Emerita Targets Third-Quarter PFS for Iberian Belt West with Defined Zinc-Lead Resources

Metalsource Mining has started a new drilling phase at its Silver Hill Project in North Carolina, targeting strike and down-plunge extensions of polymetallic mineralisation intersected in Hole SH26-07. The hole previously returned 12.62m grading 3,786g/t silver equivalent, including 6.95m at 6,730g/t silver equivalent and 2.74m at 16,604g/t silver equivalent; the latter interval included 209.1g/t gold. The company said the results also showed notable silver, lead and zinc concentrations. New drill platforms west of the current drilling area will test the interpreted deep extension of the polymetallic system and mineralisation along strike and at depth. Drilling will also shift temporarily to the eastern area to test the up-dip extension of gold-rich mineralisation between SH26-07, SH26-05 and SH25-02. Metalsource is working toward a first mineral resource estimate planned for early 2027, while stressing that the current data are preliminary, insufficient to define a mineral resource, and subject to further drilling and pending analytical results.

Aya Gold & Silver has acquired a Moroccan exploration portfolio for Dh10 million (US$1.06 million), comprising cash and assumed debt. The portfolio covers three mining licences and 18 exploration permits across 259km², including the Zagora, Agadir-Melloul and Goulmim projects; certain Moroccan administrative processes related to the acquisition remain pending. Aya said its Moroccan land package has expanded from about 732km² to more than 991km² in 2026, an increase of 35.4%. The 158.6km² Zagora project comprises 11 exploration permits and is considered prospective for cobalt, gold, lead, nickel, silver and zinc. The 32km² Goulmim project is prospective for lead, silver, copper and gold. Aya plans an 18–24-month greenfield exploration programme involving stream-sediment geochemistry, hyperspectral studies, mapping and prospecting, with geophysics and drilling subject to the initial results. The agreement also includes exploration-success milestone payments and a 2% net smelter return royalty, which Aya may repurchase under specified conditions.

[SMM Zinc Morning Comment: Exports Drive Destocking, SHFE Zinc Center Moves Up] Overnight, the most-traded SHFE zinc 2609 contract opened at 25,555 yuan/mt. At the beginning of the session, SHFE zinc briefly dipped to a low of 25,460 yuan/mt. Subsequently, bears reduced positions, and SHFE zinc rose all the way to touch a high of 25,700 yuan/mt near the end of the session. It finally closed up at 25,650 yuan/mt, up 35 yuan/mt, a decline of 0.14%. Trading volume decreased to 49,734 lots, and open interest decreased by 1,326 lots to 119,000 lots.