Metalsource Mining resumes drilling at Silver Hill

Executive Summary

• Metalsource Mining has resumed drilling at its Silver Hill silver project in North Carolina, having completed four holes totaling 614.38 meters to date, with a fifth hole planned to target main mineralization.
• The company has expanded the drill program to 1,400 meters (up from an original 800 meters) following a strategic investment by Eric Sprott, with results expected from ALS in Reno in the near future.
• Following Silver Hill, the company plans to mobilize to the Byrd-Pilot gold-silver project in late January to complete four to six drill holes targeting identified geological and geophysical anomalies.

Key Details

• Silver Hill Drilling Status:
  • Four drill holes completed, totaling 614.38 metres.
  • Fifth hole planned to commence into the main mineralization.
  • Total planned program expanded to 1,400 metres to test historically known mineralization, along strike, and up stratigraphy on prospective targets.
  • Samples are being processed at ALS in Reno; results are expected soon.
  • Magnetotelluric (MT) data collected earlier is being processed to update the drill plan.
• Financing Context:
  • Program expansion supported by an increased exploration budget resulting from a strategic investment by Eric Sprott (referenced in news release dated Jan. 2, 2026).
• Byrd-Pilot Project Plans:
  • Mobilization scheduled for late January, approximately 45 km from Silver Hill.
  • Plan to complete four to six drill holes.
  • Targets include several identified and prospective geological and geophysical anomalies.
• Silver Hill Project Technical Data:
  • Located in Davidson County, North Carolina (1,128 acres).
  • Mineralization extends to 550 metres from surface in steeply trending lenses, open in multiple directions.
  • Recent surface sampling result SH25-003: 444 g/t Ag, 17.7 g/t Au, 8.61% Pb, 0.507% Zn.
• Byrd-Pilot Project Technical Data:
  • Located in central North Carolina within the Carolina terrane.
  • Geology suggests potential for large epithermal or porphyry-related gold system (quartz-sericite-pyrite alteration, high-sulphidation signatures).
  • Geologic modelling indicates an east-west trend to mineralization, open in multiple directions.
  • Oxidation noted down to 30 metres depth.
  • No drilling has tested the Meridian discovery zone since 1980s campaigns.

Notable Quotes

• Joe Cullen, CEO: "We are very encouraged by the early stages of drilling at Silver Hill. We are achieving good metreage, strong core recovery and efficient drill performance. We look forward to advancing the program and keeping shareholders informed as drilling continues at both Silver Hill and Byrd-Pilot."