Americas Gold and Silver (TSX: USA; NYSE-A: USAS) announced promising drilling results from its Cosalá operations in Mexico, revealing grades of silver and copper significantly surpassing prior resource estimates. On October 31, infill drilling returned grades up to five times higher than the current resource model, including hole SR568, which yielded 14 metres at 599.8 grams silver per tonne and 0.83% copper. These results are key for mine planning for the second half of the year.
The company’s overall resources saw a substantial increase following a March update, with measured and indicated resources rising 10% to 15 million tonnes grading 240 grams silver per tonne, equating to 115.7 million ounces. Additionally, Americas Gold and Silver reported record silver production of 787,000 ounces in Q1 2023, marking a 76% increase from 446,000 ounces in the previous year.
In Idaho, the Galena Complex has also seen exploration success, with a fourth discovery in the 43L-TJ vein complex. The company is investing approximately $20 million in a 64,000-metre drilling campaign this year and has a market capitalization of around C$2.9 billion ($2.1 billion), with shares rising 2.4% to C$8.73 on Monday.
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