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Advance Metals (ASX: AVM) hits broad high grade silver zone in first Gavilanes drill hole

Jane Morgan Management

Key Facts:

• Advance Metals Limited has announced strong initial results from its maiden diamond drilling programme at the Gavilanes Silver Project in Mexico, with the first hole (GV-26-001) intersecting 33.9 metres at 220g/t silver from 117.6 metres depth, including a high-grade interval of 6.2 metres at 718g/t silver.
• Deeper mineralisation in the same hole also returned elevated base metals and gold, including 3.3 metres at 270g/t silver, 0.2g/t gold, 0.7 percent copper, 0.7 percent lead and 1.1 percent zinc from 164.6 metres.
• The results provide early validation of the company's strategy to expand the Gavilanes silver system, which already hosts a Foreign Estimate of 22.4 million ounces silver-equivalent at 246g/t silver-equivalent.
• The broader drilling programme is expected to comprise 15 to 18 holes for up to 4,500 metres, with assays pending from a second hole and a third hole currently in progress.
• Results from the full drilling campaign, combined with planned sampling of historic drill core, are intended to support a JORC Mineral Resource upgrade for Gavilanes targeted for early Q4 2026.

Advance Metals Limited (ASX: AVM) has announced a strong start to its maiden diamond drilling program at the 100 percent owned Gavilanes Silver Project in western Durango, Mexico, with the first drill hole intersecting a broad zone of high grade silver mineralisation.

The first diamond hole, GV-26-001, returned 33.9 metres at 220g/t silver from 117.6 metres, including 6.2 metres at 718g/t silver from 133 metres.

Additional high grade silver mineralisation was also intersected deeper in the hole, with increasing base metals and gold. This included 3.3 metres at 270g/t silver, 0.2g/t gold, 0.7 percent copper, 0.7 percent lead and 1.1 percent zinc from 164.6 metres, including 1.65 metres at 394g/t silver, 0.4g/t gold, 1.1 percent copper, 1.1 percent lead and 1.7 percent zinc from 166.25 metres.

The result provides early validation of Advance’s strategy to rapidly grow the high grade Gavilanes silver system, which already hosts a Foreign Estimate of 22.4Moz AgEq at 246g/t AgEq. The Company’s current drilling program is targeting major extensions to the known high grade system and is expected to support a JORC Mineral Resource upgrade later in 2026.

Commenting on the first results from the Company’s drilling program at Gavilanes, Advance’s Managing Director & CEO Dr Adam McKinnon said:

“This is an excellent first result from our maiden drilling program at Gavilanes and provides early validation of the strategy we outlined when drilling commenced in May. GV-26-001 has intersected a broad zone of high grade silver mineralisation, including 6.2m at 718g/t Ag, in an area where we are targeting extensions to the known high grade system.” 

“Gavilanes already hosts a substantial high grade Foreign Estimate, and these first assays strengthen our confidence in the project’s potential to support a planned JORC Resource upgrade later this year. With assays pending from GV-26-002, a third hole in progress and historic core sampling also planned, we see strong potential for continued news flow from Gavilanes.”

“The strong initial results at Gavilanes have come immediately after a highly successful drilling program at our Yoquivo Project, where the endowment has doubled to 33Moz silver-equivalent. Both Projects are now presenting an unparalleled growth and development opportunity for Advance, with significant additional near-term value to be unlocked as we continue to execute the growth strategy across our Mexican portfolio.”

GV-26-001 was drilled to a depth of 276 metres and tested down dip extensions of the high grade Descubridora structure. The mineralisation was intersected approximately 80 metres down dip to the west of the high grade zone previously defined in historic hole SCHN-12.

Advance recently completed hole GV-26-002 to a depth of 291 metres, designed to test the southern extension of the known mineralised system. Assays are pending for this hole, while drilling is underway on the third extensional hole, GV-26-003, located on the same drill section.

The broader maiden diamond drilling program is expected to comprise 15 to 18 holes for up to 4,500 metres. Advance is also updating the geological model for Gavilanes using new lithological, structural and geochemical data generated from the program.

The Company said results from the full drilling campaign, together with planned sampling of selected historic drill core, are expected to support a planned JORC Mineral Resource upgrade for Gavilanes, targeted for early Q4 CY2026.

Key next steps include receipt of assays from GV-26-002, completion of GV-26-003, continued drilling across priority targets, review and sampling of selected historic drill core, and testing outside the current Foreign Estimate area to assess the broader scale potential of the Gavilanes system.

The Foreign Estimate referenced in relation to Gavilanes is not reported in accordance with the 2012 JORC Code. A Competent Person has not yet completed sufficient work to classify the Foreign Estimate as Mineral Resources or Ore Reserves in accordance with the 2012 JORC Code, and it is uncertain whether further evaluation or exploration will enable the estimate to be reported in accordance with the JORC Code.

About us:

About Advance Metals

Advance Metals (ASX: AVM) is a high-grade silver and gold exploration company with advanced projects in Mexico and Australia, executing a funded growth strategy to expand resources and deliver new discoveries.

In Mexico, Advance’s 100% owned Yoquivo Project hosts a maiden JORC Mineral Resource of 33Moz AgEq, comprising 8.8Mt at 120g/t AgEq, with mineralisation open along strike and at depth. The Company’s Mexico portfolio now totals 116Moz AgEq, including Yoquivo, the district-scale Guadalupe y Calvo Project, which hosts 60.6Moz AgEq, and the 100% owned Gavilanes Silver Project, which hosts a 22.4Moz AgEq Foreign Estimate. Drilling has commenced at Gavilanes, targeting extensions to the high-grade system ahead of a planned JORC Resource upgrade.

In Australia, Advance is moving to 100% ownership of the high-grade Myrtleford and Beaufort Gold Projects in Victoria. At Happy Valley, drilling has confirmed high-grade gold mineralisation extending to at least 500m below surface, with standout results including 8.2m at 28.8g/t Au, 7.5m at 55.0g/t Au and gravity gold recoveries of up to 96.1%. With structural modelling, pending assays, regional mapping and drill targeting underway, Advance is focused on rapidly growing its high-grade precious metals portfolio.

Contact details:

Jane Morgan
Investor & Media Relations Manager
Advance Metals Limited
+61 (0) 405 555 618
[email protected]