ICG Silver & Gold Hits High-Grade Gold at Tuscarora as Nearby Jerritt Canyon Moves Toward Restart

Important Disclosures:

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of ICG Silver & Gold Ltd. 
2. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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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.

Key Takeaways

• ICG Silver & Gold reported 24.3 m (meters) grading 10.14 g/t Au (gold) and 3.4 g/t Ag (silver) from its Battle Mountain target in Nevada.

• The interval included 4.6 m at 51.84 g/t Au and a higher-grade section of 1.5 m at 137.0 g/t Au.

• All six holes reported from the company's 2026 Phase 1 program encountered gold and/or silver mineralization, with assays pending from six additional holes.

• ICG controls approximately 10,000 acres at the Tuscarora District and has compiled more than 40,000 m of historical drilling into a district-scale geological model.

• Nearby Jerritt Canyon is being advanced by First Majestic Silver, which plans to invest US$75 million in 2026 toward a potential 2027 restart and has planned 42,000 m of drilling this year.

ICG Finds High-Grade Gold at New Tuscarora Target

ICG Silver & Gold Ltd. (ICG:CSE; ICGSF:OTCPK; JI0:FSE) has returned high-grade gold from its latest drilling at the Tuscarora District in northern Nevada, with the strongest result coming from a target the company staked earlier this year.

On September 30, 2026, ICG released assay results from the first six of 12 reverse-circulation (RC) drill holes completed during its 3,000 m Phase 1 drill program. All six holes encountered gold (Au) and/or silver (Ag) mineralization, but hole T26RC-04 at the Battle Mountain target delivered the standout result, including:

• 24.3 m at 10.14 g/t Au and 3.4 g/t Ag from 181.4 m downhole.
• 12.1 m at 20.00 g/t Au and 4.7 g/t Ag within that interval.
• 9.1 m at 26.58 g/t Au and 5.8 g/t Ag.
• 4.6 m at 51.84 g/t Au and 10.2 g/t Ag.
• 1.5 m at 137.0 g/t Au and 25.7 g/t Ag.

True widths have not yet been established, so the reported lengths are downhole intervals. Still, ICG stated that the drilling identified a new high-grade mineralized shoot at Battle Mountain, describing the zone as part of a broader mineralized system rather than an isolated high-grade sample. A second Battle Mountain hole, T26RC-05, returned 15.2 m grading 0.73 g/t Au and 2.2 g/t Ag from 224 m downhole, including 7.6 m at 1.27 g/t Au. The hole also returned 6.1 m grading 10.5 g/t Ag. Results show that the Battle Mountain mineralization extends beyond the single headline intercept, providing a new target for follow-up drilling, along with additional information for the company's broader geological model.

"T26RC-04 is an exciting accomplishment for the program," said Korbon McCall, VP of Exploration at ICG in the release. "Intersecting 24.3 m grading 10.14 g/t Au, including 4.6 m grading 51.84 g/t Au, demonstrates the ability of our structural targeting approach to identify previously untested high-grade mineralization. Just as importantly, the mineralized intervals encountered across all six holes provide valuable new information about the geometry, controls, and broader footprint of the system. We now have a compelling new high-grade zone at Battle Mountain to follow up on, alongside an expanding geological data set that will help us sharpen the next generation of targets across the Tuscarora district."

The Battle Mountain result also stands out because of its setting. ICG controls 10,000 acres at Tuscarora, a silver-gold epithermal district about an hour northwest of Elko, Nevada. The project is located near the intersection of the Carlin and Independence trends, and ICG's website describes Tuscarora as an Eocene-age volcanic field with a history of gold and silver production. Historically, the district produced more than 500,000 ounces of gold and 7.5 million ounces of silver.

Nearby, Jerritt Canyon Offers a Look at the Broader Nevada Gold System

The region as a whole provides context for ICG's exploration. Nearby, First Majestic Silver Corp. (AG:TSX; AG:NYSE; FMV:FSE) is preparing for a potential restart of the Jerritt Canyon gold operation.

Jerritt Canyon is a separate property from Tuscarora, so the two projects should not be treated as interchangeable. But it does offer context for the level of gold exploration and development activity taking place in the broader area. First Majestic currently reports 4.1 million ounces of Measured and Indicated gold resources and 3.7 million ounces of Inferred resources at Jerritt Canyon. The company has also announced a restart plan targeting production in the second half of 2027. First Majestic's website provides the current resource and restart details.

The scale of the work planned at Jerritt Canyon includes:

• US$75 million planned investment during 2026.
• US$15 million allocated to exploration.
• 19,000 m of planned underground drilling.
• 23,000 m of planned surface drilling.
• Potential production restart targeted for the second half of 2027.

First Majestic's April restart announcement said the company is combining exploration, mine development, processing-plant upgrades, and technical studies as it works toward the potential restart. The nearby operation has also produced recent exploration results that show the kind of gold mineralization First Majestic is testing in the district. Its 2025 drilling program included:

• 24.4 m at 3.43 g/t Au at Mahala/Javelin.
• 7.6 m at 9.43 g/t Au at Mahala/Javelin.
• 18.3 m at 2.23 g/t Au at Mahala/Javelin.
• 51.8 m at 1.48 g/t Au at Saval.

These results come from a 57-hole, 18,300 m exploration program at Jerritt Canyon. The company's release said the program tested both underground targets and potential near-surface open-pit mineralization. These numbers reiterate that Jerritt Canyon has an extensive history of gold production and a large existing resource base, while ICG is testing a separate district-scale land package where its latest drilling has identified another high-grade zone.

Gold & Silver Struggling but Still Up

Gold prices remained volatile entering October, after spot gold fell more than 6% in September and briefly reached around US$4,110 per ounce on September 28. Reuters reported gold near US$4,187 per ounce on October 1 after softer-than-expected U.S. inflation data reduced expectations for a Federal Reserve rate hike this month. The September sell-off followed higher oil prices, Treasury yields, and a stronger U.S. dollar, which increased inflation and interest-rate concerns.

Despite the correction, gold demand is far from low. The World Gold Council reported first-half 2026 gold demand, including over-the-counter activity, of 2,522 tonnes, up 2% year over year, with demand value reaching a record US$380 billion. Central banks purchased 289 tonnes in Q2 2026.

Chen Lin of What is Chen Buying? What is Chen Selling? wrote, "This hole should bring a lot of excitement to the stock."

Silver has also pulled back from its earlier highs, amid shifting expectations for U.S. monetary policy and inflation concerns. The Silver Institute expects the silver market to remain in deficit for a sixth consecutive year, with a projected 67-million-ounce deficit in 2026. Physical investment is forecast to rise 20% to 227 million ounces, while industrial fabrication is expected to decline 2% to roughly 650 million ounces as solar manufacturers reduce silver use.

Both metals are sensitive to U.S. monetary policy, inflation expectations, currency movements, and geopolitical developments, though silver carries additional exposure to industrial demand. For precious-metals investors, the combination of elevated gold prices, a projected structural silver deficit, and continued central-bank and physical investment demand provides an important backdrop for companies exploring and producing gold and silver.

Chen Lin Expects "Excitement" Over Results

On September 30, 2026, Chen Lin of What is Chen Buying? What is Chen Selling? weighed in on the company, writing that the company "hit T26RC-04 (Battle Mountain target) intersected 24.3 m of 10.14 g/t Au and 3.4 g/t Ag from 181.4 m down hole, including 4.6 m of 51.84 g/t Au and 10.2 g/t Ag and 1.5 m of 137.0 g/t Au and 25.7 g/t Ag. Remember, ICG is a spinoff USGD.cn. Every shareholder of USGD should have "free" shares of ICG in their account. USGD also retains about 20% of ICG, if I remember correctly. This hole should bring a lot of excitement to the stock."

More Assays Could Add to the Picture

ICG's latest results are only the first batch from the 2026 Phase 1 program.

The company completed all 3,000 m of planned drilling in September, testing the Silica, Battle Mountain, King's Vein, and East Pediment targets. Six holes had assays pending when the Battle Mountain results were released. ICG's September 17, 2026, release said drilling across the completed target areas encountered the geological horizons predicted by its 3D subsurface model.

The company is now incorporating the new drill data into that model as it works toward a first Mineral Resource Estimate (MRE) for Tuscarora, which ICG has said it is targeting for Q1 2027.

Ownership & Share Information¹

ICG Silver & Gold Ltd. has a market capitalization of approximately CA$17.92 million, with 43.18 million shares outstanding. The company's 52-week range is CA$0.26–CA$0.65.

Management and insiders own 9.94% of shares, while retail investors hold the remaining 90.06%.

Frequently Asked Questions

Q: What is ICG Silver & Gold exploring at the Tuscarora District?
A: ICG is exploring its approximately 10,000-acre Tuscarora land package in northern Nevada for gold and silver mineralization. The 2026 Phase 1 program tested targets including Battle Mountain, Silica, King's Vein, and East Pediment.

Q: What were ICG Silver & Gold's latest drill results at Battle Mountain?
A: Hole T26RC-04 returned 24.3 meters grading 10.14 g/t gold and 3.4 g/t silver, including 4.6 meters at 51.84 g/t gold and 1.5 meters at 137.0 g/t gold. The company said the results identified a new high-grade mineralized shoot at Battle Mountain.

Q: How much drilling has ICG Silver & Gold completed at Tuscarora?
A: ICG completed 3,000 meters of planned Phase 1 drilling in September 2026. Assays from six of the 12 holes had been released, with results from six additional holes still pending at the time of the latest announcement.

Q: When does ICG expect a Mineral Resource Estimate for Tuscarora?
A: ICG has said it is targeting a first Mineral Resource Estimate for the Tuscarora District in the first quarter of 2027. The company is incorporating its latest drilling into a three-dimensional geological model as it works toward that milestone.

Q: What is a drill intercept in mining?
A: A drill intercept is a length of rock encountered by a drill hole that contains mineralization of interest. Intercepts are generally reported in meters along the drill hole and should not automatically be interpreted as the true thickness of the mineralized zone.

Q: What does grams per tonne (g/t) mean for gold and silver?
A: Grams per tonne is a common measure of precious-metal concentration in mineralized rock. For example, 10 g/t gold means one tonne of rock contains an average of 10 grams of gold, before considering recovery or processing factors.

Q: What is an epithermal gold-silver deposit?
A: An epithermal deposit forms when hot, mineral-rich fluids move through rocks relatively close to Earth's surface and deposit metals in veins, fractures, and surrounding rock. These systems can contain economically significant concentrations of gold and silver.

Q: What is a Mineral Resource Estimate (MRE)?
A: An MRE is an estimate of the quantity and grade of mineralization within a defined geological area. Resources are classified according to geological confidence, but a Mineral Resource is not the same as a Mineral Reserve and does not by itself establish that the material can be economically mined.

Q: What is reverse-circulation (RC) drilling?
A: RC drilling uses a dual-wall drill system to bring rock chips to the surface through an inner tube. It is commonly used in mineral exploration because it can efficiently test multiple targets and provide samples for laboratory assay.