On May 27, 2026, Silver One Resources announced the start of an expanded drilling campaign at its fully owned Candelaria silver project in Nevada. The program will deploy up to 25,000 metres of drilling using a combination of reverse-circulation and potential diamond holes. The company plans to put one RC rig into the field at the end of May and mobilize a second rig by mid-July to maintain momentum through the summer and into the fall. The initiative is positioned as the most comprehensive drilling effort undertaken at Candelaria to date, designed to grow the footprint of mineralization and inform future engineering work.
The 2026 program is organized around three primary goals: resource expansion, systematic exploration of new district targets including silver oxide and mixed oxide-sulphide systems as well as potential porphyry copper-silver-gold centers at depth, and targeted condemnation drilling to guide infrastructure siting. The company points to an already significant resource base of 108 million ounces AgEq in the Measured and Indicated category (103.2 Moz Ag and 203.6 koz Au) and 29 million ounces AgEq in the Inferred category (28.0 Moz Ag and 70.5 koz Au). These figures are presented for comparative purposes and rely on the AgEq methodology and metal pricing specified in the project NI 43-101 technical report with an effective date of April 30, 2026.
Drill plan and primary targets
The campaign will test lateral extensions of known near-surface silver-oxide horizons that extend from the historic Mount Diablo and Northern Belle open pits, while also probing down-dip continuations of higher-grade, mixed oxide-sulphide mineralization. Planned holes are positioned to step out along strike and beneath established resource envelopes where structural interpretations and earlier intercepts indicate continuity. Emphasis will be placed on following mineralized stratigraphy and mapping transitions from oxide-dominant to sulphide-rich material, with the goal of expanding the tonnage and improving the geological model ahead of the company’s pre-feasibility study (PFS).
Geophysical and geochemical drivers
Targets are supported by multiple datasets: induced polarization (IP), magnetic vector inversion (MVI) and preliminary ZTEM airborne responses that align with mapped mineralized trends, plus surface rock geochemistry showing anomalous silver, gold and base metals such as copper, lead and zinc. These combined layers point to both lateral and vertical exploration potential across the property. Interpreted fault corridors—primarily NE-SW and E-W orientations—are considered important structural controls, and the integrated approach aims to convert geophysical signatures into drill-ready targets.
Exploration beyond the current resource footprint
A component of the 25,000-metre program is devoted to stepping outside the defined resource boundaries to test several district-scale targets with coincident geophysical and geochemical anomalies. Historical campaigns and recent reinterpretations have identified zones of deeper porphyry-style alteration and broad silver-gold halos, indicating the potential for additional mineralized centers beyond the historically mined corridor. Some of the airborne ZTEM anomalies remain provisional and will be refined as 3D inversion work is completed, after which priority targets will be drilled.
Potential for new discoveries
Drilling that confirms additional oxide, mixed or porphyry-related mineralization would materially change the project narrative by expanding mineral inventory and shifting potential mine planning scenarios. Part of the program also focuses on the potential to reprocess material from historic leach pads and stockpiles, where earlier estimates (effective August 6, 2026) suggest reprocessing could offer near-term production optionality. The combination of potential resource growth and near-term recovery opportunities underpins the company’s staged development philosophy.
Engineering support, reporting and governance
Selected holes will serve as condemnation drilling to avoid placing permanent facilities over ground that may later be open-pit extractable, a prudent step as planning for infrastructure advances toward the PFS. The mineral resource estimate work was prepared by James McCrea, P.Geo. and the non-resource technical content has been reviewed by Robert M. Cann, P.Geo., acting as the project’s Qualified Person under NI 43-101. Results from drilling will be released progressively as assays arrive, supporting ongoing technical de-risking and economic evaluation.
Beyond Candelaria, Silver One retains additional assets, including the Cherokee project with 636 lode claims and five patented claims in Lincoln County, Nevada, and the high-grade Silver Phoenix prospect near Globe, Arizona. Investors and stakeholders are reminded that forward-looking statements in the release are inherently uncertain and contingent on a variety of factors including financing, permitting and technical outcomes. The company expects steady progress over the summer and fall with two rigs active, and will publish updates as meaningful results are received.