A small Canadian explorer just made its play for Nevada silver. Advanced Gold Exploration Inc. (CSE: AUEX) announced it has signed a memorandum of understanding with Ameerex Corporation to assume Ameerex's rights to acquire 100% of North American Silver Corporation and, indirectly, Centennial Mining from Electric Metals (USA) Limited — landing Advanced Gold the Corcoran Canyon Silver-Gold Property and the Belmont Properties in Nye County, Nevada.
- Corcoran Canyon is a low-sulfidation epithermal silver-gold system on the eastern edge of the Toquima Range, northeast of Tonopah, Nevada.
- The Silver Reef Zone is a northeast-trending zone about 300 m wide and 1 km long that remains open laterally and at depth.
- The properties carry a historic inferred resource of approximately 39 million ounces of silver equivalent, per the last 43-101 filed by Electric Metals — historical, not current.
- Historical metallurgical testing returned overall silver recovery of 76.6% by flotation and cyanidation.
- Three additional targets — West, Intrusions, and Pediment — warrant further evaluation.
- The company's stated goal: advance the project from inferred to indicated and expand the known mineralization.
Why it matters for Nevada silver
Nevada's silver story has long been the overlooked sibling of its gold story. Corcoran Canyon's historic scale — ~39 million ounces silver-equivalent inferred — is a real footprint in a tier-one jurisdiction, and the reported metallurgy (76.6% recovery) gives a future developer something to work from. The question is purely execution: a small explorer picking up a historic-resource project has to prove the resource is real under modern standards and fund the drilling to do it.
One caveat, kept visible
Everything here is early and conditional. The MOU is non-binding, signed September 30, and the transaction remains subject to definitive agreements and Canadian Securities Exchange acceptance — it may not close. And the ~39 million ounce figure is a historical inferred estimate from a previous operator's 43-101, not a current resource under the current owner. Treat it as upside signal, not verified inventory.