VANCOUVER, March 30, 2026 — USANewsGroup.com Sector Commentary — The mining world spent $12.4 billion on exploration last year, and almost all of it went to one place: deposits somebody already knew were there[1]. New discoveries? Barely funded. That tells you where the smart money sees value right now. It’s in companies drilling known ground, upgrading historic resources, and putting bankable numbers on the board. Meanwhile, silver just posted its sixth straight year of supply deficits, with 67 million ounces of shortfall projected for 2026 alone[2]. Five companies sit at the center of that thesis: Americore Resources (TSXV:AMCO) (OTCQB:AMCOF), Talon Metals (TSX:TLO) (OTCID:TLOFF), Q2 Metals (TSXV:QTWO) (OTCQB:QUEXF), Surge Battery Metals (TSXV:NILI) (OTCQX:NILIF), and ATEX Resources (TSXV:ATX) (OTCQB:ATXRF).
The math keeps getting harder for the bulls to ignore. CME Group’s 2026 outlook flags persistent physical deficits across silver, copper, and gold, noting that industrial demand is simply outrunning what mines can produce[3]. And with S&P Global reporting that precious metals margins have hit record levels, producers are plowing cash back into resource expansion drilling at proven sites rather than chasing greenfield risk[4]. That dynamic is turning advanced drill campaigns into the primary value catalyst of this cycle.
Americore Resources (TSXV: AMCO) (OTCQB: AMCOF) is building toward a Q2 2026 drill program at its wholly owned Trinity Silver Project in Pershing County, Nevada, and the pre-drill checklist is getting shorter.
Pioneer Exploration Consultants of Ottawa recently completed a drone-magnetometer survey covering roughly 350 line-km of ground, flying a six-kilometre corridor that runs southwest to northeast through the old Trinity open pit. Campbell and Walker Geophysics is now interpreting those results alongside every piece of historic geophysical data the company has on file. The end product will be a single structural model mapping what sits below the surface across the full project footprint.
The project itself spans 22,700 acres, anchored by a former US Borax open pit with optioned ground from Primus Resources filling out the rest of the land package. Americore holds a historic resource of 36 million silver-equivalent ounces across the property, backed by an extensive legacy drill database that will serve as the starting framework for the upcoming campaign.
On the permitting side, Americore is working through approvals covering both BLM land and fee land regulated by Nevada’s Bureau of Mining Regulation and Reclamation. The BLM portion falls under a Notice of Disturbance for under five acres, a streamlined process that avoids the longer timelines tied to more complex regulatory filings.
“The exploration plan, which includes both confirmation and expansion drilling, is to move the resource from Inferred to Indicated,” said Jeff Poloni, CEO of Americore Resources Corp. “which will then become the foundation for a new mineral resource estimate.”
The confirmation drilling will test known mineralization against the historic database, while the expansion component targets new ground along the structural corridor identified by the geophysical work. If the program delivers, the upgraded resource classification would position the project for a formal mineral resource estimate under current standards.
Americore is also exploring monetization options for an existing above-ground stockpile at Trinity, a potential near-term revenue source that could generate cash flow while the longer-term drill program advances.
CONTINUED… Read this and more on Americore at: https://usanewsgroup.com/2026/01/12/the-only-silver-that-matters-now-is-silver-you-can-touch/
Other industry developments and happenings in the market include:
Talon Metals (TSX: TLO) (OTCID: TLOFF) recently reported step-out drilling results confirming the continuity of the Vault Zone at the Tamarack Nickel-Copper-Cobalt Project in Minnesota, with drill hole 25TK0563C intercepting 15.23 meters grading 7.82% Ni, 7.70% Cu, and 3.09 g/t Au, equivalent to 27.33% CuEq. A new drill hole in the Stringer Zone intersected 18.91 meters of mixed massive sulphides starting 79 meters below the current resource boundary, while mineralization remains open in all directions across the system.
“These step-out results are exactly the kind of confirmation we look for after a discovery — continuity, repeatability, and clear next targets,” said Darby Stacey, CEO of Talon Metals. “With multiple rigs actively drilling, we’re focused on expanding and delineating the Vault Zone as efficiently as possible.”
Three in-house drill rigs continue advancing the Vault Zone, guided by borehole electromagnetic data, with additional geological drill holes planned beyond the current reach of that detection system to test further extensions. Talon Metals holds a 51% interest in the Tamarack project in joint venture with Rio Tinto and maintains a Tesla supply agreement for 75,000 metric tonnes of nickel in concentrate.
Q2 Metals (TSXV: QTWO) (OTCQB: QUEXF) has reported multiple 200-metre-plus intervals of continuous spodumene pegmatite from its 2026 drill program at the Cisco Lithium Project in Quebec, including a widest continuous interval of 264.6 metres in hole CS25-071 and 240.4 metres in CS26-078. The inaugural inferred Mineral Resource Estimate is now being modelled by BBA Inc. incorporating analytical data from 74 holes completed across 37,372 metres of drilling.
“We have opted to extend the timeline for completion of the MRE to enable BBA’s detailed interpretation and modeling of the Cisco Project’s mineralization to include this compelling data from our 2026 drilling,” said CEO Alicia Milne of Q2 Metals. “We look forward to delivering an estimate that truly reflects Cisco’s world-class potential.”
With mineralization confirmed open at depth and along strike across a 1.5-kilometre zone, the Cisco Project continues to demonstrate district-scale potential within the Eeyou Istchee James Bay region. Q2 Metals retains a 41,253-hectare project footprint, with expansion drilling ongoing and an exploration target previously estimated at 215 to 329 million tonnes grading 1.0 to 1.38% Li₂O.
Surge Battery Metals (TSXV: NILI) (OTCQX: NILIF) has engaged RESPEC to complete an updated Mineral Resource Estimate for the Nevada North Lithium Project in Elko County, Nevada, following a highly successful 2025 drill program that confirmed continuity and grade of the lithium clay deposit. A comprehensive 3D geological model has been handed over to the RESPEC team with delivery of the updated MRE expected by late April 2026.
“This upcoming MRE update is a significant milestone for the NNLP,” said Greg Reimer, CEO of Surge Battery Metals. “By upgrading this resource to the Measured and Indicated categories, we continue to derisk the asset and provide our world-class engineering partners at Fluor with the high-confidence data they need to finalize our Pre-Feasibility flowsheet.”
The primary objective of the updated MRE is converting a substantial portion of the current inferred resource into higher-confidence Measured and Indicated categories to anchor the ongoing Pre-Feasibility Study being advanced by Fluor Corporation. The Nevada North Lithium Project currently holds a pit-constrained inferred resource of 11.24 million tonnes of lithium carbonate equivalent at 3,010 ppm Li, with a previously reported PEA after-tax NPV of US$9.17 billion.
ATEX Resources (TSXV: ATX) has significantly expanded its B2B mineralized footprint by at least 135 metres to the east at the Valeriano Copper-Gold project in Chile’s Atacama Region, with hole ATXD34 returning 172 metres of 0.80% copper equivalent within a broader 834-metre interval grading 0.66% CuEq. Porphyry-related mineralization has now been intersected across an approximately 1.8-kilometre north-south corridor, and the Phase VI program is tracking ahead of schedule toward more than 30,000 metres of total drilling.
“Today’s drill results represent another important step forward in our understanding of the structural controls and orientation of the higher-grade breccia within a broader mineralized system that has now been significantly expanded to the east,” said Interim CEO Chris Beer of ATEX Resources. “This horizon lies above the high-grade Valeriano porphyry trend and remains open for further expansion into untested areas.”
Six diamond rigs remain active at Valeriano with a dozen holes currently in progress or awaiting assays, targeting northern and southern extensions of the B2B Zone alongside multiple new porphyry targets identified through recent geophysical surveys. ATEX Resources holds an Indicated Resource of 475 Mt at 0.88% CuEq and an Inferred Resource of 1,511 Mt at 0.75% CuEq as of its September 2025 mineral resource estimate.
FURTHER READING: https://usanewsgroup.com/2026/01/12/the-only-silver-that-matters-now-is-silver-you-can-touch/
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SOURCES:
https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/03/world-exploration-trends-2026-what-the-latest-data-says-about-budgets-risk-appetite-and-the-project-pipeline
https://www.cmegroup.com/articles/2026/precious-metals-outlook-2026-market-dynamics-following-a-record-breaking-year.html
https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/01/mine-cost-outlook-2026-inflation-new-supply-reshape-global-mining-landscape
