Advance Metals Limited (“Advance” or “the Company”) is pleased to provide initial results for its maiden diamond drilling program currently underway at the high grade Yoquivo Silver-Gold Project in southwestern Chihuahua, Mexico.

Highlights – Results from first hole at Yoquivo include 4.42m at 446g/t silver-equivalent (AgEq)¹

• Advance recently commenced a ~3,000-metre diamond drilling program at the project, which hosts a Foreign Estimate² of 937kt at 570g/t AgEq for 17.23Moz AgEq¹
• Assay results for diamond hole YQ-25-001 have now been received, highlighting multiple down hole zones with high grade silver-gold mineralisation hosted in epithermal veins and breccias (Figure 1)
• Two relatively shallow, high grade intervals in YQ-25-001 correlate with the previously modelled Pertenencia vein system¹:
  • 3.55m at 249g/t AgEq – 157g/t Ag & 1.2g/t Au from 115.4m,
    • incl. 0.77m at 965g/t AgEq – 600g/t Ag & 4.8g/t Au from 115.4m
  • 4.42m at 446g/t AgEq – 297g/t Ag & 1.9g/t Au from 126.58m
    • incl. 1.67m at 676g/t AgEq – 442g/t Ag & 3.0g/t Au from 128.15m
• Significant zones of moderate to high grade mineralisation were also intersected below Pertenencia, including a contiguous zone of more than 40 metres not correlated with the current Foreign Estimate^1,2 :
  • 40.57m at 105g/t AgEq – 86g/t Ag & 0.2g/t Au from 176.23m, incl. 2.51m at 226g/t AgEq – 175g/t Ag & 0.7g/t Au from 190.85m and 4.47m at 238g/t AgEq – 217g/t Ag & 0.3g/t Au from 210.73m
  • 1.01m at 541g/t AgEq – 398g/t Ag & 1.9g/t Au from 318.54m
• Drilling to confirm the geology and extend known mineralisation at Yoquivo is expected to continue through June and early July, with assays currently pending for an additional three diamond holes

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.

Commenting on the assay results for Advance’s maiden drill hole in Mexico, Managing Director Dr Adam McKinnon said:

“These are fantastic results to kick off our maiden drilling campaign at the Yoquivo Project in Mexico. The assays from hole YQ-25-001 clearly demonstrate the exceptional potential of the project, with individual silver grades up to 2,250g/t and gold up to 17.2g/t. Along with the very high grade mineralisation in the modelled Pertenencia Vein, the intersection of more than 40 metres of contiguous silver mineralisation in the footwall is also highly encouraging.”

“The drilling at Yoquivo is continuing at a rapid pace, with results already pending for a further three holes. Importantly, the holes already completed and those shortly to be drilled have the potential to significantly increase the scale of the known high grade mineralisation in the deposit. With the flow of results from Yoquivo over the coming months set to overlap with the recommencement of drilling at the Company’s Myrtleford Project in Victoria, it is sure to be a busy and exciting period for all AVM stakeholders.”

Strong results from initial drilling at Yoquivo

Following the receipt of requisite government and community approvals, Advance Metals’ team in Mexico recently commenced a high impact confirmatory and extensional drilling program at the Yoquivo Silver- Gold Project in southwestern Chihuahua (ASX AVM 5 May 2025). The program was designed to comprise ~3,000 metres of diamond drilling focused around the existing Foreign Estimate in the Pertenencia area.

A total of four diamond holes have been completed to date at the prospect, targeting down dip and along strike extensions to high grade zones defined by previous drilling (see Figures 2 & 3, Table 1). Assay results for the first hole drilled have now been received, including two very high grade intervals interpreted to be associated with the modelled Petenencia Vein (Figures 1 & 3, Table 2):

• YQ-25-001  
  • 3.55m at 249g/t AgEq – 157g/t Ag & 1.2g/t Au from 115.4m,
    • incl. 0.77m at 965g/t AgEq – 600g/t Ag & 4.8g/t Au from 115.4m
  • 4.42m at 446g/t AgEq – 297g/t Ag & 1.9g/t Au from 126.58m
    • incl. 1.67m at 676g/t AgEq – 442g/t Ag & 3.0g/t Au from 128.15m

Significant zones of moderate to high grade mineralisation were also intersected below Pertenencia, including a contiguous zone of more than metres width, which does not appear to be correlated with the current Foreign Estimate (Figures 3 & 4, Table 2):

• YQ-25-001  
  • 40.57m at 105g/t AgEq – 86g/t Ag & 0.2g/t Au from 177m,
    • incl. 2.51m at 226g/t AgEq – 175g/t Ag & 0.7g/t Au from 190.85m and 4.47m at 238g/t AgEq – 217g/t Ag & 0.3g/t Au from 210.73m
  • 1.01m at 541g/t AgEq – 398g/t Ag & 1.9g/t Au from 318.54m
  • 0.57m at 159g/t AgEq – 54g/t Ag & 1.4g/t Au from 340.9m

Diamond drilling is ongoing at the Yoquivo Project, with assays currently pending for a further three completed holes (YQ-25-002 to YQ-25-004, see Figures 2 & 5). Pending holes YQ-25-002 and 004, in particular, were designed to target significant down dip extensions of the known mineralisation (Figure 2), with pending results expected to have a significant impact on the potential scale of the deposit.

Advance’s team are also conducting detailed logging of the new drilling, with a decision made to orient the core at the rig to allow for accurate structural measurement. This will assist with confirmation of the existing geological interpretation and facilitate changes to the models where necessary.

In parallel with the current program, the Company is also evaluating the data validation and modelling requirements to allow a potential future JORC Resource to be declared for the project, which may include additional assaying of core drilled in previous programs.

For further information:
Dr Adam McKinnon
Managing Director and CEO
Advance Metals Limited
+61 (0) 411 028 958
amckinnon@advancemetals.com.au
www.advancemetals.com.au

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

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.

Original Article: https://app.sharelinktechnologies.com/announcement/asx/9195e5a7a82277ac12ff8bcfc168201a