Explorer Uncovers High-Grade Silver Breakthrough in Argentina

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Argenta Silver Corp. (AGAG:TSX.V; AGAGF:OTCQB) announced the third set of assay results from its 2025 winter diamond drilling campaign at the fully owned El Quevar Project in Salta Province, Argentina.

The findings demonstrate the continued extension of the Yaxtché Deposit by 70 meters to the northwest, as evidenced by step-out hole QVD-414, thereby enlarging the known mineralized area, according to a release from the company on September 23.

Additionally, other drill results have identified a promising new exploration target named Atenea. The 2025 winter drill program has concluded, and the company is already preparing for the upcoming summer drilling season. Results from the remainder of the 2025 winter program are still awaited.

"With silver prices at record highs, our team continues to deliver strong results at El Quevar," Chief Executive Officer, President, and Director Joaquin Marias said. "A successful 70-meter step-out drillhole down-plunge of the existing resource returned 43.2 meters averaging 545 g/t (grams per tonne) silver, providing clear motivation to continue drilling along this trend."

Marias continued, "In parallel, a newly defined target named Atenea — in honor of

the goddess of knowledge and strategy — has yielded encouraging intercepts, including 2 meters at 314 g/t silver (Ag) and multiple additional silver values, positioning it as a compelling new target within the project. We are also awaiting assay results from six drillholes, including the exploration targets Andrea and Mani. With the 2025 winter program now complete, our team is actively preparing for the upcoming program, which is expected to commence in October 2025."

Highlights of the results included hole QVD-414 with 545 g/t Ag over 43.2 meters, including 1,302 g/t Ag over 8 meters and 905 g/t Ag over 7.7 meters, extending the resource zone to the northwest.

Hole QVD-416, an initial test of the new target, recorded 314 g/t Ag over 2 meters, the company said. This result suggests the potential for discovering new mineralization zones and expanding the project's overall scope.

Remaining Results Expected in October

Drilling began in late May as part of a fully funded 4,000-meter winter campaign aimed at confirming known high-grade zones, extending along strike, and testing new targets, Argenta said. The winter drilling Program wrapped up in the second week of September. Results from the remaining drill holes are anticipated by early and late October. The company is currently developing a drill plan for the next program.

Among the four drill holes from the third batch of results with assays available:

A step-out hole (QVD-414) successfully expanded the known mineralized footprint by 70.5 meters to the northwest. This area had not been tested by previous drilling and was recently identified by Argenta's technical team as having strong potential. The positive outcome encourages the company to further explore the down-plunge extension of the current deposit with additional step-out drill holes and supports infill drilling in future campaigns.

An up-dip expansion drill hole (QVD-415) was strategically positioned to test the upper edge of the mineralized zone. This drilling successfully validated the company's geological model, providing crucial information about the deposit's boundary.

Exploration drill holes (QVD-416 and QVD-417) have successfully identified a new exploration target, named Atenea. Located approximately 400 and 700 meters north of the Yaxtché Deposit, one hole returned significant silver values, while the other showed anomalous silver values. These results suggest the potential for new mineralization zones, which could expand the overall scope and potential of the project.

Originally planned for 4,000 meters, the program was completed with a total of 16 drill holes covering 4,244 meters. So far, results from 10 drill holes (2,409 meters) have been released.

Argenta said it is preparing for the 2025–2026 summer drill program, aligning with the Southern Hemisphere's summer season. The company is fully funded for this upcoming campaign, which aims to drill between 12,000 and 15,000 meters. Capital will be allocated as follows: 40% to the resource expansion program and 60% to the new discoveries program.

Both programs will run concurrently, highlighting Argenta's proactive exploration strategy. This approach is intended to expand the existing resource while uncovering new discoveries across a property that has historically seen exploration over only 3% of its surface area. Management said it believes this dual focus positions the company to maximize the exploration potential of the El Quevar Project while continuing to strengthen the resource base.

About El Quevar Project

The El Quevar Project is located in Salta, Argentina, covering an area of 57,000 hectares, Argenta said. The property remains underexplored, with less than 3% of the area having undergone comprehensive exploration work. It boasts exceptional infrastructure, including over 60 km of internal roads, a fully owned, fully operational camp for 100 workers with multiple support buildings, and a railroad, gas pipeline, and service road just 3 kilometers from the camp. A high-voltage transmission line is approximately 20 kilometers from the exploration area. This robust infrastructure provides a cost-effective platform to derisk and accelerate future drilling and development.

The foundational Mineral Resource Estimate of the Yaxtché deposit includes an indicated mineral resource of 45.3 million ounces (Moz) silver from 2.93 million tonnes grading 482 g/t Ag, and an inferred resource of 4.1 Moz from 0.31 million tonnes grading 417 g/t Ag. The mineral resource area remains open at depth and in multiple directions, particularly to the southeast and northwest. One of the objectives of the 2025 winter drilling program is to specifically target and expand these high-grade Yaxtché zones.

The mineralization at the Yaxtché deposit is characterized as a silver-rich, high to intermediate-sulfidation epithermal system with associated gold. Mineralization is controlled by NW-SE and NE-SW fault structures and is mainly hosted in brecciated zones and dacite domes. Silver minerals at Yaxtché consist of complex silver sulfides, sulfosalts, and native silver, found within silicified breccias, commonly appearing as veinlets, stockworks, disseminations, and breccia fillings.

Expert: 'Monster Set of Drill Results'

On July 21, Peter Krauth from Silver Advisor delivered an in-depth analysis of Argenta Silver. He pointed out that the company "just dropped a monster set of drill results," particularly highlighting hole QVD-410, which intersected 20.2 meters grading 533 g/t Ag, including "a scorching hot 1-meter hit grading 3,549 g/t silver." Krauth noted that "anything over 400 g/t silver is typically considered bonanza-grade nowadays," placing Argenta's findings among the industry's highest-grade intercepts.

He also stressed the significance of step-out and confirmation drilling, mentioning that hole QVD-409 returned "a solid 309 g/t over 26 meters," including 713 g/t over 8.25 meters and 1,169 g/t over a 2.50-meter subinterval. He described QVD-408 as "a step-out hole drilled a mere 50 meters southeast of the known resource," which still yielded 112 g/t silver over 19.20 meters.

In addition to the drill data, Krauth referenced surface grab samples, including one that exceeded the upper detection limit of 20,000 g/t silver, with others grading as high as 16,145 g/t and 6,004 g/t. He also highlighted the resource expansion potential linked to 66,000 meters of historical core that remain unassayed, where preliminary re-sampling returned up to 882 g/t silver over 1.00 meter.

He concluded that the project's 45.3 Moz Ag resource "may just be the tip of the iceberg for El Quevar." He characterized the early-stage drill results as "a textbook example of early-stage exploration success" and stated, "I remain full weight in AGAG," citing the company's potential.

The Catalyst: Surging Silver Prices

Silver prices surged to a new 14-year peak, surpassing US$44 an ounce, Neils Christensen noted for Kitco News on September 23.

While many investors are eyeing the all-time high of US$50 an ounce, one analyst suggested the rally was still in its early stages, with more than US$6 of potential upside remaining for the metal.

In an interview with Kitco News, Shree Kargutkar, senior portfolio manager and silver specialist at Sprott Asset Management, indicated that another precious metal has already charted a path for where silver prices might head.

At the beginning of 2016, palladium was trading around US$500 an ounce, and by May 2021, it had climbed above US$3,000 an ounce. After several volatile months, palladium prices peaked in March 2022 at $3,425 an ounce. Over six years, palladium prices soared nearly 600%, which Kargutkar said puts silver’s year-to-date gains of 52% into perspective.

"It is important to highlight the solid uptrend we have seen so far this year, but at least in our estimation, this is just the beginning," Kargutkar told Christensen.

Kargutkar pointed out that the rally in palladium nearly a decade ago was fueled by a significant supply-and-demand imbalance — a major factor in silver's rally this year.

"If you look at palladium between 2012 and 2016, we saw multiple years of rising demand while the supply was stagnant. The price didn't really respond to it because the market had not woken up to the supply-demand imbalance up until 2016, when all of a sudden, a light bulb went off for investors who finally noticed that we were running out of palladium,” he said.

Silver is currently standing out as a leading commodity, experiencing a resurgence in investor interest and robust fundamentals, according to a Mining.com report from July 31.

Some analysts suggest that this upward trend is just beginning, making silver an attractive investment option, as highlighted in the report. On the supply side, HSBC expects silver mine production to grow gradually, with their supply-demand model forecasting a silver shortfall of 206 Moz in 2025 and 126 Moz in 2026, compared to a 167 Moz deficit in 2024. HSBC also pointed out that a weaker dollar this year is beneficial for silver, while ongoing discussions about Federal Reserve rate cuts and central bank strategies could influence future prices.

Ownership and Share Structure

According to Refinitiv, management and insiders collectively hold 29% of Argenta Silver's shares, and the company says about 15% is owned by institutions. The top shareholders are Eduardo Sergio Elsztain (14.16%), Frank Giustra (12.46%), Thomas Humphreys (2.1%), and Marias (0.24%). 

Argenta Silver has 220.62 million shares outstanding. As of October 10, 2025, the company had a market capitalization of approximately CA$190.66 million. Its shares have traded between CA$0.18 and CA$1.18 over the past year.