meters, including 7.01 g/t AuEq over 7.6 meters and 19.19 g/t AuEq over 1.5 meters, with the latter grading 4.86% antimony and 0.13 g/t gold. The results extend the known antimony-gold mineralization beyond the historical Merrimac workings and establish an important area for additional drilling.
The program also returned strong silver results. TAR-004 intersected 209.4 g/t silver and 0.11 g/t gold over 10.7 meters from surface, including 144.0 g/t silver over 1.5 meters within a broader 79.9 g/t silver interval spanning 39.6 meters. TAR-001 returned 104.7 g/t silver over 7.6 meters and 106.0 g/t silver over 1.5 meters within 52.6 g/t silver and 0.10 g/t gold over 48.8 meters, followed by a deeper interval grading 72.0 g/t silver over 9.1 meters, including 185.5 g/t silver over 3.0 meters. Assays from another 11 holes remain outstanding.
The historical Merrimac Mine is one of two former antimony producers within Taylor and provides evidence of the district's high-grade antimony potential. The mine operated from 1959 to 1960 and historically produced about 90 short tons of ore, averaging roughly 14% antimony, yielding about 2.5 tons of antimony oxide. Earlier drilling at Merrimac also returned grades of 7.01% antimony over 4.3 meters, 4.61% over 4.6 meters, and 3.79% over 5.5 meters. These historical production figures come from Nevada Bureau of Mines publications and other sources and haven't been independently verified or prepared under NI 43-101 standards.
The new TAR-008 and TAR-009 results, roughly 170 meters north of the old workings, show the antimony-gold system extends beyond the historical mine area. The mineralization follows an interpreted structural and stratigraphic trend that remains open to the north, south, and east, leaving room for further expansion. The target also sits outside the previously defined silver mineralization footprint, while the 2018 historical silver estimate didn't account for antimony.
"Taylor's initial results demonstrate the significant multi-metal potential of the Project," said A2Gold CEO Peter Gianulis. He noted the company's first four holes have already identified both shallow, high-grade antimony-gold mineralization and substantial silver grades, while much of Taylor's broader gold, silver, and antimony potential remains untested. Additional CRD, skarn, and porphyry-style targets also await drilling, with assays from 11 more holes still to come.
Digging Deeper Than the Historical Drill Bit
Taylor carries a historical silver resource estimate prepared by SRK Consulting (U.S.) Inc. in 2018, which outlined about 10.995 million ounces (Moz) of silver in the Measured and Indicated categories and another 603,000 ounces in the Inferred category at a 1.6 oz/ton silver cut-off. A2Gold cautioned that the historical estimate hasn't been reclassified as a current mineral resource because sufficient work hasn't yet been completed by a qualified person.
Drilling at TAR-001 and TAR-004 targeted the established silver zone but extended below the deepest levels of the historical drilling, adding information on both the mineralization and its geological controls. TAR-001 returned 52.6 g/t silver and 0.10 g/t gold over 48.8 meters, including 104.7 g/t silver over 7.6 meters and 106.0 g/t silver over 1.5 meters, followed by a deeper interval of 72.0 g/t silver over 9.1 meters containing 185.5 g/t silver over 3.0 meters. TAR-004 intersected 79.9 g/t silver over 39.6 meters from surface, including 209.4 g/t silver and 0.11 g/t gold over 10.7 meters and a separate 144.0 g/t silver interval over 1.5 meters.
"We are maintaining our BUY rating and our target price of CA$2.10/share on A2Gold," Ben Pirie and Nicholas Cortellucci of Atrium Research wrote.
The two holes also revealed geological features that could help guide future drilling, including calcite-sulfide feeder veins, a weakly gold-bearing lamprophyre dike, and narrow stratiform silver-gold mineralization below the limits of earlier drilling. TAR-001 in particular suggests the silver system could extend northeast beyond the historically tested area, the release said.
The first four holes have outlined two separate exploration opportunities at Taylor. About 170 meters north of the former Merrimac Mine, TAR-008 and TAR-009 identified shallow, high-grade antimony-gold mineralization within a target that remains open in three directions. Elsewhere, TAR-001 and TAR-004 expanded the understanding of the historical silver zone, with TAR-004 delivering mineralization from surface and TAR-001 identifying a deeper high-grade interval beneath the previous drilling limit.
Because the 2018 historical silver estimate didn't include antimony, A2Gold is combining the latest drilling with historical information to develop additional antimony-gold and silver targets. Results from the other 11 holes remain pending. The company's gold-equivalent calculations assume metal prices of US$3,000/oz for gold, US$35/oz for silver, and US$40,000 per tonne for antimony, with assumed recoveries of 80%, 70%, and 75%, respectively. Reported gold, silver, and antimony intervals use cut-off grades of 0.10 g/t, 10.0 g/t, and 0.1%, respectively, and reported lengths reflect drilled intervals — true widths haven't yet been established.
Analysts See Two Catalysts Converging in Nevada
According to an updated research note by Ben Pirie and Nicholas Cortellucci for Atrium Research on September 22, assays from 11 holes are still pending.
Merrimac is one of two former antimony producers at Taylor and historically produced about 90 short tons of ore grading roughly 14% antimony in 1959 and 1960. Earlier drilling at the mine returned as much as 7.01% antimony over 4.3 meters, highlighting the area's established high-grade antimony potential.
The silver results add another exploration dimension. TAR-004 returned 79.9 g/t silver over 39.6 meters from surface, including 209.4 g/t over 10.7 meters, while TAR-001 returned 52.6 g/t silver over 48.8 meters, including 104.7 g/t over 7.6 meters. TAR-001 also intersected a deeper zone grading 72.0 g/t silver over 9.1 meters, including 185.5 g/t over 3.0 meters. Both holes extended below historical drilling limits, while calcite-sulfide feeder veins and other geological features are providing new vectors for exploration. TAR-001 also points to a possible northeast extension of the silver system.
Taylor's 2018 historical silver estimate outlined about 11.6 million ounces, including 11.0 million ounces in Measured and Indicated resources and 603,000 ounces Inferred. The estimate is historical and has not been classified as a current mineral resource because a qualified person has not completed sufficient work to verify and classify it under current requirements, but it provides an indication of the project's historical silver endowment and potential for expansion, particularly against a much higher silver-price environment and potentially lower cut-off grades.
The Taylor results follow high-grade drilling at A2Gold's Eastside Project, where CAC-007 returned 141.10 g/t gold over 0.9 meters at the Castle Target, the highest-grade assay reported to date at Eastside. The intercept sits about 53 meters vertically below surface within the existing Castle resource, while results from CAC-006 support an interpretation that higher-grade gold is associated with northeast- and northwest-striking structures and favorable lithological contacts.
"We are maintaining our BUY rating and our target price of CA$2.10/share on A2Gold," the analysts wrote.
A2Gold now has two active exploration catalysts in the second half of 2026 through continued drilling and exploration at Eastside and Taylor. The two Nevada projects cover about 230 square kilometers of prospective ground, with Eastside hosting an Inferred resource of 1.4 Moz of gold and 8.8 Moz of silver, and an updated estimate is pending. Taylor adds the historical silver resource estimate, a 3-kilometer by 10-kilometer oxide-gold corridor, and newly demonstrated antimony potential, while Kinross Gold Corp. (K:TSX; KGC:NYSE) provides strategic backing through its approximately 9.9% ownership stake in A2Gold.
Gold's Long-Term Case Outshines Short-Term Pullback
Gold came under short-term pressure on Wednesday as the U.S. dollar strengthened and markets weighed the prospect of further Federal Reserve tightening, according to Scott Kanowsky of Investing.com on September 23. Spot gold declined 1.3% to US$4,301.65 an ounce by 08:54 ET, while futures fell 0.9% to US$4,338.40. The U.S. dollar index rose 0.4% to 100.95, its highest level since July 30, adding to the cost of gold for international buyers.
"The greenback has become the 'go to' haven for investors in times of uncertainty," David Morrison, senior market analyst at Trade Nation, said in a note. The dollar has also drawn support from expectations that the Federal Reserve could keep policy restrictive while energy prices continue to pose an inflation risk. Oil traded below US$100 a barrel as concerns about Middle East supply disruptions eased and renewed diplomatic efforts offered some relief, although crude remained more than 60% above its level at the start of the year.
The Federal Reserve increased its policy rate by 25 basis points last week, while Chair Kevin Warsh indicated that additional hikes could be warranted if inflation remains persistent. St. Louis Fed President Alberto Musalem and Chicago Fed President Austan Goolsbee have also supported further tightening. Although higher rates and a stronger dollar are creating near-term headwinds, elevated energy costs, inflation uncertainty, and an unsettled monetary-policy outlook continue to support the case for gold as a portfolio hedge.
But even though Bernstein has lowered its long-term gold price target, it continues to expect bullion to advance even if real interest rates move higher, Sam Boughedda of Investing.com reported on September 21. Analyst Bob Brackett reduced the firm's 2030 forecast to US$5,600 an ounce from US$6,100 as market expectations shifted from rate cuts earlier this year toward two or three hikes by 2027. Real rates have also climbed to about 2.7% from 1.7% in early March.
Brackett pointed to gold's resilience despite its traditional inverse relationship with real rates. Holdings in gold ETFs have remained relatively stable this year, while bullion has absorbed the Federal Reserve's latest rate increase. He said the metal "can rise with slowly rising real rates — the path we appear to be on," citing its performance from 2023 through 2025.
Central-bank accumulation remains an important pillar of Bernstein's bullish outlook. "We continue to believe central banks are not finished diversifying reserves away from the U.S. dollar and other G7 currencies into gold," Brackett wrote, noting that China, Japan, and Saudi Arabia each still hold less than 10% of their reserves in gold.
The biggest threat to that outlook would be weaker central-bank demand. Brackett also warned that sustained diesel and refined-product prices could reinforce inflation pressures and raise expectations for additional rate hikes, while a shift in congressional control following the U.S. midterm elections could lessen safe-haven demand for gold.
Antimony is a critical mineral used to harden lead in ammunition and armor-piercing rounds, act as a flame retardant, and support battery and semiconductor manufacturing — applications where substitution is technically difficult or economically impractical, according to Strategic Metals Invest.
China has long dominated global antimony refining, and its export controls — escalating from licensing requirements in August 2024 to an outright ban on U.S.-bound shipments by December 2024 — sent prices soaring roughly 2,600% at their peak, OilPrice.com noted.
Fastmarkets data cited by Geopolitical Monitor shows prices climbing from an annual average of US$5.49 per pound in 2023 to an all-time record of about US$27.10 per pound (US$59,750 per tonne) on July 4, 2025 — the steepest rally the price tracker has recorded since 1980.
Streetwise Ownership Overview*
A2Gold Corp. (AUAU:TSXV;AUXXF:OTCQX;RR7:FSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 06/02/25 | AUAU:TSXV | 2 | AUAU:TSXV | 1 |
| 02/21/18 | AZLLF:OTCQX | 1 | AUXXF:OTCQX | 1 |
Prices have since retreated as flame-retardant buyers reduced consumption, increased substitution at elevated price levels, and new supply emerged, falling to around US$14.50 per pound by mid-2026, according to Crux Investor.
Ownership and Share Information1
A2Gold Corp. has a market cap of CA$80.7 million, with 123.9 million shares outstanding. The company's 52-week range is CA$0.60-CA$1.46.
Management and Insiders own 9.67% of the company. The rest is retail.
Common Investor Questions
What did A2Gold announce on September 22? Results from the first four holes of its initial reverse-circulation drill program at the Taylor Silver-Gold Project in Nevada identified shallow, high-grade antimony-gold mineralization near the historic Merrimac Mine alongside broad, high-grade silver intervals elsewhere on the property.
What were the standout antimony-gold results? TAR-008 returned 20.96 g/t gold-equivalent over 1.5 meters (5.24% antimony, 0.52 g/t gold) within a broader 36.6-meter zone, about 170 meters north of the former Merrimac Mine. TAR-009 returned 19.19 g/t AuEq over 1.5 meters (4.86% antimony) within a broader 13.7-meter interval.
What about the silver results? TAR-004 intersected 209.4 g/t silver over 10.7 meters from surface, while TAR-001 returned 52.6 g/t silver over 48.8 meters, including a deeper high-grade interval of 185.5 g/t silver over 3.0 meters — both extending below the depths reached by historical drilling.
How does this relate to Taylor's historical resource? A 2018 estimate by SRK Consulting outlined about 11 million ounces of silver in the Measured and Indicated categories, plus 603,000 ounces Inferred. That estimate remains historical and is not being treated as a current mineral resource because sufficient work has not been completed to verify and classify it.
What's happening at A2Gold's other project, Eastside? Hole CAC-007 at the Castle Target returned 141.10 g/t gold over 0.9 meters — the highest-grade result reported at Eastside to date — supporting a structural model where northeast- and northwest-trending features control higher-grade gold zones.
What does Atrium Research think of the stock? Analysts Ben Pirie and Nicholas Cortellucci maintained a Buy rating with a CA$2.10 price target, citing two converging catalysts across Eastside and Taylor heading into the second half of 2026.
Who else has a stake in A2Gold? Kinross Gold Corp. holds approximately 9.9% of the company as a strategic investor.
What's the broader antimony market backdrop? Chinese export controls sent antimony prices up roughly 2,600% at their 2025 peak (to about US$27.10 per pound) before retreating to around US$14.50 per pound by mid-2026 as buyers substituted and new supply emerged — though the metal remains critical for ammunition, flame retardants, and battery/semiconductor applications where substitution is difficult.
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