Minaurum Discovers Blind Silver Vein Grading 669 g/t AgEq Over 2.05 Metres, Highlighting Potential for Additional Blind Veins of Scale; Resource Expansion Drilling Returns 367 g/t AgEq Over 2.65 Metres at Europa Sur at the Alamos Silver Project

Minaurum reports high-grade silver discoveries and resource expansion potential at Alamos, Mexico.

What the company is saying

Minaurum Silver Inc. (TSXV:MGG, OTCQX:MMRGF, FSE:78M0) is announcing the discovery of the high-grade, previously unknown Africa vein zone at its 100% owned, production-permitted Alamos Silver Project in Sonora, Mexico. The company frames this as a transformative find, emphasizing that the Africa vein is a 'blind' vein discovered by drilling beyond known structures, with results including 669 g/t AgEq over 2.05 metres and 592 g/t AgEq over 1.30 metres. Management, led by President and CEO Darrell Rader, highlights the potential for additional blind veins and resource growth, positioning this as a major step ahead of an upcoming resource estimate update. The announcement also details high-grade intersections from ongoing Phase II, 50,000-metre resource-expansion drilling at the Europa Sur, Quintera, San Jose, and Promontorio Sur zones, with specific intervals and grades provided for each. The company supports its claims with detailed assay tables, explicit commodity price and metallurgical recovery assumptions, and references to ongoing drilling and pending assays. The tone is confident and forward-looking, with a focus on scale, continuity, and the potential for further discoveries.

What the data suggests

The disclosed assay results confirm the presence of high-grade silver and base metal mineralization in multiple zones at Alamos. The Africa vein zone yielded 669 g/t AgEq over 2.05 metres (Hole AL26-268) and 592 g/t AgEq over 1.30 metres (Hole AL26-257), with notable grades of 270 g/t Ag, 0.87 g/t Au, 1.55% Cu, 2.80% Pb, and 5.62% Zn. Europa Sur returned 1,140 g/t AgEq over 0.60 metres (Hole AL26-261), 367 g/t AgEq over 2.65 metres (Hole AL26-266), and 416 g/t AgEq over 1.90 metres (Hole AL26-268), with high gold and copper values in some intervals. The Quintera zone produced 462 g/t AgEq over 1.50 metres (Hole AL26-259), and Promontorio Sur returned 691 g/t AgEq over 0.40 metres (Hole AL26-265). San Jose reported 782 g/t AgEq over 0.30 metres (Hole AL26-267). All grades are calculated using explicit price assumptions: Ag $29.73/oz, Au $2,646/oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb, and metallurgical recoveries of 88.3% for Ag, 88.5% for Au, 75.5% for Cu, 83% for Pb, and 75% for Zn. The Phase II drilling program is ongoing, targeting 50,000 metres. While the technical data is robust and specific, no updated resource estimate or economic study is provided, and the financial impact remains unquantified. The evidence supports significant exploration success, but value realization depends on future resource and economic milestones.

Analysis

The announcement is upbeat and highlights the discovery of a new high-grade vein and strong drill results across multiple zones, all supported by specific assay data and technical details. However, the majority of the narrative focuses on the potential for future resource expansion and the expectation that certain zones will be included in an updated resource estimate, which has not yet been delivered. The ongoing 50,000-metre drilling program signals significant capital outlay, but there is no disclosure of costs, cash position, or any near-term economic impact. While the technical results are credible and well-supported, the benefits to shareholders are long-term and contingent on future milestones (resource update, economic studies, permitting). The tone is moderately promotional, emphasizing scale and potential rather than realised value.

Risk flags

• ●Resource growth and value realization depend on successful completion of the ongoing 50,000-metre drilling program and subsequent delivery of an updated resource estimate. Until a new resource figure is published, the scale and economic significance of these discoveries remain unproven.
• ●The announcement relies on forward-looking statements about potential for additional blind veins and resource expansion, but provides no timeline or guarantee that these will translate into mineable resources or reserves. This introduces uncertainty around the ultimate impact on project economics.
• ●No financial data, cost disclosures, or cash position figures are provided, making it impossible to assess the company's capital efficiency, funding runway, or ability to sustain the current pace of exploration. This lack of financial transparency increases operational and funding risk.
• ●Commodity price and metallurgical recovery assumptions (Ag $29.73/oz, Au $2,646/oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb; recoveries 75–88.5%) are based on analyst consensus forecasts and may not reflect future market conditions or actual recoveries achieved in processing, which could impact project economics.

Bottom line

Minaurum Silver has delivered strong technical results with high-grade silver and base metal intersections across multiple zones at its Alamos project in Mexico, including the discovery of the new Africa vein. The data is detailed, with explicit grades, intervals, and supporting price and recovery assumptions, lending credibility to the exploration narrative. However, the announcement is purely technical, with no updated resource estimate, economic study, or financial disclosure to quantify the impact of these results. The value to shareholders will depend on the company's ability to convert these discoveries into a larger, economically viable resource in future updates. Investors should watch for the upcoming resource estimate as the next major milestone. The most important takeaway is that while the technical upside is clear, the timeline to value realization remains long and subject to execution and market risks.

Announcement summary

(TSXV:MGG) (OTCQX:MMRGF) (FSE:78M0) Minaurum Silver Inc. announced the discovery of the high-grade Africa vein zone, a previously unrecognized 'blind' vein at its 100% owned, production-permitted Alamos Silver Project in Sonora, Mexico. Drilling at the Africa vein returned 669 g/t AgEq over 2.05 metres (Hole AL26-268) and 592 g/t AgEq over 1.30 metres (Hole AL26-257), with grades including 270 g/t Ag, 0.87 g/t Au, 1.55% Cu, 2.80% Pb, and 5.62% Zn. The Africa vein is located about 50 metres in the footwall (west) of the Europa Sur vein and remains open along strike. The company also reported high-grade results from resource-expansion drilling at the Europa Sur, Quintera, San Jose, and Promontorio Sur vein zones. Highlights include 367 g/t AgEq over 2.65 metres at Europa Sur (Hole AL26-266), 1,140 g/t AgEq over 0.60 metres at Europa Sur (Hole AL26-261), and 462 g/t AgEq over 1.50 metres at Quintera (Hole AL26-259). The ongoing Phase II drilling program at Alamos totals 50,000 metres. Metallurgical recovery assumptions used for silver-equivalent calculations are 88.3% for Ag, 88.5% for Au, 75.5% for Cu, 83% for Pb, and 75% for Zn, based on the October 1, 2025 CIBC Global Mining Group Analyst Consensus Commodity Price Forecast: Ag $29.73/tr oz, Au $2,646/tr oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb. The Europa Sur zone, not included in the initial inferred resource, continues to demonstrate continuity and potential for resource expansion, with multiple high-grade gold and copper intersections. The Quintera vein zone is expected to be included in the upcoming updated inferred resource estimate, with drilling at Quintera-Travesia ongoing. At Promontorio Sur, drilling returned 691 g/t AgEq over 0.40 metres (Hole AL26-265) and 301 g/t AgEq over 1.20 metres (Hole AL26-263). The San Jose vein zone also returned high-grade intervals, including 782 g/t AgEq over 0.30 metres (Hole AL26-267), and is expected to contribute to the updated mineral-resource estimate. Darrell Rader, President and CEO, stated that the discovery of the Africa vein highlights the potential for additional blind veins of scale across the project. Minaurum Silver Inc. is managed by a technical and finance team and also holds the Lone Mountain CRD Project in Nevada, USA. The company is focused on acquiring and developing a pipeline of Tier-One precious- and base-metal projects.

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