What's Happening?
Silver47 Exploration has commenced a winter drilling program at the Mogollon Project in New Mexico, targeting high-grade silver deposits along the Last Chance Vein. This historical mine was once a major producer in the Mogollon district but has remained largely unexplored by modern methods. The drilling program is meticulously planned, utilizing comprehensive historical data analysis to maximize discovery efficiency and the number of ounces per meter drilled. The initiative is part of Silver47's broader strategy to explore and develop silver-rich deposits in North America, with plans to follow up with substantial drilling at the Hughes Project in March 2026 and an aggressive program at the Red Mountain Project in June 2026.
Why It's Important?
The Mogollon Project's
success could significantly enhance U.S. silver security, as silver is now considered a critical mineral essential for solar, batteries, electronics, and defense. Domestic sources of silver are increasingly rare and strategically valuable amid global supply risks. Silver47's exploration efforts could contribute meaningfully to the U.S.'s push for critical minerals independence, leveraging a $55 million cash reserve and a low discovery cost of $0.22 per ounce. This initiative not only aims to uncover new silver resources but also to revitalize a historically significant mining district that has been dormant since the 1942 wartime shutdown.
What's Next?
Following the completion of the winter drilling program at Mogollon, Silver47 plans to initiate substantial drilling at the Hughes Project in March 2026, followed by an aggressive drilling program at the Red Mountain Project in June 2026. These efforts are expected to further explore the depth potential across the Mogollon district and other projects, potentially leading to significant discoveries that could bolster the U.S. silver supply chain. The outcomes of these programs will be closely watched by investors and stakeholders interested in the strategic development of domestic mineral resources.
