Minaurum Resource Step-Out Drilling Returns: 3.40 m of 397 g/t AgEq at Europa Sur, 1.90 m of 323 g/t AgEq at Quintera, and 0.90 m of 1469 g/t AgEq at San Jose in Alamos Silver Project

Minaurum reports multiple high-grade silver intercepts, advancing Alamos resource expansion drilling.

What the company is saying

Minaurum Silver Inc. (TSXV:MGG, OTCQX:MMRGF, FSE:78M0) is highlighting high-grade silver, gold, and base metal intercepts from its ongoing Phase II, 50,000-metre resource-expansion drilling at the Alamos Silver Project in Sonora, Mexico. The company emphasizes headline intercepts such as 0.30 m of 1,433 g/t AgEq in Europa Sur, 0.50 m of 1,559 g/t AgEq in Quintera, and 0.50 m of 2,425 g/t AgEq in San Jose. Management, led by President and CEO Darrell A. Rader, frames these results as evidence of strong continuity and expansion potential in multiple vein zones, with Quintera and Europa Sur to be incorporated into a future resource update. The announcement details commodity 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 used for silver-equivalent calculations. The company also notes that step-out drilling at Promontorio Sur is ongoing, with further assays pending. The tone is confident and data-driven, focusing on technical progress and the prospect of resource growth.

What the data suggests

The disclosed drill results show multiple high-grade silver-equivalent intercepts across the Europa, Quintera, San Jose, and Promontorio Sur vein zones. Europa Sur returned up to 1.60 m of 412 g/t AgEq and 3.40 m of 397 g/t AgEq, with individual samples reaching 1,433 g/t AgEq. Quintera yielded 1.90 m of 323 g/t AgEq and a 0.50 m intercept of 1,559 g/t AgEq. San Jose produced 0.90 m of 1,469 g/t AgEq, including a 0.50 m interval grading 2,425 g/t AgEq. Promontorio Sur step-out drilling intersected 0.45 m of 386 g/t AgEq within a 6 m-wide vein zone. The company uses specific commodity price and recovery assumptions for all AgEq calculations. These grades are well above typical economic thresholds for silver projects, and the true widths are provided, supporting the credibility of the results. The data is comprehensive for an exploration-stage update, with clear hole IDs, intervals, and grades, but no updated resource tonnage or economic assessment is presented. The evidence supports the claim of high-grade mineralization and resource expansion potential but does not yet quantify the scale of future resources.

Analysis

The announcement provides detailed and specific technical results from ongoing drilling at the Alamos Silver Project, including numerous high-grade intercepts with precise grades, widths, and hole IDs. The language is generally proportionate to the evidence, with most claims about drill results directly supported by disclosed assay data. Forward-looking statements, such as the incorporation of Quintera into a future resource update and the potential for resource expansion at Europa Sur, are clearly identified as future milestones and not presented as realised facts. The scale of the 50,000-metre drilling program signals significant capital intensity, but this is normal for an exploration-stage company and is not paired with exaggerated claims of imminent production or earnings. No economic or resource estimate updates are provided in this release, and no profitability or cash flow metrics are disclosed, which is appropriate for the exploration stage. Overall, the tone is positive but not inflated, and the gap between narrative and evidence is minimal.

Risk flags

• ●Resource expansion potential is not yet quantified—no updated resource estimate or tonnage figures are disclosed, so the scale of any future resource remains uncertain. This limits visibility on eventual project economics and valuation.
• ●The project remains at the exploration and drilling stage, with no preliminary economic assessment or feasibility study released. This means there is significant execution risk before any production decision or financing event.
• ●Commodity price assumptions used for AgEq calculations ($29.73/oz Ag, $2,646/oz Au, $4.34/lb Cu, $0.92/lb Pb, $1.21/lb Zn) are reasonable but subject to market volatility, which could impact project economics if prices fall.
• ●Assay results from ongoing drilling at Promontorio Sur and other zones are still pending, so there is uncertainty about the continuity and extent of high-grade mineralization across the broader project area.
• ●Permitting, community, and environmental risks are not discussed in this update, but these factors can materially affect project timelines and development prospects in Mexico.

Bottom line

Minaurum's latest drilling at Alamos demonstrates multiple high-grade silver and polymetallic intercepts, supporting the narrative of a potentially significant resource expansion. The technical disclosure is detailed and credible, with true widths, grades, and clear commodity price assumptions. However, the announcement does not provide an updated resource estimate or economic analysis, so the ultimate scale and value of the project remain undefined. Investors should expect further assay results and a resource update as the next major catalysts. The most important takeaway is that while the grades are impressive and technically robust, the investment case still hinges on future resource and economic studies to quantify project value.

Announcement summary

(TSXV:MGG) (OTCQX:MMRGF) (FSE:78M0) Minaurum Silver Inc. reported high-grade silver drill results from the Europa, Quintera, San Jose, and Promontorio Sur Vein Zones as part of its ongoing Phase II, 50,000-metre resource-expansion drilling program at the Alamos Silver Project in Sonora, Mexico. Highlights from the Europa Sur Vein Zone include 1.60 m of 412 g/t AgEq (314 g/t Ag, 0.41 g/t Au, 0.42% Cu, 0.41% Pb, 0.78% Zn) including 0.40 m of 708 g/t AgEq (409 g/t Ag, 1.51 g/t Au, 1.27% Cu, 0.82% Pb, 1.66% Zn) in Hole AL26-233, and 3.40 m of 397 g/t AgEq (237 g/t Ag, 0.20 g/t Au, 0.95% Cu, 0.80% Pb, 1.87% Zn) including 0.30 m of 1,433 g/t AgEq (1,135 g/t Ag, 0.23 g/t Au, 2.26% Cu, 1.42% Pb, 2.36% Zn) in Hole AL26-246. In the Quintera Vein Zone, results include 1.90 m of 323 g/t AgEq (263 g/t Ag, 0.02 g/t Au, 0.44% Cu, 0.27% Pb, 0.63% Zn) in Hole AL26-243 and 0.50 m of 1,559 g/t AgEq (1,460 g/t Ag, 0.04 g/t Au, 1.11% Cu, 0.01% Pb, 0.01% Zn) in Hole AL26-250. The San Jose Vein Zone returned 0.90 m of 1,469 g/t AgEq (1,103 g/t Ag, 0.26 g/t Au, 2.42% Cu, 2.80% Pb, 3.35% Zn) including 0.50 m of 2,425 g/t AgEq (1,910 g/t Ag, 0.43 g/t Au, 3.90% Cu, 1.60% Pb, 4.71% Zn) in Hole AL26-249. The company is using the October 1, 2025 CIBC Global Mining Group Analyst Consensus Commodity Price Forecast for Ag $29.73/tr oz, Au $2,646/tr oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb, and metallurgical recovery assumptions of 88.3% for Ag, 88.5% for Au, 75.5% for Cu, 83% for Pb, and 75% for Zn. Drilling at Quintera is defining the vertical and horizontal extent of the high-grade silver shoot, and the Travesia vein zone allows a single drill hole to intersect both systems. Quintera was excluded from the initial resource estimate but will be incorporated into the upcoming resource update. In the Travesia vein zone, Hole AL26-243 intersected 1.90 m of 323 g/t AgEq, including 0.50 m of 715 g/t AgEq (637 g/t Ag, 0.69% Cu, 0.30% Pb, 0.53% Zn). Hole AL26-236 and AL25-250 cut 0.65 m of 318 g/t AgEq and 0.50 m of 1,559 g/t AgEq, respectively, in the Quintera vein zone. Hole AL26-250 cuts Quintera approximately 100 m down-dip from the 5.95 m of 1,117 g/t AgEq intersection in Hole AL26-215. At Promontorio Sur, step-out drilling about 200 m south of the NW-trending fault in Hole AL26-248 intersected 0.45 m of 386 g/t AgEq (177 g/t Ag, 0.86 g/t Au, 1.18% Cu, 0.30% Pb, 1.04% Zn) within a 6 m-wide vein zone. Europa Sur was not included in the initial resource, but recent drilling shows significant potential for resource expansion outside the central Europa vein zone. Hole AL26-253 intersected a 3.15 m interval including 0.55 m of 298 g/t AgEq (185 g/t Ag, 0.02 g/t Au, 0.80% Cu, 0.82% Pb, 1.14% Zn). Hole AL26-232 intersected 1.80 m of mineralization including 0.30 m of 341 g/t AgEq (261 g/t Ag, 0.01 g/t Au, 0.80% Cu, 0.31% Pb, 0.18% Zn). Hole AL26-239 cut 2.70 m of 179 g/t AgEq (79 g/t Ag, 0.36 g/t Au, 0.27% Cu, 0.57% Pb, 1.40% Zn) including 0.30 m of 734 g/t AgEq (343 g/t Ag, 1.31 g/t Au, 1.58% Cu, 1.28% Pb, 4.80% Zn). The San Jose Vein Zone, in Hole AL26-249, intersected 0.90 m of 1,469 g/t AgEq (1,103 g/t Ag, 0.26 g/t Au, 2.42% Cu, 2.80% Pb, 3.35% Zn), including 0.50 m of 2,425 g/t AgEq (1,910 g/t Ag, 0.43 g/t Au, 3.90% Cu, 1.59% Pb, 4.71% Zn). Minaurum Silver Inc. is managed by Darrell A. Rader, President and CEO. The company is focused on the 100% owned, production-permitted Alamos silver project in Sonora, Mexico, and the Lone Mountain CRD Project in Nevada, USA.

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