Advance Metals Intersects Broad High-Grade Silver at Gavilanes

Maiden Drill Hole Confirms High-Grade Silver Potential

Advance Metals Limited (ASX:AVM) has kicked off its maiden diamond drilling campaign at the 100%-owned Gavilanes Silver Project in Durango, Mexico, with a standout intercept that bodes well for the project’s expansion ambitions. The first hole, GV-26-001, returned a broad zone of 33.9 metres grading 220 grams per tonne (g/t) silver, including a blistering 6.2 metres at 718g/t silver starting from 133 metres downhole.

This intercept not only validates the company’s strategy to rapidly grow the known high-grade silver system but also demonstrates the continuity of mineralisation beyond historic drilling. The hole also intersected increasing concentrations of base metals and gold in deeper sections, with 3.3 metres grading 270g/t silver, 0.2g/t gold, 0.7% copper, 0.7% lead, and 1.1% zinc from 164.6 metres, highlighting the polymetallic nature of the deposit.

Expanding a Substantial Foreign Estimate Resource

The Gavilanes Project currently hosts a Foreign Estimate resource of 22.4 million ounces silver equivalent at 246g/t AgEq, based on a 2.83 million tonne mineralisation envelope. While this estimate is not yet compliant with the Australasian JORC Code and requires further validation, the new drilling is designed to test down-dip and strike extensions of the high-grade Descubridora vein system, aiming to underpin a JORC-compliant resource upgrade targeted for early Q4 2026.

Drilling is ongoing, with assays awaited from the second hole GV-26-002, which targeted the southern extension, and a third hole underway on the same section. The full program envisages 15 to 18 diamond holes totalling up to 4,500 metres, supported by updated geological modelling that incorporates new lithological and geochemical data.

Geological Context and Exploration Methodology

Gavilanes is a structurally controlled, low- to intermediate-sulfidation epithermal deposit within the Sierra Madre Occidental volcanic belt. Mineralisation typically occurs in sulfide-rich breccias and quartz-carbonate-sulfide veins associated with rhyolite dikes. True widths of mineralised zones vary widely and remain uncertain due to geological complexity, but drill holes are oriented approximately perpendicular to the interpreted vein strikes to maximise representivity.

Advance Metals has employed industry-standard diamond drilling techniques, with NQ-sized core sampling and rigorous assay protocols including four-acid digestion ICP-MS for silver and base metals, and fire assay for gold. Quality control measures such as standards, blanks, and duplicates were systematically incorporated. Core handling and security protocols ensure sample integrity from collection through to laboratory analysis.

Next Steps and Broader Portfolio Implications

The company plans to integrate new drilling results with historic core sampling to refine the geological model and support the forthcoming JORC Resource update. Beyond the immediate drilling targets, Advance Metals intends to test priority exploration targets outside the current resource area to assess the broader potential of the Gavilanes system.

These developments follow recent successes at Advance’s Yoquivo Project, where a JORC resource of 33 million ounces silver equivalent was recently announced. Together, these Mexican assets position Advance Metals for significant growth in its silver portfolio, with further news flow expected as drilling and assays progress.