Silver Hill
America's First Significant Silver Discovery
Davidson County, North Carolina — 1,225 Acres
Overview
The Silver Hill Project totals 1,225 acres located in Davidson County, North Carolina. The project area is entirely on privately owned land with no federal, state, or Native American ground, and features on-site roads, power and water.
Metalsource COO Tom Kleeberg and his team bring exceptional expertise on these properties, and their years of groundwork provide us with an invaluable platform for exploration.
Historic Estimate
In 2023 SRK conducted a review of the existing data and created a “mineral inventory”. This historical estimate suggests the presence of 347,422 tonnes grading 23.7 g/t silver, 2.17 g/t gold, 0.20% copper, 2.5479% lead, 7.88866% zinc (SRK Technical Memorandum Project #USPR001521, 2023).
This historic estimate was characterized as “a mineral inventory” and was not calculated using CIM or SME defined standards and should not be considered mineral resources, but it merits stating as it is a culmination of efforts on the project and shows the geologic potential.
The mineral inventory relied on a MetVal calculation using the formula = (Ag OPT * Ag recovery * Ag US$/oz) + (Au OPT * Au recovery * Au US$/oz) + ((Cu % * Cu recovery * Cu US$/lb)/100)*2000) ((Pb % * Pb recovery * Pb US$/lb)/100)*2000) + ((Zn % * Zn recovery * Zn US$/lb)/100)*2000), where US$1805/oz Au, US$22.70/oz Ag, US$3.75/lbs Cu, US$1.34/lb Zn, US$0.94/lb Pb and recoveries Au 95.5%, Ag 89.9%, Cu 86.3%, Zn 91.4%, 84.5% Pb. A qualified person has not conducted sufficient work to define what work would be required to classify the historical estimate to meet current CIM definitions of a resource (this may require additional drilling and other work, as yet undefined). Metalsource Mining is not treating this historic estimate as current mineral resources and a qualified person has not reviewed the work to define the quality of the work associated with this historic estimate.
Project History
*Underground diamond drilling
Phase 1 Drilling
Metalsource’s phase 1 drill program at Silver Hill has delivered significant results, intersecting wider than previously documented mineralization and containing substantially stronger gold grades than historically observed or anticipated.
- These intercepts represent previously unrecognized mineralization — historic work indicated only narrow mineralization and did not demonstrate gold grades of this tenor previously
- The historic workings at the 550 level and previous mapping and modelling projected this mineralization as a much narrower zone
- Ongoing exploration drilling will work to expand mineralization along strike and down plunge below the 1,000 level
*AgEq calculated using 200-day moving average metal prices as of Feb. 6, 2026
Phase 1 Drill Results — As of March 11, 2026
| Drill Hole | From (m) | To (m) | Length (m) | Ag (g/t) | Au (g/t) | Cu (%) | Pb (%) | Zn (%) | AgEq (g/t)* |
|---|---|---|---|---|---|---|---|---|---|
| SH25-01 | 14.32 | 32.49 | 18.17 | 67.92 | 1.75 | 0.10 | 3.06 | 1.04 | 267 |
| Incl. | 24.69 | 32.49 | 7.80 | 66.12 | 3.22 | 0.14 | 3.58 | 0.87 | 383 |
| Incl. | 24.69 | 27.43 | 2.74 | 139.89 | 4.75 | 0.27 | 7.13 | 1.17 | 640 |
| SH25-02 | 14.23 | 29.57 | 15.33 | 33.22 | 2.09 | 0.05 | 1.11 | 1.37 | 237 |
| Incl. | 24.66 | 29.57 | 4.91 | 61.47 | 5.71 | 0.14 | 2.70 | 3.76 | 613 |
| Incl. | 26.40 | 28.13 | 1.74 | 68.70 | 13.15 | 0.08 | 2.92 | 0.47 | 1,155 |
Widths reported are core length, as additional data is needed to estimate the true width of intercepts at this stage of the project.
*AgEq calculated using 200-day moving average values from Feb. 6, 2026 (Au US$124.5/g, Ag US$1.58/g, Cu US$4.9/lbs, Pb US$0.90/lbs, Zn US$1.11/lbs).
Next Steps
Building on Phase 1 results that confirmed a broader, higher-grade mineralized envelope than previously known, Metalsource is now aggressively advancing Phase 2 at Silver Hill.
We’ve known all along the Silver Hill Project was going to produce exciting results for our shareholders. It’s great to see the geology and the mineralization proving our exploration thesis and demonstrating new mineralization, confirming that this part of the system, near the old workings, is shallow in nature.
– Joe Cullen, CEO