Safi Silver reports high-grade silver result at Morocco project, pending confirmation

XOL Africa (Tallinn) — Canadian exploration company Safi Silver Corp. has reported an initial silver assay of 657 grams per tonne from its Addana project in Morocco, but said the result remains unconfirmed and is undergoing re-assessment.

The result, from a one-metre interval in drill hole SW2026-02 at a depth of six to seven metres, was obtained from broken core in a fault zone. The company said the unusually high grade was substantially above its other silver assays and that it would publish the re-assay alongside the original result.

A separate drill hole, SW2026-07, returned 35.52 grams of silver per tonne over one metre at a depth of 147 to 148 metres. The interval also contained 472 parts per million of lead and 33 parts per million of antimony.

Safi Silver said drilling at Addana’s southwest zone had intersected narrow quartz-iron oxide veins consistent with mineralisation documented in the wider Jbel Addana district. However, the company has yet to establish whether the veins share the same geological controls as those described at its primary target, Antenna Hill.

The results come from the company’s inaugural drilling programme at Addana, where four holes have been completed in the southwest zone. Assay results from one hole remain pending, while drilling on another is continuing. Two drilling rigs are now operating, with one assigned to the southwest zone and the other to Antenna Hill.

Jed Richardson, Safi Silver’s president and chief executive, said the early findings were encouraging because the southwest target lies nearly 40 kilometres from the expected core of the mineralised system.

He said the initial programme was designed to examine near-surface geology in an area where surface disturbance made reliable assessment difficult, adding that the results could help guide further exploration at depth.

The company is also submitting 52 core samples for gold analysis by fire assay. Drilling at Antenna Hill is expected to test mapped vein structures within competent host rocks after access to the area was restored following the clearance of landslide debris.

Safi Silver said the drilling had improved its understanding of local rock formations, including a graphitic schist unit interpreted to provide a useful geological marker for positioning subsequent drill holes.

The company cautioned that the reported intervals represent core lengths rather than true widths, which are expected to be narrower. It also said there had been insufficient exploration to define a mineral resource at Addana.

The results therefore represent an early-stage exploration signal rather than evidence of an economically recoverable silver deposit. Confirmation of the 657-gram assay, further drilling and additional laboratory results will be important in determining the project’s potential.

Safi Silver is a publicly traded Canadian exploration and development company focused on copper and silver assets in Africa. Its portfolio includes the Addana and Silver Hill projects in Morocco and the Kalahari Copperbelt project in Namibia.