Minaurum Completes 50,000-Metre Resource-Expansion Drill Program at the Alamos Silver Project, Drills More High-Grade Silver: 751 g/t AgEq over 2.80 m at Africa, 385 g/t AgEq over 5.30 m at Quintera, and 238 g/t AgEq over 12.20 m at Promontorio Sur

Minaurum completes 50,000-metre drill program, resource update due this quarter.

What the company is saying

Minaurum Silver Inc. (TSXV:MGG, OTCQX:MMRGF, FSE:78M0) announces the completion of its 50,000-metre Phase II resource expansion drill program at the Alamos Silver Project in Sonora, Mexico. The company highlights high-grade silver and gold intercepts from the Africa, Europa, San Jose, Promontorio Sur, and Quintera vein zones, emphasizing the discovery of the Africa vein and strong gold values at Quintera. Darrell Rader, President and CEO, frames the program as a 'significant success' and states that the results will be incorporated into an updated Phase II mineral resource estimate targeted for release this quarter. The release details specific drill intervals, grades, and locations, and provides a summary of the initial inferred resource estimate announced in January 2026. The tone is confident and technical, focusing on the scale of drilling, the quality of results, and the near-term catalyst of a resource update. The company also notes that additional drilling is planned to test the continuity of the new gold-bearing zone at Quintera.

What the data suggests

The announcement provides detailed assay results from multiple vein zones, with standout intercepts such as 2.80 m of 751 g/t AgEq (including 0.50 m of 1,579 g/t AgEq) in the Africa vein (Hole AL26-274), 5.30 m of 385 g/t AgEq (including 0.70 m of 1,757 g/t AgEq) and 4.40 m of 439 g/t AgEq (including 0.50 m of 1,229 g/t AgEq) in Quintera, and 0.50 m of 1,049 g/t AgEq in Europa Sur. Promontorio Sur returned 12.20 m of 238 g/t AgEq, including 5.45 m of 336 g/t AgEq. The Phase II program comprised 50,356.15 metres in 138 holes, bringing total drilling at Alamos to 291 holes and 104,170.75 metres. The initial inferred resource, announced in January 2026, stands at 55.2 Moz AgEq (34.8 Moz silver, 35,640 oz gold, 51.0 Mlb copper, 115 Mlb lead, 238 Mlb zinc) at average grades of 320 g/t AgEq, 202 g/t silver, 0.21 g/t gold, 0.43% copper, 0.97% lead, and 2.01% zinc, within 5.37 Mt. The company uses commodity price assumptions of Ag $29.73/oz, Au $2,646/oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb, and specific metallurgical recovery rates. No updated resource estimate is provided yet, so the impact of Phase II drilling on tonnage or grade is not quantifiable from this release. The data is comprehensive for technical drilling and resource reporting, but does not include financials, cost metrics, or economic studies.

Analysis

The announcement is a detailed operational update on the completion of a major drill program, with extensive disclosure of assay results, drilling statistics, and a summary of the initial inferred resource estimate. The majority of claims are realised and supported by specific technical data (drill hole IDs, grades, widths, tonnages), with only a minority of statements being forward-looking (e.g., the upcoming resource estimate and planned further drilling). The tone is positive but proportionate to the evidence, as the company has completed a significant milestone and provides concrete results. There is no exaggerated language about imminent production or outsized economic impact, and no large capital outlay is paired with long-dated, uncertain returns in this update. The main forward-looking benefit—the updated resource estimate—is expected within the current quarter, making the execution distance near-term. As this is a pre-revenue exploration-stage company, the absence of financial or profitability metrics is not a deficiency.

Risk flags

• ●The absence of an updated resource estimate means investors cannot yet assess whether the 50,000 metres of Phase II drilling have materially increased tonnage or grade, or improved project economics. Until that estimate is released, the impact of the program remains unquantified.
• ●The announcement does not provide cost data, capital expenditure figures, or cash position, leaving uncertainty about the company's financial runway and ability to fund further work if results are less robust than anticipated.
• ●While high-grade intercepts are reported, mineralization continuity, true width versus core length, and the extent of resource expansion remain to be independently verified in the upcoming resource estimate. There is a risk that headline intervals may not translate into a significant increase in overall resource size or quality.
• ●The company's forward plans, including additional drilling for the new gold-bearing zone at Quintera, introduce execution risk if technical or logistical challenges arise, or if future results do not replicate current grades.

Bottom line

Minaurum Silver has completed a major 50,000-metre drill campaign at its Alamos Silver Project in Mexico, reporting high-grade silver and gold intercepts across several vein zones, including a new discovery at the Africa vein. The company has not yet released an updated resource estimate, so the true impact of this drilling on project scale and economics is still unknown. The next key milestone is the updated Phase II resource estimate, expected this quarter, which will determine whether recent drilling materially expands the resource base. Investors should focus on the forthcoming resource update for clarity on tonnage, grade, and potential project value. Until that data is available, the announcement demonstrates technical progress but does not provide enough information to reassess project economics or investment case.

Announcement summary

(TSXV:MGG) (OTCQX:MMRGF) (FSE:78M0) Minaurum Silver Inc. has completed its 50,000-metre Phase II resource expansion drill program at the Alamos Silver Project in Sonora, Mexico. The final holes of the program returned high-grade silver results from the Europa, San Jose, Promontorio Sur, and the newly discovered Africa vein zone, as well as high-grade gold at Quintera. Results from this program will be incorporated into an updated Phase II mineral resource estimate targeted for release this quarter. Highlights from the Africa Vein Zone include 2.80 m of 751 g/t AgEq (302 g/t Ag, 0.64 g/t Au, 1.50% Cu, 5.09% Pb, 6.83% Zn), including 0.50 m of 1,579 g/t AgEq (354 g/t Ag, 1.90 g/t Au, 2.85% Cu, 20.00% Pb, 17.40% Zn) in hole AL26-274. At Quintera, results include 5.30 m of 385 g/t AgEq (316 g/t Ag, 0.16 g/t Au, 0.47% Cu, 0.31% Pb, 0.35% Zn), including 0.70 m of 1,757 g/t AgEq (1,450 g/t Ag, 1.00 g/t Au, 2.01% Cu, 1.24% Pb, 0.89% Zn) in hole AL26-279, and 4.40 m of 439 g/t AgEq (32 g/t Ag, 4.50 g/t Au, 0.20% Pb), including 0.50 m of 1,229 g/t AgEq (188 g/t Ag, 11.45 g/t Au, 0.92% Pb) in hole AL26-206. Europa Sur returned 0.50 m of 1,049 g/t AgEq (895 g/t Ag, 0.04 g/t Au, 1.52% Cu, 0.28% Pb, 0.62% Zn) in hole AL26-277. Promontorio Sur reported 12.20 m of 238 g/t AgEq (14 g/t Ag, 0.02 g/t Au, 0.01% Cu, 2.08% Pb, 7.61% Zn), including 5.45 m of 336 g/t AgEq (21 g/t Ag, 0.02 g/t Au, 0.01% Cu, 2.58% Pb, 10.99% Zn) in hole AL26-272. The Phase II program consisted of 50,356.15 metres in 138 holes. In January 2026, Minaurum announced an initial inferred resource estimate of 55.2 million ounces AgEq, or 34.8 million ounces of silver, 35,640 ounces of gold, 51.0 million pounds of copper, 115 million pounds of lead, and 238 million pounds of zinc, with average grades of 320 g/t AgEq, or 202 g/t silver, 0.21 g/t gold, 0.43% copper, 0.97% lead, and 2.01% zinc, using a cutoff grade of 150 g/t AgEq, contained within 5.37 million tonnes. The initial resource is defined in just 3 of the 26 vein zones identified at Alamos: Promontorio, the central part of Europa, and Travesia. The objective of Phase II was to expand the resource by stepping out at roughly 80-m intervals along strike and down dip from previously identified resources and vein intercepts. Table 1 summarizes core drilling: Phase II (2025-2026) included 138 holes for 50,356.15 metres, with a total of 291 holes and 104,170.75 metres drilled at Alamos to date. Table 2 details Phase II drilling by vein zone: Europa (including Europa Sur, Europa Norte, and Africa) had 83 holes for 30,687.70 metres; Quintera/Travesia had 29 holes for 11,484.15 metres; Promontorio had 9 holes for 2,664.10 metres; and San Jose had 17 holes for 5,520.20 metres. The Africa vein was discovered approximately 50 m into the footwall of the Europa Sur vein zone and tested by extending Europa Sur-targeted holes. Hole AL26-274 cut 2.80 m of 751 g/t AgEq, about 150 m south of a previous intersection in hole AL26-268 (2.05 m of 669 g/t AgEq). In the Quintera footwall, hole AL26-206 intersected 4.40 m grading 4.50 g/t Au and 32 g/t Ag (439 g/t AgEq), including 0.50 m of 11.45 g/t Au and 188 g/t Ag (1,229 g/t AgEq). Hole AL26-279 returned 1.70 m of 288 g/t AgEq and 5.30 m of 385 g/t AgEq, including 0.70 m of 1,757 g/t AgEq. Hole AL26-277 in Europa Sur cut 0.50 m of 1,049 g/t AgEq. Promontorio Sur drilling reported strong base-metal mineralization with silver credits, including hole AL26-272 with 2.10 m of 6.24% Pb+Zn (152 g/t AgEq), 5.95 m of 9.70% Pb+Zn (234 g/t AgEq), and 12.20 m of 14 g/t Ag and 9.69% Pb+Zn (238 g/t AgEq). Hole AL26-278 intersected 2.25 m of 33 g/t Ag and 7.09% Pb+Zn (229 g/t AgEq), and hole AL26-281 reported 3.35 m of 5.39% Pb+Zn (129 g/t AgEq). Hole AL26-276 in San Jose reported a 0.50-m interval of 156 g/t AgEq (147 g/t Ag, 0.01 g/t Au, 0.04% Cu, 0.07% Pb, 0.15% Zn). Commodity price assumptions for AgEq calculations were Ag $29.73/tr oz, Au $2,646/tr oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb, with metallurgical recovery assumptions of 88.3% for Ag, 88.5% for Au, 75.5% for Cu, 83% for Pb, and 75% for Zn. Darrell Rader, President and CEO of Minaurum Silver, stated that the Phase II program has been a significant success and that the company looks forward to delivering the updated Phase II resource estimate this quarter.

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