The Silver Letter

Corcel Intersects Skarn-Hosted Copper-Gold Mineralization in Step-Out Drilling Expanding Strike Length to 900m at the Yuma King Project, Arizona

(CSE: CRCL) (OTCQB: CRLEF) Corcel Exploration Inc. announced assay results from two drill holes from the recently completed Phase I drill program at the Yuma King Project located in west-central Arizona. Drill hole YK26-002 intersected 40.25 metres of 0.52% Cu, 0.40 g/t Au, 4.49 g/t Ag, and 85 ppm Mo starting at 30 metres downhole, while YK26-003 intersected 32 metres of 0.17% Cu, 0.04 g/t Au, 2.47 g/t Ag, and 25 ppm Mo starting at 25 metres downhole. The Phase I drill program totaled 1,087 metres across six drill holes and tested more than 500 metres of strike-length, increasing the known mineralized strike length by 350 metres to approximately 900 metres. Drill hole YK26-001 previously intersected 56.65 metres of 1.07% Cu, 0.79 g/t Au, 7.1 g/t Ag, and 180 ppm Mo. Results are pending from three additional drill holes, which are currently at the lab and will be released once assays are received, compiled, and interpreted. The company has entered a long-term lease agreement to acquire the Yuma King Cu-Au project in Arizona, which spans 3,200 hectares comprising 515 unpatented federal mining claims. The company projects the potential for the Project to host large-scale, near-surface copper-gold mineralization and plans to conduct future drilling and other exploration work at the Project, including any Phase II drill program.

Nord Precious Metals Outlines Gold Potential Along the Ridout-Tyrrell Corridor at Castle-Gowganda

(TSXV: NTH) (OTCQB: NPMMF) Nord Precious Metals Mining Inc. provided an overview of the gold potential of its consolidated Castle-Gowganda district in Ontario, Canada. Over 300 million ounces of gold have been identified along the Destor-Porcupine and Cadillac-Larder Lake deformation zones, with the Ridout-Tyrrell zone also hosting several precious metal deposits. Surface assays returned grades of 1.32 g/t and 1.25 g/t gold with copper values up to 1.03%, and diamond drilling in 2018 outlined a near-surface hydrothermal system with gold-bearing quartz veins. Drill hole CS-20-31 intersected 24.95 g/t gold over 0.3 meters at 49.7 meters downhole, and CS-19-19 intersected 4.3 g/t gold over 4.0 metres and 1.5 g/t gold over 12.5 metres within a 30-metre mineralized zone grading 0.70 g/t gold at a vertical depth of approximately 240 metres. The company's 63 sq. km Castle property, with 225 hectares of leases, hosts 3 of the 5 most productive past-producing silver mines in the Gowganda Camp and the Castle East discovery, where drilling has delineated 7.56 million ounces of silver in an Inferred resource grading an average of 8,582 g/t Ag in 27,400 tonnes of material. The company projects that gold targets will be advanced in parallel with its silver-focused drilling and tailings recovery program, with follow-up mapping, prospecting, and stripping during the current field season and drill testing sequenced within the 30,000-metre program as results warrant. The company maintains a strategic portfolio of critical minerals properties in Northern Quebec through its 35% ownership in Coniagas Battery Metals Inc. (TSXV: COS) and the St. Denis-Sangster lithium project comprising 32 square kilometres near Cochrane, Ontario.

AbraSilver Intersects 109 Metres of 221 G/t Silver and 0.72 G/t Gold at Oculto West, Including 14 Metres of 580 G/t Silver

(TSX: ABRA) (OTCQX: ABBRF) AbraSilver Resource Corp. reported new assay results from its ongoing Phase VI drill program at the wholly-owned Diablillos project in Argentina. Hole DDH 26-036 intersected 109.0 metres grading 221.2 g/t silver and 0.72 g/t gold from 114.0 m downhole at Oculto West, including a higher-grade interval of 14.0 m at 580 g/t silver and 0.23 g/t gold. The same hole also encountered 7.6 m of 0.73% copper from 240.5 m and 15.0 m of 0.54% copper from 269.0 m beneath the oxide zone. Hole DDH 26-022 along the JAC-Oculto trend intersected 63.0 m grading 32.8 g/t silver from 60.0 m, including 11.0 m of 101.4 g/t silver. The most recent tank and heap leach Mineral Resource estimate for Diablillos, as of April 30, 2026, shows Measured & Indicated Oxides of 231,981,000 tonnes grading 33 g/t silver and 0.34 g/t gold, containing 248,053,000 oz silver and 2,542,000 oz gold. Following completion of the DFS in June 2026, the Project hosts Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t silver equivalent, containing 184 Moz of silver and 1.8 Moz of gold (366 Moz AgEq). The company projects that these results will support expansion of the precious metals Mineral Resources in the oxide zone and will be incorporated into an updated Mineral Resource estimate.

Valhalla Metals Commences 2026 Drill Program at the Sun Project

(TSXV: VMXX) (OTCQB: VMXXF) Valhalla Metals Inc. announced the start of the 2026 exploration program at its Sun project located in the World Class Ambler Mining District, Northwest Alaska. The 2026 exploration program is fully funded and is primarily designed to follow up on the successful drilling completed at the Sun Project in 2023, which confirmed the continuity of high-grade copper-zinc-lead-gold-silver mineralization beyond the limits of the current resource model. Drilling highlights from the 2023 Exploration Program at the Sun Project include intercepts such as 21.4 metres grading 6.84% copper equivalent (CuEq*), within a broader interval of 52.4 metres grading 3.30% CuEq*. Additional results include Sun23-01 intersecting 13.7m of 3.07% CuEq*, Sun23-02 intersecting 14.6m of 1.91% CuEq*, Sun23-03 intersecting 13.8m of 3.44% CuEq*, and Sun23-04 intersecting 21.4m of 6.84% CuEq*. The company is also conducting reconnaissance work at the newly acquired Smucker project and is working with AIDEA and their contractors on advancing engineering and infrastructure related activities related to the Ambler Road project. The company plans to ready the Smucker project for drilling during the 2027 field season. Commodity prices used for CuEq calculations are $Cu = US$3.00/lb., $Pb = US$1.00/lb; $Zn = US$1.10/lb; $Au = US$1,700/oz., and Ag = US$20.00/oz.

Pacific Empire Announces $1.355 Million Private Placement Financing of Units

(TSXV: PEMC) Pacific Empire Minerals Corp., a British Columbia copper-gold-silver explorer, announced that it intends to complete a non-brokered private placement of up to 30,111,111 units at a price of C$0.045 per Unit for gross proceeds of up to $1,355,000. Each Unit will consist of one common share and one Common Share purchase warrant, with each Warrant entitling the holder to purchase one Common Share at a price of C$0.07 for a period of three years from the closing date. The net proceeds from the sale of the Units will be used for the Company's 2026 drill campaign on its flagship Trident copper-gold-silver porphyry project and its Pinnacle project, and for general working capital purposes. The Company has a district scale land position in north-central British Columbia totaling 16,982 hectares. All securities issued pursuant to the Offering will be subject to a statutory hold period of four months and one day from the closing date. The Company may pay finder's fees in connection with the Offering in accordance with the policies of the TSX Venture Exchange. The company projects that diamond drilling is anticipated to begin in early August.

Talisker Expands Bralorne Gold Project to 24,000 Hectares, 40km Along Strike

(TSX:TSK | OTCQB:TSKFF) Talisker Resources Ltd. announced the acquisition of a 100% interest in the Ben Nevis property, located contiguous to the Company’s Bralorne Gold Project in southwestern British Columbia, from Coast Copper Corp. The Property comprises 16 mineral tenure claims totaling 10,404.15 hectares and increases the Bralorne Gold Project to 24,000 hectares spanning a 40-kilometre long mineralized district. As consideration, the Company paid $125,000 in cash and issued 211,864 common shares equal to $250,000 based on the five-day volume weighted average price, in accordance with the purchase agreement signed July 3, 2026. The Company has agreed to incur a minimum of $300,000 in exploration expenditures on the Property within three years of acquisition and to make contingent payments of $100,000 for each 100,000 ounces of gold in the inferred, indicated or measured categories up to a maximum of 1,000,000 ounces. The Property hosts multiple prospective exploration targets, including the Silicon Cirque showing with a 2018 grab sample returning up to 26.47 g/t Au and 103 g/t Ag, and the Prospector Peaks showing with assay values of up to 61.9 g/t silver and 0.6% lead. The common shares issued are subject to a statutory hold period of four months and one day, with 50% subject to a six month hold period and 50% to a 12 month hold period. The company projects further consolidation of tenure and extension of the district strike length to 40 kilometres.

Japan Gold Identifies Multiple Geophysical Targets From 3D IP Survey at the Bajo Project

(TSXV: JG) (OTCQB: JGLDF) Japan Gold Corp. announced the completion of an expanded 3D Induced Polarization ("3D IP") and resistivity geophysical survey at the Bajo Project in Japan. A total of 37.6 line-kilometres of 3D IP was completed over an 8 km by 5 km area at Bajo between February and May 2026. The survey identified multiple chargeability and resistivity anomalies interpreted to be comparable to geophysical signatures observed in areas of historical mining, including the Sakuru-Hi vein, which historically reported grades of up to 125.9 g/t Au and 557 g/t Ag. Preliminary interpretations suggest the presence of extensions and sub-parallel features with interpreted strike lengths exceeding 1 km. In May 2026, Japan Gold, in partnership with Zonge Engineering and Research Organization (Aust) Pty Ltd., conducted a resistivity survey to identify potential groundwater sources for a local community. In June 2026, Japan Gold's management team held a public consultation meeting with community members and local leaders to provide an update on ongoing exploration activities. The company plans to focus the next phase of exploration on target prioritization, followed by the planning and execution of a diamond drilling program.

Silverco Begins Exploration Drilling at La Negra Project

(TSXV: SICO) Silverco Mining Ltd. announced that surface and underground exploration drills have been mobilized at its 100% owned La Negra Project in Querétaro, Mexico. The company has commenced its first exploration program at La Negra, with two rigs active as part of a planned 15,000 metre 2026 program focused on high-grade silver zones. Initial results from this program, an updated mineral resource estimate, and a life-of-mine plan for La Negra are expected through the remainder of H2 2026. The company is also conducting an ongoing 30,000 metre drill program and plans to restart the Cusi Silver Complex in late Q4 2026. The La Negra project database contains more than 2,850 drill holes totaling over 230,000 metres, with significant historical results including wide intervals and high grades. Historical assay results include up to 672.0 g/t Ag over 2.0 metres and 15.38% Pb in the Maravillas zone. Silverco targets becoming a 10 million ounce silver equivalent per year producer within three years.

Northmin Corporation Announces High Grade Drilling Results From the Tynagh Project and the Issuance of Options to Directors, Officers and Employees

(TSXV: NMB) Northmin Corporation announced assay results from the first two drill holes at the 100%-owned Tynagh Project, Republic of Ireland, and the issuance of 3,500,000 incentive stock options to directors, officers and employees on July 9, 2026. Drill hole 3615-26-07 intersected 6.4m grading 4.92% Cu, 0.98% Sb & 62.04 g/t Ag from 149.0m, including 1.95m grading 10.08% Cu, 2.36% Sb & 136.46 g/t Ag from 153.45m. In the Waulsortian Reef Limestone, 27.45m grading 0.26% Cu, 4.57% Zn+Pb, 0.06% Sb and 20.78 g/t Ag from 90.55m was reported, including 6.8m grading 13.31% Zn+Pb and 48.79 g/t Ag from 110.2m. Drill hole 3615-26-06 intersected 3.6m at 0.38% Cu, 2.19% Zn+Pb, 0.04% Sb and 9.62 g/t Ag from 127.0m, and 6.1m grading 0.99% Cu, 2.85% Zn+Pb, 0.18% Sb and 22.25 g/t Ag from 168.9m. Historical production at Tynagh from 1965 to July 1980 included approximately nine million tons of ore treated, producing approximately two million tons of lead and zinc concentrates containing 1,062 million lb. of lead, 620 million lb. of zinc, and 44 million lb. of copper, with by-product silver recovery amounting to nearly 16 million oz. The company intends to implement a comprehensive exploration program, including systematic drilling along the Tynagh Fault and modern QA/QC procedures. Northmin is well-financed and fully permitted to continue drilling the remaining 8 holes of the initial 10-hole c.2,000m program at the Tynagh mine site this summer.

Noronex Procures Exclusive Option Over Sleitat Tin Project in Alaska

(ASX: NRX) Noronex has secured an exclusive option to acquire the Sleitat tin-tungsten-silver project in Alaska. The project carries a non-JORC estimate of 25.9 million tonnes grading between 0.224% and 0.37% tin, representing an estimated 58,060t to 96,162t of contained tin, along with tungsten and silver credits. Sleitat covers approximately 2,137 hectares across 33 State of Alaska mining claims in the Kuskokwim Ranges, about 410 kilometres southwest of Anchorage. Previous drilling included results such as 29.1m at 1.56% tin and 28 grams per tonne silver from 20.4m, and a higher-grade section of 7.62m at 5.28% tin. The acquisition terms include an initial deposit of $50,000 in cash and $50,000 in Noronex shares, with a further $1m in shares and a $375,000 cash payment two years hence, plus milestone shares worth up to $1m and additional payments of US$260,000 and US$500,000. The claims remain subject to combined net smelter royalties of 3%. Noronex has also appointed James Thompson as its new chief executive officer.

First Majestic Enters Into Definitive Agreement to Sell Its San Martin Silver Mine for Total Proceeds of US$90 Million

(NYSE: AG) (TSX: AG) First Majestic Silver Corp. has entered into a definitive agreement dated July 6, 2026 to sell its 100%-owned past producing San Martin Silver Mine in Jalisco State, Mexico, to Flextronics Supply and Service, S. de R.L. de C.V for total cash consideration of US$90 million. The transaction includes upfront consideration of US$2.5 million payable upon closing (with US$500,000 already deposited into escrow), and an additional US$87.5 million in future payments. The acquisition also includes the Jalisco Group of Properties, consisting of 5,245 hectares of mining concessions owned by El Pilon, located in the municipalities of Etzatlán and Tototlán, Jalisco. Flextronics will acquire all of the issued and outstanding shares of Minera El Pilon, S.A. de C.V., a wholly-owned subsidiary of First Majestic. The San Martin Silver Mine was placed under care and maintenance by First Majestic in July 2019. First Majestic presently owns and operates four producing underground mines in Mexico and a portfolio of development and exploration assets, including the Jerritt Canyon Gold project in northeastern Nevada, U.S.A. The company anticipates that the transaction will close in the fourth quarter of 2026, subject to customary closing conditions and Mexican Antitrust approval.

J2 Metals Mobilizes UAV Drone Mag Survey at Sierra Plata Silver-Gold-Antimony Project, Zacualpan-Taxco District, Mexico

(TSXV: JTWO) (OTCQB: JTWOF) — J2 Metals Inc. announced that crews have been mobilized to complete a high-resolution unmanned aerial vehicle (UAV) drone magnetometer geophysical survey across its Sierra Plata silver-gold-antimony project in the Zacualpan-Taxco district of Guerrero State, Mexico. The survey will cover approximately 1,885 hectares of the Sierra Plata Project area for a total of 562 line-kilometres, including tie lines, with line spacing of 50 metres and tie-line spacing of 500 metres. The airborne magnetic survey will be carried out by JM Geoconsultores of Querétaro, Mexico, and will officially commence field activities July 8, 2026. Recent sampling of waste dumps at Sierra Plata returned grades of up to 3,932 g/t AgEq across five past-producing silver-gold mines. At the Miniac Project in Québec's Abitibi Greenstone Belt, a newly completed 41-kilometre OreVision™ IP survey has identified prospective anomalies, supporting a planned Phase II drill program of up to 5,000 metres across a 7-kilometre conductive horizon. At the Napoleon Project in Alaska, rock-chip samples have returned up to 596 g/t gold, with historical drilling by Teck and Kennecott reporting intercepts of 8.9 g/t gold over 3 metres and 0.9 g/t gold over 79 metres. The company anticipates identifying a large number of high-priority targets for drill evaluation.

Aya Gold & Silver Reports Record Q2-2026 Silver Production

(TSX: AYA; NASDAQ: AYA) Aya Gold & Silver Inc. announced record consolidated production of 1.68 million silver equivalent ounces (Moz AgEq) for the three-month period ended June 30, 2026, up 61% year-over-year and 12% quarter-over-quarter. The Zgounder Silver Mine produced 1.49 Moz Ag in Q2-2026, representing a 43% increase YoY and 18% QoQ, with a record processing rate averaging 3,889 tonnes per day and a record mining rate averaging 4,880 tpd. Silver recovery averaged 91.2% during the quarter, and mill availability remained strong at 97%. The Boumadine pyrite reclaim operation contributed 0.19 Moz AgEq, with 17,153 tonnes processed at average grades of 179 g/t Ag and 2.43 g/t Au. The stockpile at Zgounder increased by 33% QoQ to 373,884 tonnes, aligning with the company's objective of building a three-month inventory. The construction of the second phase of the tailings storage facility is expected to be completed in early Q3-2026, as planned. The company projects that the introduction of bulk shipping at Boumadine, alongside ongoing containerized shipments, is expected to significantly increase pyrite shipping capacity in H2-2026.

Tudor Gold Discovers Higher-Grade Silver Breccia Within CBS Zone at Treaty Creek

(TSXV: TUD) Tudor Gold Corp. reported results from the first two drillholes (CBS-26-08 and 09) completed at the CBS Zone as part of the 2026 Exploration Drill Program at its 80%-owned Treaty Creek Project, located in the heart of the Golden Triangle of Northwestern British Columbia. Drill hole CBS-26-08 intersected 61.28 g/t silver and 0.09 g/t gold over 34.15 m starting 264.00 meters downhole, including 201.84 g/t silver and 0.07 g/t gold over 7.20 m starting 280.00 meters downhole. Hole CBS-26-08 also intersected 2.57 g/t gold and 0.39 g/t silver over 3.00 m starting 6.00 meters downhole, and 0.53 g/t gold and 9.81 g/t silver over 20.60 m starting 61.90 meters downhole, including 0.92 g/t gold and 16.99 g/t silver over 9.30 m starting 73.20 meters downhole. Hole CBS-26-09 intersected 0.79 g/t gold and 4.71 g/t silver over 47.00 m starting 153.00 meters downhole, including 1.04 g/t gold and 1.49 g/t silver over 24.50 m starting 153.00 meters downhole. The Treaty Creek Goldstorm Deposit hosts Indicated Mineral Resources of 24.9 million ounces of gold, 148.7 million ounces of silver and 3.048 billion pounds of copper (912.3 million tonnes grading 0.85 g/t gold, 5.07 g/t silver and 0.15% copper) and Inferred Mineral Resources of 2.6 million ounces of gold, 7.2 million ounces of silver and 67.9 million pounds of copper (21.8 million tonnes grading 3.64 g/t gold, 10.22 g/t silver and 0.14% copper). The company has filed a permit application for approval to construct an underground ramp for access to drill the high-grade gold SC-1 Zone. A Preliminary Economic Assessment on placing the Goldstorm Deposit in production as an underground mine is now underway. The company plans to follow up on the higher-grade silver intercept later in the Program after completing drilling at the Perfectstorm Zone.

Toogood Gold Provides Phase 1 Exploration Update at Table Mountain Gold-Silver Project, Nevada

(TSXV: TGC) (OTCQB: TGGCF) Toogood Gold Corp. announced the completion of several key components of its Phase 1 exploration program at the Table Mountain Gold-Silver Project. The company collected 6,260 soil samples on a northwest-southeast oriented grid at 100 m line spacing and 25 m sample spacing, completed a ground gravity survey with 1,688 stations on a 100 m by 100 m grid, and conducted a UAV magnetic survey totalling approximately 780 line-kilometres flown at 25 m line spacing. A LiDAR survey was completed covering approximately 15.4 km², and 88 rock samples were collected during Phase 1 prospecting and rock sampling. The company entered into a six-month agreement with ATH Media for a total fee of CAD$100,000 to provide a digital marketing and investor relations campaign. Initial soil and rock assays, as well as final processed and interpreted geophysical and LiDAR products, are expected in the coming weeks. The company projects that Phase 2 exploration will include approximately 20 line-kilometres of controlled-source audio-frequency magnetotellurics (CSAMT), targeted follow-up mapping and sampling, refinement of priority drill targets, and preparations for a planned maiden drill program, subject to receipt of required permits and approvals.

Advanced Gold Exploration Reports High Grade Results From 2026 Silver Belle Mapping and Reconnaissance Program

(CSE: AUEX, OTCQB: AUHIF) Advanced Gold Exploration Inc. announced assay results from its spring mapping and sampling reconnaissance program at its 100% owned Silver Belle project in Nevada. Highlights include 257 g/t Ag over 0.7 meters at the Pixie mine, 192 g/t Ag, >10% Pb, 2.3% Zn and 0.1% Cu over 1 meter at the Phillipsburg mine, and 189 g/t Ag and 7.4% Zn at the Mammoth mine. The Silver Belle project covers about 2,000 acres within the Diamond Mining District located 55 km north of the Eureka district. Historic intermittent production from 1936-1955 is recorded at 851,898 oz Ag, 755,100 lbs Pb, and 184,520 lbs Zn, with a 1937 smelter shipment of 21 tons returning approximately 1,611 g/t silver, 34 per cent lead, 9 per cent zinc, 1 per cent copper and 0.3 per cent antimony. Gold assays are pending, and the primary purpose of the sampling program was to re-establish and validate historic mineralization as part of a NI 43-101 Technical Report. The company projects additional more-detailed exploration work in several areas is warranted in advance of a planned maiden drill program.

NewPeak Metals Confirms Large-Scale Gold-Zinc-Silver Discovery at Las Opeñas

(ASX:NPM) NewPeak Metals has confirmed the discovery of a large-scale gold-zinc-silver system with the first hole of its 2026 diamond drilling program at the 100%-owned Las Opeñas project in San Juan Province, Argentina. Assay results from discovery hole 26-LODH-023 returned 663 metres at 0.41 grams per tonne gold equivalent from surface to the end of hole, including 0.16g/t gold, 0.65% zinc, and 4.53g/t silver. Hole 26-LODH-023 was collared about 5m south of the historical hole 12-LODH-03 Genesis Minerals (ASX: GMD) completed in 2012, which returned 115m at 0.58g/t gold, 0.65% zinc, 3.5g/t silver, and 0.24% lead from 18m to the end of hole. NewPeak has completed 2,464m of diamond drilling across six holes and expects to report the remaining 1,802m of assays from five holes within the next three to six weeks. Las Opeñas contains a reinterpreted 800m by 600m breccia zone that had previously only been tested to relatively shallow depths. Permitting is already in place to recommence drilling up to another 7,500m, and the company believes favourable results from the remaining holes could support a push towards a maiden resource.

ICG Silver & Gold Commences 3,000-Meter Phase 1 Drill Program at the Tuscarora District, Nevada

(CSE: ICG) ICG Silver & Gold Ltd. announced that it has commenced its Phase 1, 3,000-meter reverse circulation "RC" Drill Program at the Tuscarora District in Elko County, Nevada. The program will focus on six priority target areas: Silica, Battle Mountain, King's Vein, Grand Prize, East Pediment, and Modoc. Drilling commenced at the Silica target on July 2, 2026, and the company expects to announce initial assay results in August. ICG controls 100% of the approximately 10,000-acre land package in the district. Major Drilling International Inc. has been hired to perform drilling services. The program is designed to test geological interpretations, evaluate the continuity and extent of mineralization, and generate new geological and assay data. The company projects that Phase 1 drilling will allow it to test multiple shallow silver-gold targets while collecting geological data to refine its district-scale model.

Share this edition

You received this because you subscribed to The Silver Letter. • thesilverletter.com • Unsubscribe

© 2026 The Silver Letter