Silver Hammer Mining Corp. has released an updated mineral resource estimate for the Santo Domingo silver-gold project in Jalisco State, Mexico, reducing total contained metal figures compared to Stroud Resources Ltd.’s 2017 estimate following the application of a contemporary geological modeling methodology.

The updated technical report, prepared by independent Qualified Person Simon Mortimer of Atticus Geoscience Consulting, outlines total measured and indicated mineral resources of 5.7 million tonnes grading 79 g/t silver and 0.42 g/t gold. That inventory contains 14.3 million ounces of silver and 76,000 ounces of gold, or 20 million ounces of silver equivalent.

Total inferred mineral resources stand at 3.9 million tonnes at 66 g/t silver and 0.31 g/t gold, containing 8.3 million ounces of silver and 36,000 ounces of gold, representing 11 million ounces of silver equivalent.

The updated figures mark a reduction from Stroud’s previous 2017 resource estimate, which reported 25.74 million ounces of silver equivalent in measured and indicated categories and 13.39 million ounces in inferred resources. Stroud previously completed diamond drilling across the property, including a 7,703-metre Phase 1 campaign in 2021 and a subsequent Phase 2 program.

The new resource estimate is constrained by underground mining parameters using a break-even net smelter return cut-off of US$90 per tonne. Estimation parameters assume metal prices of US$73 per ounce for silver and US$4,550 per ounce for gold, with expected recoveries of up to 86% for silver and 95% for gold.

“This updated Mineral Resource Estimate represents an important step forward for the Santo Domingo Project. While the application of a more rigorous and contemporary geological and resource modeling methodology has resulted in a reduction in the reported contained ounces compared to the 2017 MRE, we believe the resulting resource is significantly more robust, transparent and representative of the current geological understanding of the deposit,” said Dr. Scott Jobin-Bevans, interim CEO of Stroud.

“Importantly, this work provides Silver Hammer with a much stronger technical foundation from which to evaluate the economic potential of Santo Domingo and advance the project toward a Preliminary Economic Assessment.” — Dr. Scott Jobin-Bevans, Interim CEO

The resource update accompanies proposed corporate transactions that will see Silver Hammer acquire Stroud and SilverMark Resources Inc., adding the Mexican property to Silver Hammer's existing portfolio of silver assets in Idaho and Nevada.

Shareholders of Silver Hammer and Stroud are scheduled to vote on the proposed amalgamations during separate meetings on September 28, 2026.

Read the full announcement: Silver Hammer and Stroud Resources Announce Updated Mineral Resource Estimate for the Santo Domingo Silver-Gold Project, Mexico