Metalsource Mining Intersects High Grade Silver Hill Mineralization to 335 Metres Below Surface with 55 Metre Down Plunge Step Outs
Rhea-AI Summary
Metalsource Mining (CSE: MSM, OTCQB: MSMMF, FSE: E9Z) reported new drill results from its Silver Hill project, where 55 metre down-plunge step outs are extending known polymetallic mineralization. Hole SH26-20 intersected 9.57 m grading 364 g/t AgEq, including 2.26 m at 913 g/t AgEq. Hole SH26-21 cut 15.3 m grading 207 g/t AgEq, including 2.44 m at 515 g/t AgEq, with higher lead and silver values indicating argentiferous galena and wider mineralized horizons at depth.
According to Metalsource, the two holes extend drilling to about 335 m below surface and support an interpretation that Silver Hill mineralization remains open along strike and at depth. Multiple assays from additional holes are pending as an expanded drilling program tests extensions and new discovery targets. The company also granted 450,000 restricted share units to consultants and certain officers, vesting over one year and three months, subject to a statutory hold period.
Positive
- SH26-20 intercept: 9.57 m at 364 g/t AgEq, including 2.26 m at 913 g/t AgEq
- SH26-21 intercept: 15.3 m at 207 g/t AgEq, including 2.44 m at 515 g/t AgEq
- Down-plunge step outs extend drilling to ~335 m below surface
- Multiple completed drill holes with assays pending support ongoing news flow and targeting
Negative
- Exploration results are preliminary and insufficient to define a mineral resource
- Reported widths are core length only; true widths not yet determined
- Numerous holes have assays pending, leaving mineralization continuity unconfirmed
- Grant of 450,000 RSUs introduces potential future equity dilution
AI-generated analysis. How Rhea-AI works. Not financial advice.
55 metre away down plunge drilling step out returns multiple intervals within mineralized zones up to 15.3 metres wide as drilling continues to expand known mineralization and refine targeting toward higher grade zones.
Vancouver, British Columbia--(Newsfile Corp. - August 18, 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 step out drilling continues to improve management's understanding of the continuity and orientation of a growing high grade polymetallic system.
Hole SH26-20 returned 9.57 metres grading 364 g/t silver equivalent ("AgEq"), including 2.26 metres grading 913 g/t AgEq.
Hole SH26-21 returned 15.3 metres grading 207 g/t AgEq, including 2.4 metres grading 515 g/t AgEq.
These two holes continue to demonstrate mineralization is open at depth, with reliable widths and high grades, validating the company's interpretation that the system remains open down dip and along strike to the north and south.
SH26-20: This hole was drilled as a follow up to SH26-19, designed to characterize the grade of lost material in SH26-19. This is very important for data continuity in future resource estimations. SH26-20 returned composite values of up to 8.4 g/t gold, with 47.9 g/t silver, and
SH26-21: This hole was drilled as a down dip step out below SH26-20, and returned higher overall composite lead values, including up to
| Drill Hole ID | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) | Pb (%) | Zn (%) | Cu (%) | AgEq (g/t) |
| SH26-20 | 227.56 | 237.13 | 9.57 | 2.5 | 30.2 | 2.6 | 7.6 | 0.2 | 364 |
| Including | 227.56 | 229.82 | 2.26 | 8.4 | 37.0 | 1.9 | 12.8 | 0.6 | 913 |
| Including | 232.90 | 237.13 | 4.24 | 0.7 | 47.9 | 4.7 | 10.3 | 0.1 | 308 |
| SH26-21 | 247.01 | 262.31 | 15.30 | 0.9 | 25.2 | 2.6 | 5.8 | 0.1 | 207 |
| Including | 247.65 | 252.07 | 4.42 | 1.7 | 28.6 | 4.2 | 8.9 | 0.1 | 340 |
| Including | 249.63 | 252.07 | 2.44 | 2.9 | 47.4 | 7.3 | 11.0 | 0.2 | 515 |
| Including | 256.21 | 262.31 | 6.10 | 0.5 | 36.9 | 3.1 | 6.7 | 0.1 | 208 |
Table 1: Composite assay results from SH26-20 and SH26-21. Widths reported are core length, as additional data is needed to estimate the true width of intercepts at this stage of the project. *Details on AgEq calculations below.
Figure 1: Panoramic photograph showing mineralization from SH26-20.
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Figure 2: Panoramic photograph showing mineralization from SH26-21.
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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 (transparent black).
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Figure 4: Long section looking southeast (113°) showing intercept locations colored by AgEq. Black dots indicate intercepts with pending assays. Note: Small colored dots within historic workings are bulk samples taken previously by Tennessee Copper and are colored by AgEq.
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Joe Cullen, CEO of Metalsource Mining, commented:
"SH26-20 and SH26-21 reinforce something we've suspected for a while. Gold, silver, lead and zinc at Silver Hill aren't randomly distributed. We're beginning to see patterns that can help us vector toward the higher-grade portions of the system. That's a meaningful shift from finding mineralization to understanding it.
Importantly, the mineralized system also appears to be strengthening at depth, with SH26-21 returning a wider mineralized intercept as we continue stepping out down plunge. Our focus now is to aggressively expand the known mineralized footprint and target extensions of the exceptional high-grade mineralization, while our expanded drilling program begins testing entirely new targets beyond the historic mine footprint.
As our geological model sharpens, so does our ability to refine where we drill next. With Silver Hill remaining open along strike and at depth, we're excited about the exploration runway ahead."
What's Next
- Multiple Assays Pending: Results remain outstanding from several completed drill holes, providing a continued pipeline of exploration results as drilling advances across Silver Hill.
- Expanding Along Strike and at Depth: With mineralization remaining open in multiple directions, drilling will continue to systematically test extensions of the known mineralization along strike, down plunge and at depth.
- Vectoring Toward Higher Grade Mineralization: As drilling, assays, geophysics and structural interpretation continue to refine the geological model, Metalsource will increasingly apply this information to target interpreted extensions of higher-grade portions of the system.
- Accelerating Exploration: The Company's expanded drilling program is designed to increase exploration capacity, allowing Metalsource to simultaneously expand known mineralization while testing new priority targets across the broader property.
- Testing New Discovery Targets: Recently completed IP surveys have identified additional priority targets within and beyond the historically mined area. These previously untested targets provide a pipeline of opportunities to evaluate potential extensions and additional mineralized centres across the broader Silver Hill trend.
- Expanding the Exploration Footprint: Metalsource will continue evaluating strategic land opportunities where geological and geophysical interpretation identifies prospective ground that could complement the Company's evolving district scale exploration strategy.
Why This Matters to Investors
SH26-20 and SH26-21 provide another important piece of evidence that the Silver Hill mineralization continues at depth. The two down plunge step outs extend drilling to approximately 335 metres below surface while returning multiple high-grade intervals within broader mineralized horizons of up to 15.3 metres. Importantly, the changing distribution of gold, silver, lead and zinc between holes is providing the Company with additional geological information that may help refine vectors toward high grade zones.
The significance extends beyond these individual assays. Metalsource is now advancing a multi-pronged exploration strategy designed to systematically expand mineralization along strike and at depth, aggressively test extensions of the exceptional high-grade mineralization surrounding SH26-07, and use expanded drilling capacity to evaluate completely new discovery targets beyond the historic mine footprint.
With the known mineralization remaining open and the Company's geological model continuing to evolve, each successive phase of drilling is designed to answer a larger question: how far does Silver Hill extend, where are its highest-grade zones concentrated, and does the broader trend host additional mineralized centres?
| Drill Hole ID | Easting (m) | Northing (m) | Elev. (m) | Azimuth | Dip | Length (m) | Status |
| SH25-01 | 572408 | 3951597 | 224 | 107 | -63 | 109 | Complete |
| SH25-02 | 572408 | 3951597 | 224 | 96 | -85 | 101 | Complete |
| SH25-03 | 572410 | 3951751 | 236 | 96 | -46 | 305 | Complete |
| SH25-04 | 572410 | 3951751 | 236 | 352 | -89 | 100 | Complete |
| SH26-05 | 572280 | 3951624 | 262 | 125 | -73 | 199 | Complete |
| SH26-06 | 572280 | 3951624 | 262 | 129 | -51 | 154 | Assay Pending |
| SH26-07 | 572280 | 3951624 | 262 | 74 | -89 | 200 | Complete |
| SH26-08 | 572280 | 3951624 | 262 | 297 | -77 | 231 | Complete |
| SH26-09 | 572237 | 3951590 | 262 | 89 | -70 | 15 | Abandoned |
| SH26-10 | 572237 | 3951590 | 262 | 91 | -76 | 188 | Complete |
| SH26-11 | 572237 | 3951590 | 262 | 26 | -83 | 197 | Complete |
| SH26-12 | 572237 | 3951590 | 262 | 293 | -84 | 255 | Assay Pending |
| SH26-13 | 572237 | 3951590 | 262 | 145 | -82 | 215 | Assay Pending |
| SH26-14 | 572237 | 3951590 | 262 | 125 | -67 | 185 | Assay Pending |
| SH26-15 | 572168 | 3951658 | 261 | 107 | -79 | 267 | Complete |
| SH26-16 | 572168 | 3951658 | 261 | 85 | -76 | 267 | Complete |
| SH26-17 | 572168 | 3951658 | 261 | 94 | -61 | 245 | Complete |
| SH26-18 | 572168 | 3951658 | 261 | 120 | -70 | 297 | Complete |
| SH26-19 | 572168 | 3951658 | 261 | 131 | -76 | 258 | Complete |
| SH26-20 | 572168 | 3951658 | 261 | 133 | -80 | 276 | Complete |
| SH26-21 | 572168 | 3951658 | 261 | 168 | -86 | 288 | Complete |
| SH26-22 | 572168 | 3951658 | 261 | 111 | -86 | 285 | Assay Pending |
| SH26-23 | 572168 | 3951658 | 261 | 71 | -87 | 288 | Assay Pending |
| SH26-24 | 572168 | 3951658 | 261 | 55 | -84 | 288 | Assay Pending |
| SH26-25 | 572168 | 3951658 | 261 | 236 | -49 | 241 | Assay Pending |
| SH26-26 | 572168 | 3951658 | 261 | 156 | -74 | 276 | Assay Pending |
| SH26-27 | 572168 | 3951658 | 261 | 173 | -67 | 283 | Assay Pending |
Table 2: Drill collar locations and layout azimuth/dip for exploration drilling thus far at the Silver Hill Project. Collar survey in progress and will likely change reported collar elevations. Collar coordinates in WGS84 / UTMZ17N.
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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RSU Grant
Further, the Company has granted an aggregate 450,000 restricted share units, valid for a term of five years, to consultants and certain officers of the Company. The restricted share units are issued pursuant to the Company's share compensation plans and are subject to vesting. Of these RSUs, 150,000 will vest over a one-year period and 300,000 will vest over a three month period, in addition to a statutory hold period of four months and one day from issuance.
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 1,225 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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