Updated estimate to include Quintera
The phase-two drilling follows an initial inferred resource announced in January 2026: 55.2 million ounces of silver equivalent (AgEq), with 5.37 million metric tons grading 320 grams per metric ton (g/t) AgEq. That estimate covered three of the project's 26 identified vein zones. Quintera, which was excluded from the initial estimate, is slated for inclusion in the update.
The January resource contained 34.8 million ounces of silver, 35,640 ounces of gold, 51.0 million pounds of copper, 115 million pounds of lead and 238 million pounds of zinc. Independent Mining Consultants, Inc. prepared the estimate using 104 drill holes totaling 35,888.15 meters. It has an effective date of January 8, 2026, uses a cutoff grade of 150 g/t AgEq and covers about 2 kilometers of the approximately 30 kilometers of known cumulative vein strike length.
Minaurum announced on July 14 that it had hired SGS Metallurgy and Consulting Geological Services to prepare the update. The company pointed to SGS's resource-estimation work at Vizsla Silver's Panuco and Endeavour Silver's Pitarrilla projects in Mexico. Minaurum also said its project-management and resource-modeling team had previously worked with SGS at SilverCrest's Las Chispas deposit.
CEO Darrell Rader said the latest results "set the stage for our upcoming resource update" and noted that "The Europa and Promontorio zones remain open along strike and at depth." He added: "Overall, the phase-two resource-expansion program has been a significant success, highlighting compelling opportunities to further expand the Alamos resource."
Scope of the drilling campaign
The six-rig core-drilling campaign began in December 2025 with a 50,000-meter target. Minaurum designed the program to expand the resource through step-outs spaced roughly 80 meters apart along strike and down dip. Those holes extended from existing resources at Europa, Promontorio and Travesia, as well as earlier vein intercepts at Europa Sur, Quintera, Promontorio Sur and San Jose.
Europa received the largest share of drilling: 83 holes totaling 30,687.70 meters across Europa Sur, Europa Norte and Africa. Quintera/Travesia accounted for 29 holes and 11,484.15 meters; San Jose for 17 holes and 5,520.20 meters; and Promontorio, including Promontorio Sur, for nine holes and 2,664.10 meters. Across all phases from 2017 through 2026, drilling at Alamos now totals 291 holes and 104,170.75 meters.
The Canadian explorer describes Alamos, in southern Sonora, as wholly owned and permitted for production. Its portfolio also includes the Lone Mountain CRD project in Nevada. In addition to its TSX Venture Exchange listing under MGG, Minaurum trades on OTCQX under MMRGF and in Frankfurt under 78M0.
Africa and Europa Sur results
At Africa, hole AL26-274 intersected 2.8 meters grading 751 g/t AgEq, with a 0.50-meter interval grading 1,579 g/t AgEq. The newly discovered vein is about 50 meters into the footwall of Europa Sur.
The AL26-274 intercept is approximately 150 meters south of an earlier Africa intersection in hole AL26-268. Reported on October 22, 2026, that hole yielded 2.05 meters grading 669 g/t AgEq.
Drilling also intersected high-grade mineralization in Europa Sur's hanging-wall veins. Hole AL26-277 yielded 0.50 meters grading 1,049 g/t AgEq, including silver at 895 g/t and copper at 1.52%.
Lead and zinc dominate deeper Promontorio Sur interval
Hole AL26-272 at Promontorio Sur intersected a 12.2-meter interval grading 238 g/t AgEq. Lead and zinc accounted for most of the equivalent grade: the interval contained 14 g/t silver and a combined 9.69% lead and zinc. Within it, 5.45 meters graded 336 g/t AgEq, with 21 g/t silver, 2.58% lead and 10.99% zinc.
Minaurum placed these intercepts roughly 300 meters beneath the surface and 100 to 200 meters below intersections in holes AL26-248, AL26-256, AL26-258, AL26-263 and AL26-265. Those earlier holes had higher silver, gold and copper values, but generally lower base-metal grades.
Quintera drilling identifies gold-bearing footwall zone
At Quintera, AL26-279 intersected 5.3 meters grading 385 g/t AgEq. Another hole, AL26-206, encountered a gold-rich interval associated with quartz-pyrite veinlets about 35 meters into the Quintera vein's footwall.
The AL26-206 interval measured 4.4 meters and graded 439 g/t AgEq, with 4.5 g/t gold and 32 g/t silver. A 0.50-meter portion carried 11.45 g/t gold and 188 g/t silver, equivalent to 1,229 g/t AgEq.
Quintera runs parallel to the Travesia vein zone before joining it to the north. Historical mining extended along roughly 800 meters of strike and reached depths of 500 meters. According to historical records, a decline in the silver price prompted the La Quintera mine's closure in 1908, even though mineralization still averaged 40 ounces per ton of silver and 8% copper.
Minaurum plans additional drilling to determine the lateral and vertical continuity of the newly identified gold-bearing footwall zone.
