“MetalSource Mining has bolstered its Silverhill Project by acquiring rights to nearly 100 acres of adjacent land, enhancing exploration potential along key mineralized trends and expanding the total project area to over 500 acres amid ongoing drilling efforts.”
Strategic Expansion Details
MetalSource Mining, a junior explorer focused on precious and base metals in the Carolina Terrane, has secured options on two parcels totaling 97.6 acres at its flagship Silverhill Project in North Carolina. This move aligns with the company’s push to capitalize on historical silver production in the region, where Silverhill stands as one of America’s earliest silver discoveries.
The acquisitions include the Hinkle Lands, spanning 85.5 acres, positioned directly along the strike of the known mineralized trend. This area overlaps with a previously mapped induced polarization anomaly, suggesting potential extensions of high-grade silver and base metal zones. The second parcel, the Adkins Tract at 12.07 acres, sits immediately east of the central mineralization, providing contiguous access for integrated exploration.
Under the terms, both properties fall under five-year exploration licenses with purchase options, offering annual renewal and the ability to relinquish without penalty. This structure minimizes risk while granting immediate drilling and sampling rights, integrated into MetalSource’s existing agreement with Goldstrike Minerals.
Impact on Exploration Program
The expanded land base comes as MetalSource ramps up its drilling campaign at Silverhill. Recent activities have included completing several holes targeting down-dip extensions and southern expansions of known mineralization. The additional acreage allows for broader geophysical surveys and potential new targets, particularly in areas with historical data indicating polymetallic potential.
Company executives highlighted the strategic value, noting that the Hinkle Lands could connect disparate anomalies, while the Adkins Tract fills a critical gap in the core zone. This positions Silverhill for more comprehensive resource delineation, with assays from ongoing drills expected to guide further phases.
Financial and Market Context
Shares of MetalSource (OTCQB: SFRIF) traded at approximately $0.75 USD in recent sessions, reflecting a market capitalization around $45 million. The expansion supports the company’s growth trajectory following a recent private placement that bolstered its exploration budget.
Future Outlook
| Property | Acreage | Location Relative to Core | Key Features |
|---|---|---|---|
| Hinkle Lands | 85.5 | Along strike of mineralized trend | Aligns with IP anomaly; potential for trend extension |
| Adkins Tract | 12.07 | East of central zones | Adjacent access; integrates with existing mineralization |
With the project now encompassing 512.21 acres, MetalSource plans to incorporate the new lands into its multi-phase program, including additional holes at Silverhill before shifting focus to complementary assets like the Byrd-Pilot gold-silver project. This dual approach aims to leverage regional geology for diversified discoveries.
Disclaimer: This article is for informational purposes only and does not constitute financial advice, investment recommendations, or an endorsement of any securities. Readers should conduct their own research and consult with qualified professionals before making any investment decisions. All information is based on publicly available data and is subject to change.
