Millennium Silver Corp. and Silver47 Exploration Corp. are both stepping up activity in Nevada, but they’re doing it from different angles. Millennium is focused on getting capital in the door to advance exploration, while Silver47 is chasing technical proof that historic tailings can be profitably reprocessed. Together, their moves tackle two of the biggest early-stage hurdles for miners: money and metallurgy.
Millennium Silver: oversubscribed private placement Millennium closed an oversubscribed, non‑brokered private placement intended to raise gross proceeds of $2,888,905.
The placement consists of 192,593,667 units at $0.015 each. Each unit includes one common share plus one non‑transferable warrant that runs for five years with a stepped exercise price—$0.05 for the first three years, and $0.10 in years four and five. The structure gives the company immediate working capital while offering investors upside via the warrants.
Some related-party details matter. Certain insiders put in $303,000, which triggers related‑party rules under MI 61‑101. The company says the insider participation should be exempt from formal valuation and minority approval on the basis that it doesn’t exceed 25% of market capitalization, but final confirmation will rest with the TSX Venture Exchange (TSX‑V). Closing is subject to TSX‑V approval and the usual four‑month‑and‑one‑day hold period for securities issued under the placement.
There’s also a potential finder’s compensation arrangement covering part of the placement—up to 6% cash and as many as 7,885,020 non‑transferable finder’s warrants tied to $1,971,255 of proceeds. The finder’s warrants mirror the main warrants in term and exercise pricing. Market participants will be watching TSX‑V decisions and subsequent filings closely for any changes or extra disclosure that might affect these arrangements.
Silver47: metallurgical testing at Belmont tailings Silver47 has begun focused metallurgical test work on historic tailings at the Belmont project on the Hughes property in Nevada. Historical, NI 43‑101–compliant inferred resources for the tailings are roughly 1.26 million tonnes containing about 1.8 million ounces of silver and 11,000 ounces of gold—reported grades of roughly 44 g/t Ag and 0.3 g/t Au, which the company converts to about 68 g/t AgEq under its assumptions.
Management frames the opportunity as relatively low‑impact because the material sits in tailings facilities on patented land. Reprocessing could also deliver environmental benefits by shrinking legacy liabilities while recovering metal. But the economic case turns on recoveries, grind sensitivity, reagent consumption and permitting—so the test program is pivotal.
What the test program involves Silver47 collected roughly 150 kg of auger samples, composited into east and west master blends, and shipped them to Forte Analytical in Fort Collins, Colorado. The lab work is oriented to a carbon‑in‑leach (CIL) flow sheet and includes head assays, cyanide shake tests, multi‑element analysis, carbon/sulfur speciation, regrind optimization targeting P80s of 74 µm and 53 µm, bottle‑roll kinetics at multiple grind sizes, and bench‑scale CIL testing. Those data will feed recovery tables, mass balances and recommendations for any pilot‑scale work.
Historical diagnostic leach tests suggested strong cyanide amenability—reported cyanide‑soluble fractions of roughly 79–87% for silver and 55–61% for gold—so the deposit doesn’t look highly refractory. Still, modern tests under contemporary conditions are necessary to confirm actual recoveries and processing costs. If recoveries and kinetics look good at the targeted grind sizes, Silver47 can reasonably move to more detailed mass balance work and pilot testing; if not, the company will have to revise assumptions or explore alternative flowsheets.
Why these moves matter Both companies are trying to move early‑stage value into measurable, investable forms. Millennium’s financing reduces a major gating issue—access to capital—while Silver47’s metallurgical program tackles the technical risk that often stalls tailings projects: can the metal be economically recovered? Each addresses a different segment of the value chain—capital and exploration on one side, metallurgical conversion and recovery on the other.
Next milestones – For Millennium: TSX‑V approval, closing details, and deployment of proceeds in line with the company’s NI 43‑101 technical report, along with any follow‑up disclosure about finder fees or additional warrants. – For Silver47: lab results from the CIL‑oriented test suite, recovery and mass‑balance data, and potential pilot‑scale recommendations that would feed any future NI 43‑101 updates. Both moves reduce big early risks, but neither removes them entirely—investors should track TSX‑V notices, company filings and Silver47’s metallurgical results for the next, decisive updates.
