Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) has announced high-grade silver-copper drill results from its resource conversion drilling program at the Cosalá Complex in Sinaloa, Mexico. The company's first-half 2026 infill and step-out drilling at the San Rafael Upper, 120 Upper, and 120 Lower deposits has returned silver grades averaging two to three times previously reported inferred mineral resource grades. The results were not included in the company's 2025 Mineral Resource and Reserve statement, suggesting potential upside to the existing mine plan that investors may be watching closely.

Key Points

  • Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS)
  • Hole SR583 intersected 20.5 metres grading 654.7 g/t Ag and 1.5% Cu at the San Rafael Upper zone, located 30 metres outside the 2025 inferred resource boundary
  • 44 of 55 reported drillholes confirm modelled thickness and indicate potential to increase average silver grades versus 2025 resource grades
  • Investors may watch for incorporation of results into an updated resource estimate and mine plan anticipated in 2027

Standout Intercepts from San Rafael Upper and 120 Zones at Cosalá

The company's drilling campaign returned several notable intercepts across three deposit zones. Hole SR583 graded 654.7 g/t Ag and 1.5% Cu over 20.5 metres at San Rafael Upper, while hole SR581 returned 566.6 g/t Ag and 1.7% Cu over 9.5 metres. At the 120 Lower zone, hole 120-26-G141 intersected 409.3 g/t Ag and 0.8% Cu over 14.1 metres, and hole 120-26-G143 returned 392.3 g/t Ag and 1.1% Cu over 22.0 metres. The release states that on a gram-metre basis, these intercepts are comparable to some of the best silver intercepts drilled anywhere in Mexico over the past year.

Resource Upside Not Captured in Americas' 2025 Mineral Resource Statement

The company emphasised that none of the assay results announced on September 17, 2026 were incorporated into the 2025 Mineral Resource and Reserve statement, released March 30, 2026. The 44 reported drillholes confirm modelled thickness and represent a potential opportunity to increase the average silver grades in the San Rafael Upper and 120 zones. The disclosure suggests these results carry meaningful upside potential to the future mine plan. All reported intercepts are described as directly adjacent to existing infrastructure, with portions of the San Rafael deposit already in active production.

120 Deposit Mine Development Targeted for Second Half of 2027

Americas stated it is in the process of creating an optimised mine plan for the Upper and Lower 120 deposit and anticipates mine development to access this zone in H2 2027. The company noted that Cosalá has not received a material exploration budget for many years. The drilling program used HQ and NQ-size core, with samples processed at ALS Chemex de Mexico's ISO/IEC 17025-accredited laboratory in Hermosillo, Sonora, and analytical work completed at ALS Vancouver. Technical results were reviewed and approved by Rick Streiff, Certified Professional Geologist (CPG#11108).