Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / ⚪ SILVER Deficits! - You'll Like This Solution - (Gary Thompson from SILVER 47)

Transcript

⚪ SILVER Deficits! - You'll Like This Solution - (Gary Thompson from SILVER 47) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

0:03
Silver shortage, silver deficit. We know one thing for sure, the
0:07
silver price has been on quite a tear over the last year.
0:12
But we also know that the silver mining industry is having a hard
0:16
time supplying all the silver being demanded by the world.
0:21
Today we're pleased to be joined by Gary Thompson.
0:24
He's the CEO of a new publicly listed silver exploration
0:29
company, Silver 47. We're going to talk about the
0:33
silver market, talk about the silver price, but also talk
0:36
about his company and how it fit fits into this evolving
0:40
situation in the silver market. Gary, welcome to Ron's Basement.
0:45
Well, hey Ron, good to see you and thanks for having me on.
0:48
Yeah. Well, you're, you're, you're an
0:50
honored guest here because our audience, our viewer loves
0:54
silver and there's so much going on in the silver market right
0:58
now. Do you care to share with us
1:00
just a few of your thoughts about what you see maybe like in
1:03
the supply demand dynamics, the silver price and what attracted
1:07
you to kind of launch this silver exploration company?
1:12
Yeah, it's a good question. I mean, there's so much, you're
1:15
right, there's so much going on in in the silver market.
1:17
And you know, it would have been back in 21 I think when we first
1:22
really started to see the silver squeeze.
1:25
And I looked around and in my network and like, you know, what
1:28
kind of silver assets can we put together and and you know, help
1:33
provide that silver supply for the the shortage that we're
1:36
seeing. It's pretty remarkable that
1:38
we're quarter billion oz silver deficit and growing and probably
1:45
dramatically growing. So I see, I see big, big things
1:50
happening for silver and I, you know, I'm starting to, as I do
1:53
more work on, on the silver market, I'm in the triple digit
1:59
camp. I mean, we got to get past $50
2:03
first. But when you just look at the
2:06
uses for silver, it's remarkable the, the broad range of, of
2:10
uses. And you know, of course the
2:13
military complex, people aren't talking about the need for
2:16
metals and, and silver in that, but I just see quite a myriad
2:21
of, of uses for silver. And I just think that as an
2:26
industry, we're challenged by providing that that amount of
2:32
silver going forward and that that demands going to grow.
2:34
And I think our industry is struggling to to keep up.
2:38
Yeah, yeah. And when and when people talk
2:40
about triple digit silver, you know, and I say that on a
2:43
regular basis myself, I get accused of being a silver pumper
2:47
or being unrealistic. And I like to point out that
2:50
between 2001 and 2011, which wasn't that long ago, silver
2:56
went from under $5.00 an ounce to $50.00 an ounce, which is a
3:00
much bigger, bigger increase than what we're talking about to
3:04
get to $100 silver, which would be a little over a trip lane
3:07
from where we are now. The other, the other thing that
3:10
I, I just learned this morning, Gary, and maybe you have some
3:13
commentary on this as well as when you look at the worldwide
3:17
demand for silver, you know, like I'm in the United States, I
3:20
know you're in Canada. I think we can sometimes kind of
3:23
insulate ourselves, but the silver market is a worldwide
3:27
market. And I learned this morning that
3:31
when you combine China and India, the amount of silver that
3:35
those two countries will use this year, that it accounts for
3:38
almost 7075% of the entire world mining output.
3:43
And if you think about those countries, they're both growing
3:45
too, right? They're both two of the fastest
3:47
growing economies in the world. Yeah, no, that's exactly right.
3:52
And if you saw recently that China's pouring a ton of money
3:56
into South America ports, they, they, you know, 3 or $4 billion
4:02
into port access for basically for Peruvian silver.
4:08
So I think that's just a, a hint of what's coming.
4:12
Certainly, you know, big demand out of out of China and
4:16
obviously India is these, you know, that's not going away.
4:21
And I think it's just going to be a matter of time till we see
4:25
that that push higher and, you know, got some work to do to get
4:30
there. But yeah, I think it's an
4:31
exciting time to be in the space.
4:33
I feel like we're just kind of coming, coming out of this
4:35
through and, and heading for much, much bigger prices and,
4:39
and obviously action and, and you know, for the silver market
4:42
in general. Yeah.
4:44
And, and, and part of that through would have meant that
4:46
there was limited, limited amounts of investment into
4:51
silver exploration, silver development like like we're
4:55
going to need these new ounces in the future, whether we're
4:57
talking about India, China, AI, solar demand.
5:01
We could talk for hours about the the bright prospects for
5:04
silver demand, but the reality is that over the last number of
5:08
years the entire mining sector has been in quite a through.
5:12
And as a result of that, there was a limited amount of money
5:15
invested into exploring and developing what will be the
5:20
future supply of silver. Now your new company, a silver
5:25
47, you have a big silver deposit already, I think almost
5:29
170 million ounces of silver defined in the ground in Alaska
5:37
in a very great jurisdiction. Do you, do you think that as we
5:43
move into the next 5 to 10 years that the market will start to
5:45
realize like the value of what companies like you like yours
5:49
have? And and then I'll ask you to
5:51
talk a little bit about your company and what you're doing to
5:54
move it forward over the coming years as well.
5:57
Yeah. And I, I think you hit a, a good
5:58
point. There's, there hasn't been,
6:00
there's been a, there's been a lack of funds invested into
6:04
exploration. A lot of the money's been
6:07
chasing near term mind stories and, and development brownfield
6:13
development stories. And it's just been a lack of new
6:16
capital coming into the exploration sector.
6:19
We're starting to see green shoots of that.
6:22
But ever so slightly. I just was in Australia for
6:25
about 3 weeks. So marketing and, and talking to
6:28
funds and, and brokers and investors and it's a remarkably
6:32
different market in Australia versus Canada.
6:35
But similarly, just, you know, the amount of capital that we're
6:38
going to need to get these new resources to market.
6:42
I mean it. And the other thing is it takes,
6:44
you know, it takes time. You can't just go flip a switch
6:46
and turn on a, a mine. And I think that's, that has to
6:51
change if we want to have more, more product.
6:53
And certainly in, you know, in the western in the world's,
6:57
given the supply constraints that we're, we're seeing, I, I
7:02
think we need to do more in, in our backyards in Canada and the
7:05
US and, and other, other jurisdictions to really get, get
7:10
at these things. And I think with the new, new
7:13
Trump administration coming in, it certainly looks like they're,
7:16
they're going to, you know, cut some of that red tape that's
7:20
been sort of bogging these projects down.
7:22
So that that may help on on the supply side in the in the medium
7:27
longer term. So they, they can't flip a
7:31
switch. I want to, I want to circle back
7:34
to that comment that you made, because right now we're in a
7:37
situation in the world where there's a silver deficit.
7:41
I think 200, two, 150 million more ounces are being demanded
7:46
than the mining sector can supply.
7:49
We also have a shortage of, of not only just silver coming out
7:53
of the ground, but I would also say a shortage of new
7:56
discoveries and, and, and development projects coming
7:59
along. I mean, if the market hits a
8:01
point where let's say maybe we get triple digit silver like you
8:04
talked about earlier and everybody suddenly wakes up.
8:09
Do you think it's safe to say that we could be in for a period
8:13
of time where because you can't just flip a switch where we
8:16
could be in for maybe a decade of time where it's going to take
8:20
that long for the industry to catch up to be able to if they
8:24
even can. I mean, if the demand numbers
8:26
continue to escalate the way that they're predicting, but for
8:29
the for the industry to even come close to being able to
8:32
supply all the silver that's going to be demanded.
8:35
Yeah, I think that's about right.
8:37
It's about a decade timeline from, you know, getting on to it
8:41
and and getting it through the process and getting something
8:43
into production. I think that's, you know, that's
8:47
realistic. Decade is a realistic timeline
8:50
to be looking at these operations.
8:52
And that might even be, that might even be, might even be
8:55
optimistic. I know people don't want to hear
8:57
that. They want to hear that you can
8:58
just, you know, turn around and get this thing built.
9:02
But it's just a lot goes into it.
9:03
You've got to, you know, hey, you've got to find it, you've
9:06
got to explore it, you've got to prove it out.
9:08
Then you've got to get into engineering, economic studies,
9:13
potential infrastructure permitting.
9:15
It's just a whole, you know, a whole process you have to get
9:18
through to go from Greenfield's discovery to to a mine
9:22
development story. And that just takes time.
9:24
Unfortunately, that's part of the business.
9:26
There's nothing I think quick about it, but you know, the good
9:29
thing is once these things are up and running, if you've got a
9:33
robust system that they can generate, you know, supply for a
9:36
long period of time. And ideally, if it's a big
9:39
system like what we're targeting, then then you're
9:42
talking, you know, decades and decades of, of operations and
9:45
cash flow and, and metal coming out to the market.
9:47
So that's that's the goal, right?
9:49
Yeah, Yeah. Well, and, and, and you're the
9:51
CEO of Silver 47, so please correct me here if I'm wrong.
9:55
But when I look at your company, is it, is it safe to say that
9:59
you have a bit of a head start? Because as I understand that you
10:02
already have a resource, a silver equivalent resource in
10:06
the ground of close to 170 million oz.
10:09
And on top of that, you've got some great exploration
10:13
opportunities. And I think we'll talk about one
10:15
of your more recent news releases here in a little bit,
10:18
but you're going to be doing some drilling.
10:20
It would feel like to me, you know, there aren't a lot of
10:22
companies out there that are sitting on already defined
10:26
silver equivalent ounces in the ground.
10:29
And that if this market does start to turn that you've
10:33
positioned your company and your company's in the position to, to
10:36
have quite a little bit of a head start on on the rest of the
10:40
market. Yeah, that's, that's exactly
10:42
right. And we're actually fortunate to
10:44
have come into this asset at the opportune time in 2023 when we
10:52
were looking around for, for assets, We got introduced this
10:55
project and it, it was held by an Australian company that that
11:00
really, you know, sunk themselves.
11:02
They were on the verge of bankruptcy and largely due to an
11:06
asset in Australia that they were pouring all their money
11:09
into and just weren't able to make it work.
11:11
And so this, this asset really was kind of orphaned, which is,
11:15
you know, good time to be picking up assets when, when
11:20
somebody is, is challenged financially.
11:23
So we, we got a good deal on it. And yeah, the fact that we're,
11:28
you know, that gets the way I kind of look at these things.
11:30
That's, you know, we're, there's been over $30 million spent on,
11:33
on the project before we got involved.
11:36
So we're 30 million and, and five, five years ahead of ahead
11:39
of the curve from say a brand new discovery.
11:42
Like I said, it takes time to to advance these things.
11:45
So yeah, we're, we're pretty excited about what's in front of
11:48
us. I mean, our goal, yeah, like you
11:51
say, we've got a initial resource that was published in
11:54
2024. It's 170 million silver
11:58
equivalent Oz. It's, it's quite a unique
12:00
deposit because it's got silver, gold, copper, zinc and lead.
12:06
So and there's other metals like antimony that are obviously
12:09
critical minerals. So quite a host of of metals.
12:12
So we call this thing polymetallic because of all the
12:14
metals. Why we're interested in it was
12:17
merely because of the high grade silver and gold nature of this
12:22
deposit. These VMS deposits are
12:26
volcanogenic mass of sulfide deposits that happen to form on
12:30
the ocean floor and then got got moved up into where we see it
12:34
now. They can be quite rich in
12:37
precious metals. So we're we're excited about,
12:40
about that and, and obviously we put out some good results
12:42
recently. We did a little bit of drilling
12:44
this year. Part of that was just
12:46
confirmation drilling from, from some of the old, old work that
12:51
was done by the previous operators.
12:52
And a lot of the, the drill spacing was quite broad.
12:56
So you know, we think there's a really good opportunity to
12:59
rapidly grow this resource a substantially and you know,
13:02
we've we've set ourselves a pretty aggressive target.
13:05
So the resource is 15.6 million tons at 336g per ton silver
13:11
equivalent grade, which is really good grade.
13:13
If you put it in a gold context, it's like it's like 2,000,000
13:17
ounces of gold at 4G, which is really good grade All in all
13:21
with you combine all these metals in into one and we use a
13:23
pretty conservative equivalent values are we do have some
13:29
metallurgical work by the previous operators.
13:30
So we're using actual values from you know, between 70 and
13:34
90% metal recoveries. And I think just to given the
13:39
spacing that we've seen in the historical drilling, we think
13:42
there's a really good opportunity to to double this
13:45
thing. And my goal is to really get
13:47
this thing to like 50 million tons.
13:49
So double, triple to where we are today.
13:51
And then I think we're talking a real exciting development story.
13:54
And you know, the the question is how quickly can we get there?
13:57
And we're going to go as fast as we can on that.
14:00
Right. And in the the previous owner
14:03
was an Australian based company and in terms of how they were
14:07
able to define this resource, because there's different laws I
14:10
would imagine or processes, they actually had defined it under
14:14
the Australian methodology to be quite a bit higher than than
14:19
what the what was it the NI 43 one O 1?
14:22
Is that correct? That's correct, yeah.
14:24
In Australia they what's called a jerk resource.
14:27
You know, they're very similar to the Canadian National
14:31
Instrument 43 one O 1 independent resource reporting
14:34
the what we've learned in that conversion.
14:37
And you're right, that's a good point.
14:39
When we acquired the asset, it actually had 270 million silver
14:43
equivalent oz. And then when we had that
14:45
converted into a 43 one O 1 report, we had 170 million for
14:52
round numbers. So we lost that 100 million oz
14:55
silver EQ on that conversion. And and we sort of we dug into
14:59
it. Well, why is it, what's
15:00
happening there? What's the difference?
15:02
And it was really an unconstrained resource.
15:05
Again, the spacing of some of the holes were quite broad in
15:08
the hundred 5200 meter spacing. It's just wasn't enough
15:12
confidence to to bring it into resource category under the 43
15:15
one O 1. So we think those are relatively
15:19
easy ounces to claw back. And that's going to be our
15:21
objective again is to fill in, fill in those gaps where we got
15:24
the broad spacing to really tighten it up and get more
15:27
confidence to a bigger resource. And yeah, that's going to be the
15:31
goal over the next the next few years for sure.
15:34
OK. Sounds like you could refer to
15:37
that potentially as being low hanging fruit in terms of being
15:40
able to add some if it if, if the drill, drill results I guess
15:45
pan out once they're completed. Yeah.
15:47
That's exactly right. A low hanging fruit easy.
15:50
Well, a big, big growth. If you look at where we are
15:52
today from what we could be in the next couple years, I think
15:55
there's a big growth trajectory in in front of us.
15:59
Yeah, yeah, very, very interesting.
16:01
So the company just started trading a few weeks back on the
16:05
TSX Venture Exchange stock symbol Aga.
16:08
Is that correct? That's correct.
16:10
Yeah, we're about a week, week trading and I think we're north
16:13
of 4 million shares traded. Given the company only has 50
16:17
million shares outstanding, you know, it's pretty tightly held
16:22
and yeah, we traded a fair amount of volume.
16:26
You know, we're in that sort of $0.70 range.
16:28
Canadian dollars. Yeah, it's pretty, pretty
16:32
exciting days for us to get out, get out and start talking about
16:35
the company. And, you know, a lot of people
16:37
aren't aware of the asset and certainly, you know, aren't
16:40
aware of silver 47. And and I should remind the
16:43
listeners that why 47 'cause I get that question a lot.
16:46
Well, 47 is the atomic number for silver.
16:50
OK, OK in the in the Red Mountain project here is the
16:54
flagship project. I want to remind our viewers
16:56
this is silver in the ground in Alaska in the United States.
17:03
I mean, you know, it's, it's and I'll get I want to ask your
17:06
opinion on this, Gary, because I've heard other silver mining
17:10
CE OS complain that most of the low hanging fruit in the world
17:15
in terms of available silver has already been harvested, that
17:19
it's very difficult now to find new silver deposits.
17:23
And the fact that your company has, you know, 170 million
17:28
silver equivalent oz at this project in Alaska in the ground,
17:33
I think is rather significant. You know, there's, there's not,
17:36
there's just not a lot of silver exploration development stage
17:41
companies out there and there's even fewer that have, you know,
17:45
defined resources of silver in the ground.
17:48
Yeah, it actually is interestingly that it's a, when
17:51
you look at all, you put all the silver names on the list that
17:54
it's not that big compared to like the gold companies.
17:57
There's a huge list of gold miners, developers, explorers.
18:01
But when you look at the silver space, there's, there are quite,
18:05
quite a short list of opportunities and you're seeing,
18:08
you know, the challenges that Mexico is, you know, Mexico has
18:12
been a big silver producer, still is a big silver producer.
18:15
But there's, you know, there's talk of, of, you know, putting
18:18
pressure on on no new open pit mines and, and that sort of
18:22
thing. And I think just having a, a
18:25
silver deposit in a, a stable pro mining jurisdiction like
18:28
Alaska really bodes well. I mean, we're getting so much
18:31
support from the state on this to get, get at this project.
18:36
And you know, I'd like to remind people that, you know, some of
18:39
the biggest silver deposits in the world are actually lead zinc
18:43
mines. And people when they talk
18:46
silver, they everybody wants to go to that primary, give me a
18:49
primary silver deposit. And I'd like to remind them that
18:53
some of the best, biggest silver deposits in in the world are
18:57
actually lead zinc mines. And, you know, I can point to
19:00
lots of them that have, you know, 5 to 800 million ounces of
19:04
silver and, and a lot of them are classified as lead zinc
19:08
mines, but that's just a lot of silver.
19:10
Either way you look at it, you can't, you can't knock that.
19:14
And we know that 70% of the world's silver comes from, you
19:18
know, polymetallic mines that are not primary silver mines.
19:22
So I don't, I'd say don't fight the trend.
19:24
Don't don't fight it. You know, if you can get a good
19:28
silver ratio out of your deposit, I mean, that's, that's
19:32
just a bonus. Yeah, yeah.
19:34
And the fact that a deposit is probably metallic also lends a
19:39
bit of how do I say this diversification in terms of, you
19:43
know, if metals markets are moving around in different
19:46
directions, does it help the kind of from a mining company
19:49
perspective kind of smooth out the the effects of of big
19:53
movements within the different metals markets?
19:55
Yeah, that's a really good point because that's exactly right.
19:59
It it helps to normalize your volatility in metal prices.
20:02
You know these prices are moving around all, all the time and.
20:06
I remember, you know, one of the Heckler guys, they have this
20:09
Greens Creek mine in Alaska, which is quite a well,
20:12
profitable mine. And everybody knows heck was a
20:14
silver company. But when silver was depressed
20:17
many years ago, it was Aladdin zinc that paid the bills, right?
20:22
So you can really help to normalize your, your production
20:25
and cash flow just because it helps to smooth out that
20:29
volatility and, and, and commodity prices.
20:33
So. So it's in Alaska.
20:35
What about like permitting challenges?
20:38
Is this state owned land? I thought I heard, heard you at
20:41
one point refer the fact that it was that there was maybe a some
20:45
type of benefit because it's on state owned land.
20:48
Is that is that correct? Yeah.
20:50
So they are. We have a big land package and
20:56
it's, it's mineral claims, but we also have one lease that are
21:00
state managed claims. So and a lot of the
21:02
jurisdictions are federally managed.
21:04
The Bureau, Bureau of Land Management is federally managed.
21:07
And then in the US, you have, you know, I hope this changes,
21:10
but what's called the US Forest Service management, which has
21:14
just been a nightmare on permitting, but we don't have
21:17
those issues because we, we basically deal with the state of
21:19
Alaska and they've been very supportive and, and pro mining
21:23
to, to develop this thing. So when we're ready to, you
21:26
know, get the shovels in the ground, we have, we have strong
21:29
support. And for our permitting process,
21:31
it's quite straightforward. We've got more hole pads set out
21:35
in front of us to, to drill permitted already.
21:38
So we think it's a very clear, clear path to, you know, to a
21:42
development story. Interesting, interesting.
21:46
What about the share structure? Any big name investors who've
21:50
who've been involved with this company?
21:52
Yeah. I mean we've got a very tightly
21:54
held register. I mean over of the 50 million
21:57
shares held, Eric's Broad, a well known mining investor owns
22:03
10%. Crescat Capital which is a
22:05
Denver based fund owns about just under 10%.
22:11
Myself and and my family are in there for about 20%.
22:14
So we've got 40% of the company held by three, three groups
22:18
basically. Wow.
22:20
So you and your family are in for about 20%, you said, Gary.
22:24
So you have what I would call significant alignment with
22:28
shareholders or skin in the game?
22:30
Absolutely. And I'm not, I'm not selling, no
22:34
plan to sell any shares almost ever never.
22:38
It's just, you know, we got to build these things out and, and
22:40
unlock that value. And I think, you know, yeah,
22:43
there's, there's lots of room to grow this thing.
22:46
It's just coming out of the gate.
22:47
It's a fresh start and exciting news story.
22:50
And I, I think it's certainly one to watch.
22:52
And we're, I know we don't have AUS ticker, but just certainly,
22:56
I think once we're traded for a couple weeks, we can start that
22:58
process to get to get the US ticker.
23:00
And I'm even looking at the Australian market that the ASXX
23:05
market just because it seems to be a little bit more a robust
23:09
investment appetite in, in Australia versus even Canada.
23:13
So we're, you know, we're going to go where the, where the funds
23:16
are and, and where, where the opportunity is to unlock this
23:19
value from, you know, from a shareholder perspective and
23:21
market perspective. Yeah, yeah.
23:23
Well, I it as a from, from my perspective, when the CEO of a
23:28
company has as significant of a of a stake in the success like
23:34
you do, that's always a very, very good sign.
23:37
So that's, that was news to me that just uncovered here, but
23:41
very, very happy to hear that. And definitely a company that,
23:45
you know, I'm in the US, but a company that I want to be
23:47
keeping a close eye on. One last time.
23:51
I'll repeat the fact this is silver and a polymetallic but
23:56
resource, but silver, almost 170 million oz silver equivalent in
24:01
the ground in Alaska. I want to touch on one final
24:04
point and that is that if if you kind of figure up based on the
24:08
market cap of the company what that silver's valued at in the
24:13
ground, any commentary on that? I hear sometimes people say a
24:17
dollar an ounce, 50 cents, $2.00.
24:19
How how does that measure up with silver 47?
24:22
Yeah. So we we do that metrics.
24:25
If you look at our website and presentation, we have that sort
24:27
of peer analysis on the ounces in the ground.
24:30
So you take the market cap, divide by the ounces in the
24:33
ground and we're coming in probably around $0.20 Canadian.
24:37
So what's that $0.15 US per silver equivalent oz in the
24:41
ground. So I think that the point of
24:44
that is that's just a low valuation compared.
24:47
If you look at our peers, we're actually on the bottom end of
24:50
the the value per per oz on the ground.
24:52
And why that's important is because these things tend to
24:55
sell from multi dollars an ounce in the ground and I've seen them
24:58
go as high as $10.00 an ounce of silver in the ground.
25:01
If somebody wants to acquire, acquire the asset like that,
25:04
where it's more advanced, so the, so the, that, that value,
25:08
that value curve, that value gap in there, there's a lots of room
25:12
to, to capture that value for shareholders.
25:14
And of course, we we intend to do that.
25:17
So you're getting in. I think if you get in early now
25:19
you're, you have the opportunity to, to grow with us and, and I
25:22
certainly welcome, you know, anybody to reach out and, and
25:26
have a, you know, have a look at our website, silver47.ca.
25:29
And I know we didn't really talk about the drilling, drilling
25:33
results, but we had some pretty spectacular, you know, 2 1/2
25:38
meters of almost 3 kilos of silver, silver equivalent.
25:44
And we had one of the highest gold hits at 2 1/2 meters of 15
25:47
grams gold, including 250 meters of silver plus 20% LED zinc
25:52
combined and, and our recent drill results.
25:55
So pretty happy with that was the highest gold Gray drilled on
26:01
the property to date, even including all the previous work.
26:03
So the fact that one of our first holes ever drilled is
26:07
coming in like that, we're we're pretty excited.
26:09
So I'm I'm on the website right now.
26:11
You should be able to see it on the screen.
26:13
And you, you pulled, you pulled a fast one on me here.
26:15
Gary, I didn't realize you had another news release that came
26:18
out this morning. So we had one on Monday and one
26:22
again this morning that you're telling me are both showing
26:25
rather which which one has the high gold was.
26:28
It today it's the one the in the middle there it's the 2.48
26:33
meters of almost 15 grams. Gold.
26:36
Gold, yeah. Wow.
26:38
So lots of gold, lots of silver, lots of lead, zinc, bit of
26:42
copper, 2 decent copper numbers. So within a fairly broad,
26:46
there's a 24 1/2 meter mineralized zone.
26:49
And then within that we actually had a couple of of massive
26:52
sulfide, which is basically this metal.
26:56
We had a couple of those intervals 2 1/2 meters and the
26:58
other one was a little thinner .9 of a meter, but still just
27:02
massive, just solid, pretty much solid metal.
27:04
It wasn't much rock in there. It's all replaced with with with
27:08
these metals. So pretty, pretty impressive.
27:11
Interesting. So.
27:12
So is it? Is it safe to say that when I
27:14
see a wording in a news release like this, like this is the
27:18
definition of polymetallic? Yeah, exactly polymetallic.
27:23
Polymetallic. All right, Gary, so we showed
27:26
the website. Is there any, anything else,
27:29
anything that I forgot to to mention or anything else you
27:32
want to mention before we before we sign off?
27:35
Yeah. Just I guess to summarize the
27:37
opportunity that we see, obviously we're I think we're
27:40
aligned and that we believe that silver is, is going much higher.
27:42
And I think we're still in the early days of this big run for,
27:46
for silver and, and I think a lot of these critical minerals
27:49
are going to be on on that list. And you know, for silver 47,
27:53
starting with a substantial resource in hand, the goal
27:57
objective in the short term is to is to double, triple that
28:00
resource and move this thing into a development scenario as
28:04
as quickly as we possibly can. So certainly keep in touch on
28:08
that. I appreciate, appreciate the
28:10
time and yeah, thanks very much. Yeah.
28:12
Thank you, Gary. It's been fascinating to talk to
28:15
you just to hear about the the opportunity at Silver 47, but
28:18
also your thoughts on the silver market.
28:21
This is a company that I'm going to be watching very closely in
28:25
in, especially after yet another great news release this morning.
28:29
I appreciate you sharing your time with myself, with our
28:32
viewer, and we will look forward to seeing you soon.
28:36
Very good. Well, thanks, Ron.
28:37
Yeah, good to see you.