Advance Metals Limited’s first diamond drill hole at the Gavilanes Project in Mexico has intersected a substantial high-grade silver zone, reinforcing plans for a JORC resource upgrade later in 2026 amid ongoing drilling.
- 33.9m at 220g/t silver including 6.2m at 718g/t
- Base metals and gold accompany deeper silver mineralisation
- Ongoing drilling with assays pending for second hole
- JORC Mineral Resource upgrade targeted for Q4 2026
- Yoquivo Project holds 33Moz silver-equivalent inferred resource
Maiden Drilling Validates High-Grade Silver Potential
Advance Metals Limited (ASX:AVM) has delivered a strong start to its maiden diamond drilling program at the Gavilanes Silver Project in Durango, Mexico, with the first hole intersecting a broad zone of high-grade silver mineralisation. The standout intercept, 33.9 metres grading 220 grams per tonne (g/t) silver from 117.6 metres, includes a blistering 6.2 metres at 718g/t silver. This result supports the company’s strategy to rapidly grow the high-grade silver system and underpins confidence in upgrading the existing resource estimate.
Deeper in the hole, the mineralisation broadens to include base metals and gold, highlighting the polymetallic nature of the system. Notably, a 3.3-metre interval returned 270g/t silver alongside 0.2g/t gold, 0.7% copper, 0.7% lead, and 1.1% zinc, with a higher-grade subsection hitting 394g/t silver with elevated base metals. These associated metals add potential value beyond silver alone and reflect the complex epithermal breccia mineralisation typical of the Sierra Madre Occidental region.
Resource Expansion and JORC Upgrade in Sight
Gavilanes currently hosts a Foreign Estimate of 2.83 million tonnes at 246g/t silver equivalent, containing 22.4 million ounces silver equivalent. This estimate, while substantial, is not yet JORC-compliant, and Advance Metals is actively working to convert it into a formal JORC Mineral Resource. The company’s ongoing drilling program, which includes a recently completed second hole (GV-26-002) with assays pending and a third hole underway, aims to delineate extensions to the high-grade Descubridora structure and refine the geological model.
The updated geological model will incorporate new lithological and geochemical data from all drill holes and historic core sampling, feeding into a planned JORC Mineral Resource upgrade targeted for early Q4 2026. The drilling orientation is approximately perpendicular to the mineralised veins, though true widths remain uncertain due to the structural complexity. The program is designed to test both down-dip and strike extensions, with a total of 15 to 18 diamond holes planned for up to 4,500 metres.
Complementary Growth from Yoquivo Project
Alongside Gavilanes, Advance Metals’ Yoquivo Project in Mexico recently announced a JORC-compliant inferred Mineral Resource of 33 million ounces silver equivalent, confirming a large-scale system. The Yoquivo resource, reported in April 2026, is supported by extensive flotation and leaching test work and includes significant gold credits. Together, these projects position Advance Metals with an impressive Mexican silver portfolio exceeding 50 million ounces silver equivalent, presenting multiple avenues for near-term value growth.
Advance’s Managing Director Dr Adam McKinnon described the drill results as an “excellent first result” that validates the company’s growth strategy at Gavilanes. He highlighted the potential for continued news flow from ongoing drilling and historic core sampling, emphasizing the combined opportunity across the Mexican portfolio.
Technical Rigor and Compliance
The company has amended its initial announcement to include comprehensive Competent Person statements and cross-references to prior ASX releases, ensuring compliance with ASX Listing Rules and the JORC Code 2012. The Foreign Estimate remains subject to further evaluation before conversion to a JORC Mineral Resource, with no new information materially affecting its reliability. Sampling and assay protocols adhere to industry standards, with diamond core drilling, rigorous QA/QC procedures, and secure sample handling detailed in the JORC Table 1 disclosures.
Advance Metals continues to progress its exploration with a focus on expanding known mineralisation and testing priority targets outside the current Foreign Estimate area, aiming to unlock further scale potential at Gavilanes.
Bottom Line?
Advance Metals’ initial drilling success at Gavilanes sets a solid foundation for a JORC upgrade, but pending assay results and geological modelling will be critical to confirming the project's full potential.
Questions in the middle?
- Will assays from GV-26-002 and subsequent holes maintain or improve on the high-grade intercepts?
- How will the updated geological model refine the understanding of mineralisation true widths and continuity?
- What impact will the JORC resource upgrade have on Advance Metals’ valuation and development strategy?