Silver One Initiates Drilling on Candelaria's, Nevada Heap Leach Pads to Upgrade Resources and Prepare for Pilot Metallurgical Testing
Silver One leverages massive $32M war chest to fast-track Candelaria toward pre-feasibility as metallurgical breakthroughs promise to unlock historic leach pads.
The most recent news (Feb 23, 2026) announces the initiation of a 1,400-meter, 56-hole drilling program on the LP1 and LP2 leach pads at the Candelaria Project in Nevada. This program uses large-diameter (8-inch) HSA drilling to generate bulk samples for metallurgical pilot testing. The primary objective is to upgrade the existing Indicated and Inferred leach pad resources (totaling approx. 46 million ounces AgEq) to the Measured and Indicated categories. Crucially, the samples will be used to validate the "Extrakt/Bechtel" non-cyanide recovery process, which previous bench-scale tests suggested could nearly double silver recoveries compared to traditional cyanide methods.
The impact is Routine - Positive. While the drilling itself is a standard operational step, it is the critical execution phase of the strategy outlined in the January 2026 $32 million financing. - Resource De-risking: Moving Inferred ounces to Measured/Indicated is a prerequisite for the upcoming Pre-Feasibility Study (PFS). - Economic Validation: The bulk sampling for pilot testing is the "make or break" moment for the Extrakt technology. If pilot results mirror bench tests (doubling recovery), the project economics shift from marginal to robust. - Continuity: This news confirms management is moving "aggressively," as promised during the Sprott-led financing, maintaining momentum during a period of high silver price volatility.
Silver One is a silver-focused explorer/developer with three primary US assets. The flagship is the Candelaria Project in Nevada, a past-producing high-grade mine. It hosts a significant resource across three areas: historic leach pads (unprocessed material), in-ground pit-constrained mineralization, and high-grade underground targets. The project is unique due to its potential for near-term production via reprocessing of existing pads using innovative leaching technology.