Advance Metals Limited (“Advance” or “the Company”) is pleased to provide a further update on results for its maiden diamond drilling program recently completed at the high grade Yoquivo Silver-Gold Project in southwestern Chihuahua, Mexico.

Highlights – Strong silver-gold results at Yoquivo including 1.11m at 2,063g/t AgEq¹

• Advance has now received the assay results for the final four holes of the recently completed maiden drilling program at the high grade Yoquivo Silver-Gold Project
• Diamond hole YQ-25-007 was drilled in the lower northern portion of the Pertenencia Vein, and intersected1:
  • YQ-25-007
    • 7.6m at 116g/t AgEq – 69g/t Ag & 0.6g/t Au from 298.79m,
      • incl. 0.54m at 361g/t AgEq – 252g/t Ag & 1.4g/t Au from 305.85m
    • 4.87m at 544g/t AgEq – 411g/t Ag & 1.8g/t Au from 310.76m
      • incl. 1.11m at 2,063g/t AgEq – 1,556g/t Ag & 6.6g/t Au from 312.38m
• The highest-grade mineralisation occurs within discrete silver-bearing sulphide veins, with peak grades of 2,584g/t AgEq1 (1,935g/t Ag & 8.5g/t Au) from 312.38m (Figure 1)
• The high grade intersection in YQ-25-007 is amongst the best drilled to date in the central portion of the Pertenencia Vein, extending high grade mineralisation a further 60-70 metres down dip
• The position of the new mineralisation at the base of the existing Foreign Estimate2 highlights potential for significant future Resource extensions
• Assay results have also been returned for a further three scoping holes (YQ-25-005, 006 & 008) completed to the north of the existing Foreign Estimate, with all three intersecting encouraging mineralisation in narrow high grade structures1:
  • YQ-25-005 
    • 0.9m at 418g/t AgEq – 332g/t Ag & 1.1g/t Au from 355.8m
    • 0.3m at 649g/t AgEq – 519g/t Ag & 1.7g/t Au from 387.0m
• YQ-25-006 
  • 0.33m at 397g/t AgEq – 270g/t Ag & 1.7g/t Au from 50.7m
• YQ-25-008
  • 2.02m at 173g/t AgEq – 117g/t Ag & 0.7g/t Au from 195.0m,
    • incl. 0.55m at 493g/t AgEq – 319g/t Ag & 2.3g/t Au from 196.47m
  • 1.75m at 240g/t AgEq – 178g/t Ag & 0.8g/t Au from 225.0m
    • incl. 0.56m at 645g/t AgEq – 463g/t Ag & 2.4g/t Au from 225.0m
• Advance’s team have commenced work to update the geological model at Yoquivo, with the new model to inform further exploration and evaluation programs at the site

Commenting on the latest high grade silver assays from the Company’s maiden program at Yoquivo, Managing Director Dr Adam McKinnon said:

“The very high grade results of up to 2,584g/t AgEq in diamond hole YQ-25-007 were exactly what we were hoping to see from our maiden program at the Yoquivo Project. Importantly, the position of this intersection at the base of the existing Foreign Estimate for Pertenencia extends high grade mineralisation down dip by at least 60 to 70 metres and bodes very well for future potential Resource extensions.

Now that the final assays have been received for the latest drilling at Yoquivo, the Company’s technical team will look to confirm, and where necessary amend, the geological model for the deposit. This will inform further exploration and evaluation programs including a potential upgrade of the Resource.”

Strong new results from drilling at Yoquivo

Advance Metals recently completed its maiden program of confirmatory and extensional diamond drilling at the Yoquivo Silver-Gold Project in southwestern Chihuahua, comprising 3,111.4 metres of drilling focused around the existing Foreign Estimate in the Pertenencia area. The Company previously released the results for the first four holes of this program, including 4.42m at 446g/t AgEq & 40.57m at 105g/t AgEq from YQ-25-0011,3, 8.84m at 140g/t AgEq & 16.37m at 104g/t AgEq from YQ-25-0021,4, and 17.5m at 111g/t AgEq & 1.27m at 516g/t AgEq ^1,4.

Results have now been received for the final four diamond holes (YQ-25-005 to 008) completed as a part of the maiden program at Yoquivo. Hole YQ-25-007 was drilled in the lower northern portion of the existing Foreign Estimate2 for the Pertenencia Vein (Figures 2 & 3), intersecting very strong mineralisation approximately 60-70 metres below previous intersections in this portion of the Resource2:

• YQ-25-007
  • 7.6m at 116g/t AgEq – 69g/t Ag & 0.6g/t Au from 298.79m,
    • incl. 0.54m at 361g/t AgEq – 252g/t Ag & 1.4g/t Au from 305.85m
  • 4.87m at 544g/t AgEq – 411g/t Ag & 1.8g/t Au from 310.76m
    • incl. 1.11m at 2,063g/t AgEq – 1,556g/t Ag & 6.6g/t Au from 312.38m

The lower high grade intersection in YQ-25-007 is amongst the best mineralisation drilled to date in the central and lower portions of the Pertenencia Vein (Figure 3). This zone comprises discrete silver-bearing sulphide veins, with peak grades of 2,584g/t AgEq -1,935g/t Ag & 8.5g/t Au (Figure 1). The position of this intersection at the base of the existing Foreign Estimate2 leaves the zone open at depth and highlights the potential for significant future Resource extensions.

Assay results were also returned for a further three scoping holes (YQ-25-005, 006 & 008) completed to the north of the existing Foreign Estimate2 (Figure 3). All three holes intersecting encouraging mineralisation in narrow high grade structures, including1:

• YQ-25-005
  • 0.9m at 418g/t AgEq – 332g/t Ag & 1.1g/t Au from 355.8m
  • 0.3m at 649g/t AgEq – 519g/t Ag & 1.7g/t Au from 387.0m
• YQ-25-006
  • 0.33m at 397g/t AgEq – 270g/t Ag & 1.7g/t Au from 50.7m
• YQ-25-008
  • 2.02m at 173g/t AgEq – 117g/t Ag & 0.7g/t Au from 195.0m,
    • incl. 0.55m at 493g/t AgEq – 319g/t Ag & 2.3g/t Au from 196.47m
  • 1.75m at 240g/t AgEq – 178g/t Ag & 0.8g/t Au from 225.0m
    • incl. 0.56m at 645g/t AgEq – 463g/t Ag & 2.4g/t Au from 225.0m

Full drill hole details and a list of significant intersections for holes YQ-25-005 to 008 can be found in Tables 1 & 2.

Following the receipt of the final assays for the recent drilling program, Advance’s team have commenced work to update the geological model for the mineralisation at Yoquivo. The new model will inform further exploration and evaluation programs at the site, including a potential upgrade to a JORC Resource.

For further information:

Dr Adam McKinnon
Managing Director and CEO
Advance Metals Limited
+61 (0) 411 028 958
[email protected] 
www.advancemetals.com.au

This announcement has been authorised for release by the Board of Advance Metals Limited.

Notes and references

¹The Yoquivo silver equivalent was derived based on initial flotation and leaching test work conducted by Golden Minerals in 2022. The formula used is AgEq g/t = Ag g/t + (Au g/t * Au_price/Ag_price), where the assumed $US/oz gold price is $1,860 and the assumed $US/oz silver price is $24. Au and Ag recovery are both assumed at 85% based on this test work. In AVM’s opinion all elements that are included in the metal equivalency calculation have reasonable potential to be recovered and sold.

²AVM ASX release ‘Advance Metals to acquire Yoquivo High Grade Silver Project in Mexico’ dated 28 October 2024 (and disclosure therein).

³AVM ASX release ‘Multiple high grade silver zones in first Yoquivo hole’ dated 11 June 2025.

⁴AVM ASX release ‘Further strong silver-gold mineralisation returned from the Yoquivo Project’ dated 7 July 2025.

Competent Person’s Statement

The information in this report concerning data and exploration results has been compiled by Dr. Adam McKinnon, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy (AusIMM). Dr. McKinnon is the Managing Director of Advance Metals Limited and possesses the relevant expertise in the style of mineralisation, type of deposit under evaluation, and the associated activities, qualifying him as a Competent Person under the guidelines of the 2012 Edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Dr. McKinnon has approved the inclusion of this information in the report in the form and context in which it appears.

With regard to references to prior announcements of Foreign Estimates and in particular the ASX announcement dated 28 October 2024, “Advance Metals to acquire Yoquivo High Grade Silver Project in Mexico”, the Competent Person for the information and data contained in that Announcement was Mr Steve Lynn and JORC Table 1 disclosures are contained therein.

The Company is not aware of any new information or data that materially affects the information and data included in the Announcement. In addition, all material assumptions and technical parameters underpinning the estimates in the Announcement have not changed. The Company confirms that the form and context in which the Competent Person findings are presented have not been materially modified from the original market announcement.

Cautionary Statement on Foreign Estimates

The Foreign Estimates of mineralisation mentioned in this presentation are not compliant with the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code) and is a “Foreign Estimate”. A Competent Person (under ASX Listing Rules) has not yet done sufficient work to classify the Foreign Estimate as Mineral Resources or Ore Reserves in accordance with the 2012 JORC Code. It is uncertain that following evaluation and/or further exploration work the Foreign Estimate will be able to be reported as Mineral Resources or Ore Reserves in accordance with the JORC Code 2012.

Forward‐Looking Statements

Certain statements in this announcement relate to the future, including forward-looking statements relating to the Company and its business (including its projects). Forward‐looking statements include, but are not limited to, statements concerning Advance Metals Limited planned exploration program(s) and other statements that are not historical facts. When used in this document, words such as “could,” “plan,” “estimate,” “expect,” “intend,” “may”, “potential,” “should,” and similar expressions are forward looking statements.

These forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement and deviations are both normal and to be expected. Neither the Company, its officers nor any other person gives any representation, assurance or guarantee that the events or other matters expressed or implied in any forward-looking statements will actually occur. You are cautioned not to place undue reliance on those statements.

Table 1. Details for Advance Metals’ recent diamond drill holes reported as a part of this release (UTM WSG84 Zone 12N.

Table 2. Significant intersections for recently drilled hole YQ-25-005 to YQ-25-008. Significant intervals have been defined at a cut-off grade of 30g/t AgEq2 with up to three metres internal dilution. Note intervals listed are down hole widths, true widths are expected to be 70-85% of the down hole figures.

Original Article: https://app.sharelinktechnologies.com/announcement/asx/3590518750100940d17881aa6134a27e