Explorer Uncovers Massive Potential at Claudia Project in Durango

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Pacifica Silver Corp. (PSIL:CSE; PAGFF:OTCQB) announced that it identified several new high-priority drill targets at its 100%-owned Claudia Silver-Gold Project in Durango, Mexico, following assay results of up to 23.6 grams per tonne (g/t) gold and 480 g/t silver from 325 surface rock chip samples. The samples, collected in 2022 and recently assayed as part of a property-wide exploration program, confirmed the presence of extensive mineralization across new areas of interest.

According to Chief Executive Officer Todd Anthony in the news release, "Recent assay results from rock chip samples collected in 2022, which include some of the highest-grade sampling results ever encountered, have confirmed that high-grade gold and silver mineralization is far more extensive than previously recognized at the Claudia Project." He added that mineralization is present at surface for at least 1.5 kilometers between the historical Tres Reyes and Mina Vieja workings, with the Veta Justina and Mina Vieja areas now considered high-priority drill targets.

The highest single assay result, 22.7 g/t gold and 480 g/t silver, was collected from the southernmost portion of the sampled area, indicating that mineralization may extend a further 300 meters south toward the Mina de Oro vein system. Pacifica is preparing to apply for permits to drill the new targets in early 2026 with Mexico's Secretariat of Environment and Natural Resources (SEMARNAT).

As part of its ongoing Phase I drill program, the company began an 8,000-meter diamond drilling campaign on September 22, 2025. A total of 647 meters of drilling had been completed across the first three holes as of October 8. Two rigs are currently in operation, each averaging between 40 and 50 meters per day, and a third rig is scheduled to be added in November. Core samples are being sent to ALS Laboratory in Zacatecas for analysis.

The current program is designed to expand known mineralization in the Aguilareña, Guadalupana, and Veta Central veins, as well as to test undrilled targets such as Mark Twain, Veta West, and Veta Justina. The company stated that this work is part of a broader effort to delineate and evaluate the full potential of the Claudia Project, located in the Sierra Madre Occidental, a prolific epithermal precious metals belt that hosts operations by major producers including Fresnillo Plc (FNLPF:OTCMKTS:FRES:LSE), Agnico Eagle Mines Ltd. (AEM:TSX;  AEM:NYSE), and First Majestic Silver Corp. (AG:TSX;  AG:NYSE;  FMV:FSE).

Silver Market Strengthens on Record Prices and Tight Supply

According to an October 8 report from Bloomberg, silver prices surged to their highest level in decades, briefly surpassing US$50 an ounce amid strong investor demand and tightening supply. The publication reported that the silver market in London had "tightened to an almost unprecedented degree," with borrowing costs for the metal rising sharply as available inventory diminished. Bloomberg also noted that demand was expected to exceed supply for the fifth consecutive year, driven by both safe-haven investment and industrial applications such as solar panels and wind turbines.

A day later, CNN Business reported that silver had officially breached the US$50 mark for the first time since 1980. The report attributed the rally to "investors seeking out safe havens, plus strong industrial demand and lingering supply deficits." Ewa Manthey, a commodities strategist at ING, stated that "its dual role as an industrial metal and safe-haven asset has amplified the rally, making 2025 a historic year for silver."

Clark maintained a positive outlook on the company's position within the silver exploration space. He reiterated his Buy recommendation for Pacifica Silver, noting that "the stock is not overpriced."

Peter Grant, vice president and senior metals strategist at Zaner Metals, added that "strong and growing demand for silver, combined with a persistent supply deficit, is a recipe for higher prices."

On October 10, Stockhead described the rally as "an extraordinary +69% year-to-date increase" that had propelled silver to US$49.71 per ounce on the London Bullion Market Association (LBMA).

The publication wrote that silver "is on the cusp of punching through US$50/oz, an all-time high that has stood since the short-lived Hunt Brothers squeeze of January 1980." The article also noted that rising prices had encouraged producers and explorers to accelerate drilling and review resource estimates, as higher grades became more economically attractive.

Together, these reports depicted a global silver market marked by surging prices, sustained investment interest, and persistent supply constraints. The rally reflected silver's unique position as both an essential industrial material and a trusted store of value, solidifying its status as one of the strongest-performing commodities of the year.

Analysts See Strong Upside as Pacifica Silver Advances Claudia Exploration

In an October 9 report, Jeff Clark of Paydirt Prospector discussed Pacifica Silver Corp.'s recent exploration progress at its Claudia Silver-Gold Project in Durango, Mexico. He stated that assay results from 325 rock chip samples "measured as high as 23.6 g/t gold and 480 g/t silver," describing them as "clearly something you'd want to follow up on." Clark noted that these results suggested the mineralized zones at Claudia "may be bigger than originally believed," with management planning to apply for permits to drill new high-priority targets identified through the sampling program.

Clark highlighted comments from Pacifica Silver Chief Executive Officer Todd Anthony, who said the sampling results "have confirmed that high-grade gold and silver mineralization is far more extensive than previously recognized at the Claudia Project." He added that mineralization was "present at surface between the historical Tres Reyes and Mina Vieja artisanal workings for at least 1.5 kilometers," including 700 meters of the Veta Justina area, which had previously been unsampled and undrilled.

Clark further referenced the company's plans to expand its current 8,000-meter diamond drill program, which began on September 22. As of October 8, 647 meters had been completed across the first three holes, with a second drill rig added and a third expected in November to test additional targets in the Veta Justina zone. He emphasized that "today's news sets up some nice targets for the company, as it continues drilling Claudia."

In his assessment, Clark maintained a positive outlook on the company's position within the silver exploration space. He reiterated his Buy recommendation for Pacifica Silver, noting that "the stock is not overpriced" and that the company was "fully financed, backed by investments from First Majestic, Vizsla Silver, Silvercorp Metals, and Eric Sprott." He also cited CEO insider buying as a sign of confidence. Clark concluded that Pacifica Silver "could potentially deliver some exciting silver exploration results over the coming years" and recommended investors consider establishing or adding to positions ahead of upcoming drill results.

Expanding Claudia's Footprint in Mexico's Silver-Gold Belt

Pacifica's exploration program continues to focus on advancing the Claudia Project through detailed mapping, surface sampling, and step-out drilling from historically high-grade zones. The company's 2025 fall program includes 27 line kilometers of induced polarization (IP) and resistivity geophysical surveys to refine geological modeling and identify new mineralized structures.

According to company materials, only 10% of the Claudia Project's more than 30 kilometers of known veins have been drill tested. Historical underground samples assayed as high as 147.3 g/t gold and 4,898 g/t silver, underscoring the project's strong exploration potential. Pacifica's management team, which includes former senior executives and geologists from First Majestic Silver Corp. (AG:TSX;  AG:NYSE;  FMV:FSE), Goldcorp Inc., and Vizsla Silver Corp. (VZLA:TSX.V;  VZLA:NYSE), is leading the program with the goal of unlocking value through a combination of follow-up drilling and district-scale exploration.

With 59.9 million shares outstanding and approximately 16% held by insiders and advisors, Pacifica maintains a relatively low share float. The company reported approximately CA$10.5 million in cash and equivalents as of October 2025, supporting its ongoing 8,000-meter drill program and permitting efforts. 

Ownership and Share Structure

According to Refinitiv, 16.91% of Pacifica Silver is held by strategic entities with Durango Gold holding the most with 16.91%. Management and insiders own 10.41% with Todd Anthony holding 4.03%, Daniel James Kunz at 2.57%, and Ferndando Jose Berdegue with 2.00%. The rest is retail.

Pacifica Silver has a market capitalization of CA$56.94 million, 42.97 million free float shares, and a 52-week range of CA$0.29 to CA$1.50.