(Kitco News) Silver47 Exploration is launching a new drilling campaign in Nevada while preparing a larger summer program in Alaska, as the company looks to expand a growing portfolio of high-grade silver assets across the United States.
The Vancouver-based explorer plans at least 7,000 meters of drilling at its Hughes project near Tonopah, Nevada, targeting extensions of the Ruby discovery and testing additional prospects along the eastern edge of the historic Tonopah mining district. The program will investigate the Ruby, Sapphire, and Emerald targets, where previous drilling intersected high-grade silver and gold mineralization.
Speaking with Kitco Mining during the Prospectors & Developers Association of Canada convention in Toronto, on March 2, 2026, Vice President of Investor Relations Giordy Belfiore said the Nevada campaign marks the start of a broader exploration pipeline across the company’s U.S. projects. “Next week we're going to start drilling 7,000 meters at our Hughes project,” Belfiore said.
Silver47’s most advanced asset is the Red Mountain project in Alaska, a polymetallic system containing silver, gold, and base metals. “It has 168 million ounce silver equivalent resource at 336 grams per ton,” Belfiore said.
The company plans to launch a summer drill program at Red Mountain beginning in early June. Four rigs are expected to complete between 15,000 and 20,000 meters of drilling aimed at expanding the existing resource and testing additional mineralized targets.
Silver47 expanded its portfolio in the summer of 2025 through a merger with Summa Silver, which added the Hughes project in Nevada and the Mogollon project in New Mexico. Belfiore said the company is focused on building a portfolio of high-grade silver assets in the United States, citing the stability of U.S. mining jurisdictions.
The company currently has about $55 million in working capital to fund its 2026 exploration programs. Silver47 is also preparing an updated resource estimate for Red Mountain that could support additional technical work later this year. “If it comes back to what we're kind of internally thinking right now, we will push us forward to a PEA by the end of 2026,” Belfiore said.
Alongside drilling, the company is evaluating historic tailings at the Hughes project containing about 1.8 million ounces of silver and 11,000 ounces of gold. Belfiore said the material averages roughly 68 grams per tonne silver equivalent.
He also pointed to a valuation gap relative to peer silver explorers. “We get 30 cents to 40 cents depending on the day,” Belfiore said.
Watch the full video on the Kitco Mining YouTube channel.
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