Firenze Project Acquisition: Rock Chips Up to 1,825 g/t Silver, Drilling Set for 2026

• Definitive Purchase Agreement executed with Orogen Royalties
• Historical rock chip samples up to 1,825 g/t silver and 44 g/t gold
• Project located in Nevada, ranked #2 globally for mining investment
• No prior drilling due to former Wilderness Study Area status
• Drilling planned for first half of 2026 following detailed mapping and geophysics

A Strategic Acquisition in a Premier Mining Jurisdiction

Altitude Minerals Ltd (ASX, ATT) has taken a significant step forward by completing the purchase agreement and due diligence for the Firenze Silver & Gold Project, located in Nevada’s Clan Alpine Mountains. This acquisition places Altitude in control of a highly prospective silver-gold system in one of the world’s most attractive mining jurisdictions, ranked second globally by the Fraser Institute.

Exceptional Historical Grades Signal Potential

The Firenze Project boasts impressive historical rock chip assays, with silver grades reaching as high as 1,825 grams per tonne and gold up to 44 grams per tonne. These bonanza-grade samples, collected primarily by the vendor Orogen Royalties in 2023, highlight the project's potential for high-grade vein-style mineralisation. Notably, the project area has never been drilled, largely due to its previous classification as a Wilderness Study Area by the Bureau of Land Management (BLM), which restricted exploration activities.

Geological Setting and Exploration Prospects

The project covers 90 unpatented mineral claims spanning 7.4 square kilometres and features outcropping low-sulphidation epithermal silver-gold veins extending approximately 1,000 metres in strike length. The geological environment is analogous to Nevada’s renowned Silicon and Merlin deposits, known for their large-scale gold-silver mineralisation. The presence of shallow cover to the east opens the possibility of discovering disseminated mineralisation beneath, a prospect that Altitude plans to investigate through geophysical surveys and drilling.

Next Steps, Mapping, Geophysics, and Drilling

Altitude intends to initiate detailed geological mapping and a suite of geophysical surveys, including magnetics, radiometrics, gravity, and passive seismic studies, to refine drill targets. The company aims to commence its inaugural drilling program in the first half of 2026, targeting both high-grade veins and potential large-scale mineralised systems under shallow cover. The project’s proximity to Interstate-50 and existing access tracks facilitates year-round exploration activities, potentially accelerating the timeline to discovery.

Deal Structure and Funding

The acquisition agreement requires an initial payment of US$100,000 in cash to Orogen Royalties, with a further US$300,000 payable in cash or shares subject to shareholder approval. Additionally, Orogen retains a 3% royalty on future production, reducible to 2% for US$1.5 million. Altitude plans to fund the acquisition through existing cash reserves or share issuance, pending shareholder consent.

Positioning for Value Creation

With a seasoned board and exploration team experienced in major discoveries, Altitude Minerals is positioning itself to unlock value through rapid advancement of the Firenze Project. The combination of exceptional historical grades, a prime location in a Tier 1 jurisdiction, and a clear exploration pathway sets the stage for potential significant discoveries in the coming months.

Bottom Line?

As Altitude prepares to drill the Firenze Project in 2026, the market will be watching closely for signs of a new high-grade silver-gold discovery in Nevada.

Questions in the middle?

• Will initial drilling confirm the high-grade mineralisation suggested by rock chip samples?
• How will Altitude’s geophysical surveys refine the understanding of subsurface mineralisation?
• What impact will the royalty structure have on the project's long-term economics?