Advance Metals Strikes Deepest Polymetallic Zone at Gavilanes Silver Project

Advance Metals Strikes Deepest and Broadest Polymetallic Zone Yet at Gavilanes

Advance Metals Limited (ASX: AVM) has reported its strongest combined silver-gold-copper drill result yet from the 100%-owned Gavilanes Silver Project in western Durango, Mexico, with hole GV-26-003 returning shallow high-grade silver and a broad deeper polymetallic interval that continued to the end of hole. The result strengthens the company's interpretation of a vertically stacked mineral system and adds momentum towards a planned JORC Mineral Resource upgrade in early Q4 CY2026.

Furthermore, the update does more than add another isolated intercept. Advance describes a pattern emerging across the southern end of the deposit, where shallow silver-rich mineralisation is now being matched by increasing copper and gold grades at depth — a combination that may improve the project's scale potential and commodity exposure.

Two Mineralised Systems Identified in One Hole

Hole GV-26-003 was drilled on the same southern section as GV-26-002, with the collar positioned about 60 metres east of the earlier hole. It reached 243.2 metres, short of the planned 350 metres after a small void interrupted drilling, but importantly it ended in mineralisation.

That final point is central to the interpretation. Because the lower zone was not closed off by drilling, Advance reported that the mineralisation remains open to the east, to the south along strike, and at depth.

Shallow High-Grade Silver Zones

Near surface, GV-26-003 intersected two notable intervals:

• 15.6m at 309g/t Ag from 24m, including 3.4m at 569g/t Ag from 32.6m
• 6.0m at 204g/t Ag from 58.8m, including 1.2m at 548g/t Ag from 63.6m

These intercepts extend the known shallow high-grade silver mineralisation associated with the Descubridora structure further into the southern part of the deposit.

Deep Polymetallic Zone

At depth, the hole intersected what the company described as the strongest polymetallic interval reported at Gavilanes to date:

• 37.5m at 83g/t Ag, 0.8g/t Au, 0.6% Cu, 0.6% Zn and 0.3% Pb from 205.8m to end of hole
  • including 4.5m at 141g/t Ag, 0.5g/t Au, 0.8% Cu, 3.0% Zn and 1.9% Pb from 205.8m
  • and 5.5m at 160g/t Ag, 2.3g/t Au and 1.5% Cu from 217.2m
  • and 9.2m at 118g/t Ag, 0.3g/t Au and 0.3% Cu from 234m to end of hole

In addition, an earlier interval of 1.2m at 77g/t Ag, 0.4g/t Au and 1.2% Cu from 192.3m signalled the onset of stronger copper and gold mineralisation before the broader zone developed.

For investors, a broad multi-metal interval at depth can support a different valuation discussion than a narrow single-metal vein story. It suggests the project may host a more complex mineral system with both shallow silver potential and deeper base-metal and gold potential.

"GV-26-003 is an important result for Advance, returning two shallow high grade silver zones together with the strongest polymetallic interval reported at Gavilanes to date," said Dr Adam McKinnon, Managing Director and CEO.

"The 37.5 metre lower zone contains significant silver, gold and copper mineralisation and continues to the end of the hole, leaving the lower zone completely open and providing a clear target for follow-up drilling."

How Does the Latest Hole Fit the Broader Gavilanes Drilling Programme?

The latest result builds on earlier intersections from the maiden drill campaign, which is expected to comprise 15 to 18 diamond holes for up to 4,500 metres, initially focused on the Descubridora structure. The pattern emerging from the first three reported holes is summarised below.

Based on these results, the company's geological interpretation is becoming more coherent. Shallow zones appear to be silver-dominant, while deeper zones show increasing copper and gold association — pointing, in technical terms, to vertical metal zoning.

That matters because continuity is a major issue in exploration. One strong intercept can be interesting, however a repeated pattern across multiple holes is what begins to support geological confidence and, eventually, resource definition.

"Together with the broad copper-silver-gold interval intersected in GV-26-002, the latest results strengthen our interpretation of a vertically stacked system, with shallow silver-dominant mineralisation and increasing copper and gold at depth," Dr McKinnon said.

Understanding the Geology: What Does an Epithermal System Mean?

Gavilanes is described as a low- to intermediate-sulphidation epithermal deposit. An epithermal deposit forms when hot fluids carrying dissolved metals move upward through cracks and faults in the earth, then cool and deposit those metals relatively close to the surface. These systems often host silver and gold, but can also include copper, lead and zinc depending on temperature, fluid chemistry and depth.

At Gavilanes, mineralisation is structurally controlled and associated with quartz-sulphide breccia zones and veins in volcanic rocks. In simple terms, a breccia is a broken rock zone later filled or cemented by minerals deposited from hot fluids — an important host for ore.

Why Does Vertical Zoning Matter?

A vertically zoned system means different metals can dominate at different depths. At Gavilanes, the current drilling suggests:

• Silver-rich mineralisation occurs closer to surface
• Copper and gold become more prominent at depth
• Zinc and lead are also present in the deeper polymetallic intervals

This is important because a vertically stacked system can offer multiple exploration targets in the same area. It can also influence future mining studies, as shallow silver zones and deeper polymetallic zones may have different economic characteristics.

What Does "Telescoped" Mean?

The report refers to Gavilanes as a potential multi-stage telescoped mineralising system. In accessible terms, that means the area may have been mineralised more than once over geological time, with newer mineralising events overprinting earlier ones. This can create a more complex but potentially larger mineral system, and furthermore helps explain the change in metal mix with depth.

Why Was San Dimas Mentioned?

Advance noted geological similarities to the nearby San Dimas district, located east of Gavilanes. However, the comparison relates to style of mineralisation and geological setting only — it is not intended to imply similar size, grade or economic potential. Geological analogues are useful for understanding what type of system may be present, but they are not a substitute for direct drilling results.

Gavilanes Project Location and Current Resource Context

The Gavilanes Project covers 13,594 hectares across 11 mining concessions in western Durango, Mexico. It lies about 23 kilometres east of First Majestic Silver's San Dimas Mine, one of Mexico's long-established silver-gold districts.

Gavilanes currently hosts a Foreign Estimate as follows:

Advance made clear that this estimate is not JORC-compliant. A Competent Person has not yet completed sufficient work to classify it as a Mineral Resource under the 2012 JORC Code, and it remains uncertain whether further work will allow it to be reported in that form.

For investors, that distinction is critical. A Foreign Estimate can provide historical context, but it does not carry the same reporting standard as a JORC-compliant Mineral Resource. The current drilling, historical core review and geological modelling are intended to support that transition.

What Comes Next in the Gavilanes Programme?

The announcement outlined a defined sequence of near-term milestones.

Immediate Catalysts

• GV-26-004 assays pending, from a hole drilled about 50 metres further south than GV-26-003
• GV-26-005 drilling in progress, more than 120 metres south of GV-26-003 — the company's largest southern step-out so far
• Continued drilling along the Descubridora structure over up to 500 metres of strike
• Follow-up work planned at additional targets including San Nicolas, El Nopal and La Cruz/La Tuna

Resource Work Programme

Advance also confirmed that results from the current campaign will be integrated with ongoing geological interpretation, historical data validation and selected historic core sampling. These steps are intended to support a planned JORC Mineral Resource update targeted for early Q4 CY2026.

For the market, this creates a steady flow of potential news points rather than a single binary event. Pending assays may test southern continuity in the near term, while the resource update remains the larger medium-term milestone.

Why Does This Gavilanes Drill Result Matter to Investors?

There are several reasons the latest result may attract attention from ASX resource investors following silver and polymetallic exploration stories.

First, the drill programme is showing repeatability. The first three reported holes have all returned material mineralisation, which starts to build confidence that the mineral system is not restricted to isolated zones.

Second, the project is demonstrating metal diversity. Silver remains the near-surface focus, but deeper intercepts are adding meaningful gold and copper, with zinc and lead also present. Multi-metal systems can offer broader commodity exposure, although their ultimate economic significance depends on future resource definition and metallurgical performance.

Third, GV-26-003 ended in mineralisation. In exploration, that often increases interest because it means the system has not yet been defined at that depth or in that direction.

Fourth, the company has outlined a clear path towards a JORC-compliant resource update. If supported by the ongoing drilling and validation work, that step would provide a more widely recognised reporting framework for the market to assess the asset.

The Broader Takeaway from the Latest ASX Update

Advance Metals is moving from early confirmation drilling towards a more developed geological model at the southern end of the Gavilanes project. Shallow high-grade silver has now been extended, while deeper drilling is reporting broader polymetallic mineralisation that remains open.

The significance of GV-26-003 lies in both grade and context. On its own, it is the strongest polymetallic interval reported at Gavilanes to date. Combined with GV-26-001 and GV-26-002, it supports the company's view that a vertically stacked epithermal system may be present beneath the existing shallow silver zones.

With GV-26-004 assays pending, GV-26-005 underway, and a planned JORC Mineral Resource upgrade targeted for early Q4 CY2026, Gavilanes remains in an active stage of definition. For investors, the next key question is whether follow-up drilling can confirm continuity, extend the southern footprint and further define the scale of the deeper polymetallic zone.

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