Metalsource Mining Extends High Grade Mineralization at Depth as Silver Hill Exploration Enters Major Expansion Phase
New high-grade intercepts at Silver Hill support deeper continuity as Metalsource ramps up step-out drilling and prepares to test untested IP targets.
Rhea-AI Summary
Metalsource Mining (MSMMF) reported new drill results from the Silver Hill project, with holes SH26-22 and SH26-23 extending high-grade polymetallic mineralization at depth.
SH26-22 returned 7.32 m grading 261 g/t AgEq, including 1.37 m at 930 g/t AgEq from 245.67 m. SH26-23 intersected 12.31 m at 140 g/t AgEq, including 1.86 m at 833 g/t AgEq from 246.8 m. Hole SH26-06 cut 0.40 m grading 3.1 g/t Au and 236 g/t AgEq from 119.30 m, while SH26-25, drilled as a geologic test, returned no anticipated mineralization but confirmed strong alteration above the interpreted deep extension of Silver Hill.
The company is actively stepping out from known mineralization and preparing a larger phase of step-out drilling to the north and south, supported by a second drill that will test untested IP anomalies. Multiple completed holes have assays pending, and the results remain preliminary and insufficient to define a mineral resource.
Positive
- SH26-22 7.32 m at 261 g/t AgEq, including 1.37 m at 930 g/t AgEq
- SH26-23 12.31 m at 140 g/t AgEq, including 1.86 m at 833 g/t AgEq
- SH26-06 0.40 m at 3.1 g/t Au and 236 g/t AgEq from 119.30 m
- Two drills now support step-out drilling and testing of new IP anomalies
- Multiple holes completed with assays pending, providing ongoing news flow potential
Negative
- Exploration results are preliminary and insufficient to define a mineral resource
- True widths of intercepts are unknown; only core lengths reported
- SH26-25 returned no mineralization as expected, highlighting geologic rather than immediate resource value
AI-generated analysis. How Rhea-AI works. Not financial advice.
Holes SH26-22 and SH26-23 return up to 930 g/t AgEq within broader mineralized horizons as ongoing step out drilling expands Silver Hill and the Company prepares for significantly larger step outs along strike
Vancouver, British Columbia--(Newsfile Corp. - September 16, 2026) - Metalsource Mining Inc. (CSE: MSM) (OTCQB: MSMMF) (FSE: E9Z) ("Metalsource" or the "Company") is pleased to announce additional assay results from its ongoing drill program at Silver Hill, where deep drilling continues to improve management's understanding of the high grade polymetallic system. Hole SH26-22 returned 7.32 metres grading 261 g/t silver equivalent ("AgEq"), including 1.37 metres grading 930 g/t AgEq from 245.67m. Hole SH26-23 returned 12.31 metres grading 140 g/t AgEq, including 1.86 metres grading 833 g/t AgEq from 246.8m.These two holes continue to demonstrate mineralization at depth, with reliable widths and high grades. SH26-06 returned minimal base metals, but identified multiple mineralized intervals containing gold (Au), including 0.4m of 3.1 g/t Au from 119.30m. Both holes intersected higher grade mineralization within broader mineralized horizons at depth, providing additional geological information as Metalsource continues step out drilling and prepares to significantly expand exploration along strike.
Ongoing drilling is currently stepping out from the known Silver Hill mineralization to test its continuation into previously untested ground. Building on this work, Metalsource is preparing a subsequent phase of significantly larger step outs to the north and south designed to test the broader strike potential of the mineralization. In parallel, expanded drilling capacity will allow the Company to begin testing priority IP anomalies beyond the historic mine footprint, several of which exhibit geophysical characteristics similar to those associated with Silver Hill proper.
| Drill Hole ID | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) | Pb (%) | Zn (%) | Cu (%) | AgEq (g/t) |
| SH26-22 | 245.67 | 252.98 | 7.32 | 1.4 | 33.7 | 3.7 | 5.4 | 0.1 | 261 |
| Including | 251.61 | 252.98 | 1.37 | 3.0 | 157.6 | 17.1 | 23.6 | 0.4 | 930 |
| SH26-23 | 246.80 | 259.11 | 12.31 | 0.9 | 12.0 | 1.0 | 3.3 | 0.0 | 140 |
| Including | 257.25 | 259.11 | 1.86 | 5.7 | 70.3 | 5.7 | 18.2 | 0.1 | 833 |
| SH26-06 | 119.30 | 119.69 | 0.40 | 3.1 | 2.6 | 0.0 | 0.0 | 0.0 | 236 |
Table 1: Composite assay results with widths reported as core length. Additional data is needed to estimate the true width of intercepts at this stage of the project. *Details on AgEq calculations below.
Drillhole SH26-25 was drilled toward the WSW (Figure 3), and was designed to test the developing structural model of the project while investigating alteration assemblages on trend to the south of Silver Hill, and west of SH26-27. Although no mineralization was anticipated, SH26-25 provided valuable information about alteration intensity in hanging wall stratigraphy above the interpreted deep extension of Silver Hill mineralization. Strong quartz-sericite-pyrite + albite alteration was observed in the hanging wall rocks, stratigraphically above the down plunge projection of SH26-27. These results provide justification for deep exploration below SH26-27 and represent a potential for significant growth opportunity at Silver Hill.
Figure 1: Panoramic photograph showing mineralization from SH26-22.
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Figure 2: Photograph showing mineralization from SH26-23.
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Figure 3: Plan view of the Silver Hill project area showing the location of drilled intercepts (AgEq), intercepts with pending assays (black) and collar locations (grey).
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Figure 4: Long section looking southeast (113°) showing intercept locations colored by AgEq. Black dots indicate intercepts with pending assays.
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Joe Cullen, CEO of Metalsource Mining, commented:
"SH26-22 and SH26-23 give us continued confidence in the continuity of the Silver Hill mineralization at depth. Together with the alteration we're seeing farther south, we're building an increasingly coherent picture of how this system is organized and where it may continue.
"We're actively stepping out from the known system today, but what excites us most is where we're preparing to take the program next. We intend to significantly increase the scale of our step out drilling to the north and south, while our second drill gives us the capacity to begin testing completely untested IP anomalies beyond the historic mine footprint, several of which exhibit geophysical characteristics similar to Silver Hill proper.
"Our strategy is simple: aggressively expand what we know while systematically testing what we have high confidence in to expand the footprint of mineralization. With two drills, multiple assays pending and a growing pipeline of targets, we've never been more excited about the opportunity in front of us."
What's Next
- Ongoing Step Out Drilling: Metalsource is actively stepping out from the known Silver Hill mineralization, testing its continuation along strike and into previously untested ground.
- Preparing for Larger Strike Expansion: Building on the current step out program, Metalsource is planning significantly larger step outs to the north and south designed to test the broader strike potential beyond the currently drilled footprint.
- Testing New IP Targets: The second drill provides the capacity to begin testing completely untested priority IP anomalies beyond the historic mine footprint, several of which exhibit geophysical characteristics similar to those associated with Silver Hill proper.
- Continued Silver Hill Expansion: Drilling will continue along strike and at depth while new assays, alteration data, structural interpretation and geophysics are incorporated into the evolving geological model to guide subsequent drilling.
- Multiple Assays Pending: Results remain outstanding from several completed holes, providing a continued pipeline of technical information as the expanded exploration program advances.
Why This Matters to Investors
SH26-22 and SH26-23 provide additional evidence supporting the continuity of the Silver Hill mineralization at depth, with both holes returning higher grade intervals within broader mineralized horizons. Together with the alteration observed farther south, the results continue to strengthen the Company's geological understanding as drilling expands beyond the historically mined area.
The opportunity now extends well beyond the currently drilled footprint. Metalsource is actively stepping out from the known system and preparing significantly larger step outs to the north and south to test the broader strike potential across largely untested ground.
At the same time, the second drill provides the capacity to begin testing priority IP anomalies beyond Silver Hill proper, several of which exhibit geophysical characteristics similar to the known mineralization but remain completely untested by drilling.
| Drill Hole ID | Easting (m) | Northing (m) | Elev. (m) | Azimuth | Dip | Length (m) | Status |
| SH25-01 | 572408 | 3951597 | 229 | 107 | -63 | 109 | Complete |
| SH25-02 | 572408 | 3951597 | 229 | 96 | -85 | 101 | Complete |
| SH25-03 | 572410 | 3951751 | 226 | 96 | -46 | 305 | Complete |
| SH25-04 | 572410 | 3951751 | 225 | 352 | -89 | 100 | Complete |
| SH26-05 | 572280 | 3951624 | 222 | 125 | -73 | 199 | Complete |
| SH26-06 | 572280 | 3951624 | 222 | 129 | -51 | 154 | Complete |
| SH26-07 | 572280 | 3951624 | 222 | 74 | -89 | 200 | Complete |
| SH26-08 | 572280 | 3951624 | 222 | 297 | -77 | 231 | Complete |
| SH26-09 | 572237 | 3951590 | 218 | 89 | -70 | 15 | Abandoned |
| SH26-10 | 572237 | 3951590 | 218 | 91 | -76 | 188 | Complete |
| SH26-11 | 572237 | 3951590 | 218 | 26 | -83 | 197 | Complete |
| SH26-12 | 572237 | 3951590 | 218 | 293 | -84 | 255 | Assay Pending |
| SH26-13 | 572237 | 3951590 | 218 | 145 | -82 | 215 | Assay Pending |
| SH26-14 | 572237 | 3951590 | 218 | 125 | -67 | 185 | Assay Pending |
| SH26-15 | 572168 | 3951658 | 213 | 107 | -79 | 267 | Complete |
| SH26-16 | 572168 | 3951658 | 213 | 85 | -76 | 267 | Complete |
| SH26-17 | 572168 | 3951658 | 213 | 94 | -61 | 245 | Complete |
| SH26-18 | 572168 | 3951658 | 213 | 120 | -70 | 297 | Complete |
| SH26-19 | 572168 | 3951658 | 213 | 131 | -76 | 258 | Complete |
| SH26-20 | 572168 | 3951658 | 213 | 133 | -80 | 276 | Complete |
| SH26-21 | 572168 | 3951658 | 213 | 168 | -86 | 288 | Complete |
| SH26-22 | 572168 | 3951658 | 213 | 111 | -86 | 285 | Complete |
| SH26-23 | 572168 | 3951658 | 213 | 71 | -87 | 288 | Complete |
| SH26-24 | 572168 | 3951658 | 213 | 55 | -84 | 288 | Assay Pending |
| SH26-25 | 572168 | 3951658 | 213 | 236 | -49 | 241 | Assay Pending |
| SH26-26 | 572168 | 3951658 | 213 | 156 | -74 | 276 | Assay Pending |
| SH26-27 | 572168 | 3951658 | 213 | 173 | -67 | 283 | Assay Pending |
| SH26-28 | 572326 | 3951599 | 224 | 320 | -76 | 246 | Assay Pending |
| SH26-29 | 572326 | 3951599 | 224 | 334 | -68 | 188 | Assay Pending |
| SH26-30 | 572326 | 3951599 | 224 | 355 | -62 | 154 | Assay Pending |
| SH26-31 | 572326 | 3951599 | 224 | 19 | -60 | 139 | Assay Pending |
| SH26-32 | 572326 | 3951599 | 224 | 48 | -86 | 154 | Assay Pending |
Table 2: Drill collar locations and layout azimuth/dip for exploration drilling thus far at the Silver Hill Project. A recent collar survey and utilization of available LiDAR has improved collar locations and elevation estimates at Silver Hill.
Metalsource QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks, and duplicates within the sample stream. The drill core is cut in half with a diamond saw, with one half placed in sealed bags and shipped to the laboratory and the other half retained on site. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing is performed by ALS Geochemistry (Reno, NV) and ALS Canada (Vancouver, BC). The entire sample is crushed to
The exploration results described herein are preliminary in nature and are insufficient to define a mineral resource. Further drilling is required to determine the continuity, geometry, and grade distribution of mineralization. At the time of this release analytical results remain pending.
*Metal values used in AgEq calculations are from the 200-day moving average values from 2/6/2026, and all values are in USD. PAu=
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Qualified Person
All scientific and technical information has been reviewed and approved by Darcy Vis, B.Sc., P.Geo., President of Tripoint Geological Services Ltd., a contractor of the Company, and a Qualified Person as defined under National Instrument ("NI") 43-101 - Standards of Disclosure for Mineral Projects.
Silver Hill Project
Located in the Carolina Terrane, the property is underlain by volcaniclastic and volcano-sedimentary rocks predominantly of Neoproterozoic and Cambrian age. Current interpretations suggest this terrane is an extension of the Avalon Terrane. The property is 1,300 acres located in Davidson County, North Carolina. As the first significant discovery and first silver-producing mine in America, the property is supported by an extensive historic dataset, including drillhole data, underground mapping, historic dumps and underground chip samples. Currently known mineralization extends to 550m from surface, in a steeply trending series of lenses, which remain open in multiple directions.
Byrd-Pilot Mountain Project
The Byrd-Pilot Mountain Project is located in central North Carolina within the Carolina Terrane. Initial USGS surveys in the 1980s identified the area as a potential host for a porphyry gold-copper system. Subsequent exploration demonstrated broad gold mineralization in soils, trenches, and shallow RC drilling, coincident with strong self-potential anomalies. Geology shows intense quartz-sericite-pyrite alteration, high-sulfidation signatures, and high-alumina minerals (like Haile and Brewer deposits to the south), suggesting potential for a large epithermal or porphyry-related gold system. Geologic modelling of currently identified mineralization indicates an east-west trend open in multiple directions, with oxidation noted down to a depth of 30m. No drilling has tested the Meridian discovery zone since those 1980s campaigns, leaving potential for significant resource expansion through work commitments of the agreement.
About Metalsource Mining Inc.
Metalsource Mining Inc. is a U.S.-focused precious and critical metals exploration company advancing the Silver Hill Project in North Carolina, widely recognized as America's first silver mine. A historically producing mining district dating back to 1839, Silver Hill produced silver, gold, lead and zinc during the formative years of the American mining industry and remains one of the most historically significant mining assets in the United States.
The Company is focused on expanding known mineralization, advancing toward a modern resource estimate, and unlocking the broader potential of the Silver Hill district through systematic drilling, geological modeling and modern exploration techniques.
Metalsource Mining
America's First Silver Mine. Modern Exploration. Historic Opportunity.
For further information, please contact:
Joe Cullen CEO - Metalsource Mining Inc.
Tel: (778) 919-8615
Email: jcullen@metalsourcemining.com
Cautionary Note About Forward-Looking Statements
This news release may include forward-looking statements that are subject to risks and uncertainties. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR+ profile at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How were the silver equivalent (AgEq) grades for Silver Hill calculated?
AgEq grades use metal prices based on the 200-day moving averages from February 6, 2026 in USD: Au at $124.5/g, Ag at $1.58/g, Cu at $4.9/lb, Pb at $0.90/lb and Zn at $1.11/lb. Metal recoveries applied to the AgEq calculation are Au 95.5%, Ag 92.9%, Pb 89.2%, Zn 93.8% and Cu 90.8%, derived from 1988 batch metallurgical testing of Silver Hill ores. Individual metal grades in the table are composited and not recovery-adjusted; recoveries are only applied within the AgEq formula.
What QA/QC procedures does Metalsource use for Silver Hill drilling?
The company maintains QA/QC protocols by inserting certified reference standards, blanks and duplicates into the sample stream. Drill core is cut in half with a diamond saw; one half is bagged and shipped to ALS Geochemistry (Reno, NV) and ALS Canada (Vancouver, BC) for analysis, and the other half is retained on site. Samples are crushed to 70% passing 2 mm, a 250 g split is pulverized to 85% passing 75 microns, and a 4-acid digest on 0.25 g is analyzed using ICP-AES, ICP-MS and fire assay methods.
Where is the Silver Hill project located and what is its geological setting?
Silver Hill is a 1,300-acre property in Davidson County, North Carolina, within the Carolina Terrane. It is underlain by volcaniclastic and volcano-sedimentary rocks of Neoproterozoic and Cambrian age, interpreted as an extension of the Avalon Terrane. Currently known mineralization extends to 550 m from surface in a steeply trending series of lenses that remain open in multiple directions and is supported by historic drilling, underground mapping, dumps and chip sampling.
Who is the Qualified Person for the Silver Hill technical information?
All scientific and technical information was reviewed and approved by Darcy Vis, B.Sc., P.Geo., President of Tripoint Geological Services, a contractor to Metalsource and a Qualified Person as defined under National Instrument 43-101.
What drilling has been completed or is pending at Silver Hill so far?
Drill collar data list numerous completed holes, including SH25-01 to SH25-04 and SH26-05 to SH26-23, with one abandoned hole (SH26-09). Assays are pending for several 2026 holes, including SH26-12 to SH26-14 and SH26-24 to SH26-32. A recent collar survey and use of LiDAR have improved collar location and elevation estimates for the project.