Metalsource drills 18.17m of 267g/t AgEq at Silver Hill

Executive Summary

• Metalsource Mining Inc. released initial assay results from the first two drill holes (SH25-01 and SH25-02) at its Silver Hill project in North Carolina, identifying a shallow, broad zone of mineralization with significantly higher gold grades than previously documented.
• The company identified expansive envelopes of gold, silver, and base metal mineralization, including high-grade intervals such as 267 g/t AGEQ over 18.17m and 237 g/t AGEQ over 15.33m, confirming the company's exploration thesis of shallow, high-grade potential near historic workings.
• The release notes that these results are preliminary and based on geological logging, with full analytical results still pending, but highlights the discovery of previously unrecognized mineralization that contradicts historic models of narrow, lower-grade zones.

Key Details

• Silver Hill Project Drilling Results (Preliminary/Logging Based):
  • SH25-01: Intersected 267 g/t AGEQ (Average Gold Equivalent) over 18.17 meters.
  • SH25-02: Intersected 237 g/t AGEQ over 15.33 meters.
  • Specific High-Grade Interval: SH25-02 intersected 1.74 meters of 13.20 grams per tonne gold.
  • Mineralization Characteristics: The intersection represents a shallow, broad zone of both sulphide and oxidized mineralization, wider than previous documentation and containing stronger gold mineralization than anticipated.
  • Historical Context: Historic work indicated only narrow mineralization; these holes demonstrate a broader envelope and higher tenor, representing previously unrecognized mineralization.
  • Depth/Scope: Holes tested continuity from surface down to the 550 level (approx. 150 meters from surface). Future drilling aims to expand mineralization along strike and downplunge below the 1,000 level.
• Surface Sampling Data:
  • Sample SH25-003 contained 444 grams per tonne silver, 17.7 grams per tonne gold, 8.61% lead, and 0.507% zinc.
• Byrd-Pilot Mountain Project Update:
  • Located in central NC, flagged in the 1980s as a potential porphyry gold-copper system.
  • Geology shows intense quartz-sericite-pyrite alteration, high-sulphidation signatures, and high-alumina minerals.
  • Geologic modeling indicates an east-west trend open in multiple directions, with oxidation noted down to 30 meters.
  • No drilling has tested the Meridian discovery zone since the 1980s campaigns.
• Administrative Update:
  • The company's OTCQB ticker symbol has changed from SFRIF to MSMMF.
• Technical Details:
  • Qualified Person: Rory Kutluoglu, BSc, PGeo, independent consultant.
  • Laboratory: ALS Geochemistry (Reno, Nev.) and ALS Canada (Vancouver, B.C.).
  • Methodology: Chain of custody maintained; samples crushed to 70% passing 2mm, 250g split pulverized to 85% passing minus 75 microns. Analysis via four-acid digest, ICP-AES, ICP-MS, and fire assay.
  • Disclaimer: Results are preliminary and insufficient to define a mineral resource; further drilling is required.

Notable Quotes

• Joe Cullen, CEO: "We've known all along the Silver Hill project was going to produce exciting results for our shareholders. It's great to see the geology and the mineralization proving our exploration thesis and demonstrating new mineralization, confirming that this part of the system, near the old workings, is shallow in nature... We're aggressively working behind the scenes to expand the mineral trend in all directions, and I'm keen to share these updates with our shareholders soon."