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Metalsource Has the First Silver Mine Operated in the U.S.Bob Moriarty On January 7th, 1839 the first primary silver mine in the US opened. Named Silver Hill the mine is located in Davidson County in central North Carolina. The mine has a fascinating history and back story. Efforts have been made over the years to reopen the mine, however, low prices have prevented success. With gold near $4600 and silver at $85 an ounce the economics have changed. The Silver Hill mine is now controlled by a tiny Canadian junior named Metalsource Mining (MSM-C). In 2023 SRK was asked to provide a historic estimate for Silver Hill called a mineral inventory showing 347,422 tonnes worth about $513 in metal in the ground at today’s prices. (Click on image to enlarge)
Metalsource Mining took out an option to purchase 100% of Silver Hill and a companion project called the Byrd-Pilot Mountain Project in September of 2025. The agreement called for cash of $250,000, exploration of $1 million and issuance of 15 million shares over time. The Byrd-Pilot property consists of about 1,032 acres and is located in central North Carolina in Randolph County. Work by the USGS back in the 1980s revealed the potential for a gold-copper porphyry system. No drilling has taken place since the 1980s. Management of MSM hit the ground running surfing higher with the increasing prices for gold and copper. At the time of the option agreement the shares were about $.20. The news rocketed the shares up to $.56 by mid-October before plunging to $.30 a month ago. As soon as the agreement was signed, management of MSM got in touch with Eric Sprott who signed up for a lead order of $1 million in a $4 million private placement. Eric Sprott happens to be a giant fan of silver. They also hired Tom Kleeberg formerly founder and executive for the Haile Gold Mine. Tom actually had direct operational experience at Silver Hill. MSM penned an agreement with Boart Longyear to begin a 2,000-meter core drill program at Silver Hill and Byrd-Pilot in early December. The drill plan is to combine validation drilling of historic mineralization at Byrd-Pilot along with targeting resource expansion at Silver Hill. At the same time Durango Geophysics is conducting a Magnetotelluric (MT) survey on both projects. Metalsource did a further private placement with Eric Sprott in late December for an additional $1 million at $.30 with a half warrant at $.40 good for two years. As of the time of the placement the company had completed hole four at Silver Hill. On the 2nd of January the company announced they were expanding the drill program at Silver Hill to a total of 1,400 meters of core drilling. It’s the quiet time of the year for the assay labs so look for assays to come back from ALS for the first four holes shortly. Metalsource intends to drill an additional four to six holes at Byrd-Pilot once the program is complete at Silver Hill. Investors in Metalsource woke up about the same moment investors woke up in silver metal. The shares have gone from $.40 at the time of the last placement to a high of $1.05 as I write. This is going to be an interesting story. Eric Sprott is probably the smartest mining whale in Canada. He gets in early and looks for 1000% returns and finds them a lot. Metalsource contacted me to advertise. I wasn’t quick enough or smart enough to jump on some shares but they pay me for advertising so I am biased. Do your own due diligence. It would be well worth your time to wander through the presentation. It is an excellent example of clarity in communication of a complex subject. Metalsource Mining Inc ### Bob Moriarty 321gold Ltd |
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