Sunshine Silver Mining & Refining Company (NYSE:SSMR) announced on November 5, 2026, the completion of its 50,000-meter infill drill program at the Sunshine Mine in Idaho's Silver Valley, releasing final drill results and outlining a timeline toward a 2027 Mineral Resource Estimate and Feasibility Study.

Key Highlights

  • Program scope: The infill drill program comprised approximately 51,250 meters in 218 holes, including approximately 20,930 meters in 73 holes drilled on the 2300 and 3100 Levels between July and October 2026.
  • Top intercept: Hole FS-31207 returned 18,103 gpt silver (19,901 gpt AgEq) over 0.26 meters in the F-Vein, according to the filing.
  • High-grade NY Boy result: Hole FS-31110 returned 7,069 gpt silver (7,632 gpt AgEq) over 1.00 meter in the NY Boy Vein, including 12,103 gpt silver (13,066 gpt AgEq) over 0.58 meters.
  • MRE timeline: An updated Mineral Resource Estimate is expected in the first quarter of 2027, with the Sunshine Mine Feasibility Study targeted for the second quarter of 2027.
  • Planned production return: The company disclosed a planned return to production in late 2028.
  • Existing resource base: The Sunshine Mine hosts an Indicated Mineral Resource of 103.9 million ounces of silver at 1,022 gpt and an Inferred Mineral Resource of 159.8 million ounces at 776 gpt, per the filing.
  • Ongoing drilling: Three active rigs continue underground drilling at the Sunshine Mine, the company reported.

Drill Results, Resource Context, and Next Steps at the Sunshine Mine

According to the filing, the 50,000-meter infill drill program was designed to serve two objectives: upgrading mineral resource classification in areas expected to support the initial mine plan, and evaluating near-mine growth potential in the Upper Country, described as "a historically under-mined and under-explored portion of the Sunshine Mine." Results reported in July 2026 addressed the Upper Country objective, while the downshaft drilling results released November 5, 2026, addressed the central resource area underpinning the expected initial mine plan.

The filing disclosed multiple drill intercepts exceeding 1,000 grams per tonne silver across several veins. Among the highlighted results, hole FS-3133 returned 1,522 gpt silver (1,682 gpt AgEq) over 4.47 meters in the F-Vein, and 1,067 gpt silver (1,211 gpt AgEq) over 4.50 meters in a newly identified vein. Hole FS-3117 returned 1,359 gpt silver (1,450 gpt AgEq) over 2.49 meters in Vein06. The filing noted that downshaft results extended known mineralization on the Copper and D-Veins into previously undefined areas and improved the company's understanding of vein geometry and structural controls.

The company disclosed that results from the completed program will be incorporated into an updated Mineral Resource Estimate expected in Q1 2027, which will in turn inform a Feasibility Study targeted for Q2 2027. Based on the Initial Assessment referenced in the filing, the mine is expected to produce an average of approximately 6.7 million ounces of silver per year in its first five years at approximately 1,000 tons per day, and approximately 5.8 million ounces of silver annually over a 24-year mine life. Samples from the drill program were analyzed by SVL Analytical Inc., described as "an ISO 17025-accredited independent laboratory" located in Kellogg, Idaho. The company stated it maintains a quality assurance and quality control program including certified reference materials, blanks, and duplicates.

What Was Disclosed

Sunshine Silver Mining & Refining Company disclosed completion of its 50,000-meter infill drill program at the Sunshine Mine, released final drill results showing multiple high-grade silver intercepts, and outlined a path to a Q1 2027 MRE, Q2 2027 Feasibility Study, and planned late-2028 production return.