Issued on behalf of Americore Resources Corp.
VANCOUVER — Baystreet.ca News Commentary — The silver market is navigating a period where industrial consumption continues to outpace mine supply, resulting in a fifth consecutive year of market deficit with supply elasticity remaining low as most silver is mined as a by-product of other metals[1]. Silver mine production is expected to increase by just 1% to 820 million ounces in 2026, while recycling is projected to rise 7%, surpassing 200 million ounces for the first time since 2012[2]. These dynamics are bringing renewed focus to Americore Resources (TSXV: AMCO) (OTCQB: AMCOF), First Majestic Silver (NYSE: AG), Coeur Mining (NYSE: CDE), Dolly Varden Silver (TSXV: DV), and Fortuna Mining (NYSE: FSM).
Domestic silver mine production in the United States increased by an estimated 6% in 2024, though the country remains heavily reliant on imports to meet industrial demand[3]. Consistent offtake from photovoltaics and the broader electrification sectors has contributed to a sustained drawdown in above-ground stock levels, tightening physical availability even as prices reached multi-year highs[4].
Americore Resources (TSXV: AMCO) (OTCQB: AMCOF) recently uncovered five historic core holes drilled by US Borax in 1985 at its Trinity Silver Project in Nevada that were never included in any previously reported resource estimates, signaling potentially significant silver amounts sitting in the data that nobody counted.
The drill results speak for themselves: Hole SC-4 alone returned 209.5 feet grading 145.98 g/t silver, including 153 feet at 185.94 g/t.
Hole SC-5 hit 246.5 feet at 97.52 g/t silver, with a higher-grade core of 70 feet at 128.26 g/t. Hole SC-1 cut 321.5 feet at 65.86 g/t, including 65 feet at 220.69 g/t.
These are wide intercepts with serious grade, drilled directly in and around the historic open pit. The fact that they were overlooked in prior resource models means the existing 36-million-ounce silver equivalent resource estimate may only tell part of the story.
“The evaluation of the drone survey over the next few weeks will allow us a better understanding of not only the historic resource but also the alteration halo extending from the pit,” said Jeff Poloni, CEO of Americore.
On top of this, the company has also received all data from its recently completed drone magnetometer survey, which covered approximately 350 line-kilometers across a 6-kilometer strike zone running through the Trinity pit. That survey is now under comprehensive review and interpretation, with the goal of identifying every structural target in the corridor.
Now Americore is continuing its review of approximately 300Gb of legacy project data acquired from the property vendor, and these five overlooked core holes are the first major discovery from that process.
The company has also announced that it’s evaluating options to monetize historic surface stockpiles containing approximately 400,000 ounces of silver in oxide material and 365,000 ounces in sulphide material, which represents potential near-term revenue while exploration advances.
The Trinity Project sits in Pershing County, Nevada, where previous operator US Borax mined over one million tons and produced approximately five million ounces of silver through heap-leach operations between 1987 and 1988.
To date, Americore has expanded its land position to approximately 22,700 acres through direct staking and a strategic option agreement with Primus Resources, controlling all ground covered by a 2012 estimate that tripled the resource base to 36 million ounces of silver equivalent. Near-term plans include twinning historic drillholes to verify data and provide fresh material for metallurgical testing, followed by step-out drilling toward a new mineral resource estimate targeted for Q2 2026.
CONTINUED… Read this and more news for Americore Resources at:
https://usanewsgroup.com/2026/01/12/the-only-silver-that-matters-now-is-silver-you-can-touch/
In other industry developments:
First Majestic Silver (NYSE: AG) (TSX: AG) reported 2025 production results and increased its dividend while providing a 2026 outlook. The company produced 22.4 million silver equivalent ounces in 2025 and is guiding for 22.8 to 25.4 million silver equivalent ounces in 2026 as its operations benefit from higher metal prices across the portfolio.
The company increased its annual dividend to reflect improved cash flows driven by rising silver prices. First Majestic operates three producing mines in Mexico and one in Nevada, maintaining a diversified production base across multiple jurisdictions.
With a portfolio that includes the Jerritt Canyon gold mine in Nevada alongside its Mexican silver operations, the company is positioned to capture upside from both precious metals in a market where structural supply deficits are expected to persist.
Coeur Mining (NYSE: CDE) reported fourth quarter results that included record annual revenue driven by higher gold and silver prices across its portfolio. The company operates the Rochester silver mine in Nevada, one of the largest open-pit silver operations in the United States, alongside gold-producing operations at Kensington in Alaska and Wharf in South Dakota.
The Rochester expansion, which achieved commercial production in 2024, positions the company to benefit directly from the tightening silver supply environment. The expanded operation is expected to produce approximately 7 million ounces of silver annually at full capacity.
Coeur also recently completed its acquisition of SilverCrest Metals, adding the high-grade Las Chispas mine in Mexico to its portfolio and significantly increasing its silver production profile heading into 2026.
Dolly Varden Silver (TSXV: DV) (NYSE-A: DVS) intersected 4.66 g/t gold over 48.49 meters at its Homestake Silver deposit in British Columbia’s Kitsault Valley, including 52.15 g/t gold and 306 g/t silver over 1.01 meters. The 2025 drill program completed 56,131 meters across 86 holes.
“The 2025 drill program at the Homestake Silver Deposit successfully expanded and infilled at the Mineral Resource area, demonstrating strong gold and silver grades over potentially underground bulk-mineable widths,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.
The deposit remains open for expansion along plunge and at depth. The company plans to accelerate drilling and engineering studies during 2026 to advance both the Homestake Main and Homestake Silver deposits toward development decisions.
Fortuna Mining (NYSE: FSM) (TSX: FVI) reported record free cash flow of $132.3 million in the fourth quarter of 2025, bringing full-year free cash flow to $330 million. Annual revenue reached $947.1 million, a 40% increase year-over-year, while the company finished the year with a net cash position of $381.5 million and total liquidity of $704 million.
“Q4 was a strong end to the year as we delivered record free cash flow from operations of $132.3 million and returned $12.1 million to our shareholders,” said Jorge A. Ganoza, President and CEO of Fortuna Mining.
Mineral reserves at the company’s Séguéla mine expanded 31%, extending the mine life to over 9 years. Fortuna has positioned itself for its next growth phase at Diamba Sud and the Séguéla plant expansion, all underpinned by what management described as one of the best balance sheets in its peer group.
Article Source: baystreet.ca
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SOURCES CITED:
1. https://www.cmegroup.com/articles/2026/precious-metals-outlook-2026-market-dynamics-following-a-record-breaking-year.html
2. https://silverinstitute.org/global-silver-investment-to-remain-strong-in-2026-against-the-backdrop-of-a-sixth-consecutive-annual-market-deficit/
3. https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-silver.pdf
4. https://www.pv-magazine.com/2026/02/11/silver-prices-forecast-to-strengthen-further-this-year/
