Could you please give us an introduction to Nevada Silver Corporation (NSC) and provide an overview of your portfolio?

NSC is a company that focuses on exploration and mineral development with two advanced stage projects in the US. Our flagship project is the Corcoran silver project in Nevada, and the other is the Emily manganese project in Minnesota. As our name suggests, we primarily focus on exploring for silver in Nevada. We started trading on the TSXV in May 2021, after a reverse takeover. Our intention is to focus solely on silver and monetize the manganese project to benefit our shareholders.

The Corcoran silver project is a compelling opportunity for us. It includes silver and gold mineralization from the surface, located in Nevada, which is the world’s best mining jurisdiction, according to the Fraser Institute. The district is also known for multi-million-ounce silver and gold production. Although the Corcoran project has been explored since the 1980s, it has never reached its full potential. We are the first adequately skilled and funded company in a long time to give the project a real opportunity for success.

What attracted you to the Toquima caldera complex where the Corcoran project is located?

The Toquima caldera complex is a well-endowed historic mining district with world-class assets in close proximity. Compared to other districts in Nevada, such as the Carlin and Battle Mountain Belts, it is less “cluttered.” Corcoran is the largest underdeveloped project within the Toquima complex, and the historical exploration, including 18,000 meters of drilling, has provided a great starting point.

Can you tell us about the current resource estimate for the Corcoran property?

We published our maiden resource estimate in October 2020 to draw a line under the historic drilling and build upon the resource and the project. The Corcoran project has an inferred mineral resource of 33.5 million silver-equivalent ounces, which includes approximately 24 million oz silver and 250,000 oz gold. Although the published grade appears low, averaging 30 g/t silver equivalent, we believe the grade understates the deposit’s potential for several reasons. For example, much of the drilling was percussion and undertaken over 30 years ago, so it could not accurately define the high-grade zones. Additionally, high-grade intersections were capped, which may also understate the contained grade of the resource. Finally, assaying of samples 40 years ago tended to lose some of the silver in solution, adversely impacting the grade. We believe we can significantly increase the grade and tons and see the current resource estimate as an excellent starting point.

Can you provide some insights into the ongoing drill campaign?

We started an initial diamond drill program in September 2021, beginning with verification drilling within the main (Silver Reef) resource area. The program then moved on to test for extensions to the Silver Reef mineralization, with the intent to provide considerable infill data. This drilling is expected to extend the area of known mineralization and will form both the basis for an updated NI 43-101-compliant resource estimate and material for metallurgy and mineralogy studies.

In the current program, we completed 17 holes for 3,040 meters, and we have received assays for three holes. The first results are positive, with wide intersections of up to 142 m from close to surface with silver and gold averaging 42 g/t AgEq. Numerous thinner intervals of high-grade silver and gold ranging to 1.33 m of 2,310 g/t Ag 2.6 g/t Au were intersected in each. The results are encouraging, and we believe that they will support our efforts to increase the grade and tons.