Precious metals miner Americas Gold and Silver on Friday announced the discovery of a high-grade extension of the 149 Vein at its Galena Complex in Idaho, US, with drill intercepts including 24 913 g/t silver and 16.9% copper over 0.21 m.

The Toronto-based miner said the intercepts, from recent drilling on the 4300 Level, demonstrated nearly 120 m of vertical continuity above the current mining level. Additional drilling was under way to infill and extend the structure. The 149 Vein, already a key source of high-grade mill feed, is being reviewed as a candidate for long-hole open stoping.

“The identification of this high-grade copper/silver/antimony extension to the 149 Vein is an exciting development that builds on our ongoing success in unlocking additional value at the Galena Complex,” said chairperson and CEO Paul Andre Huet.

“With some extraordinary intercepts, including 24 913 g/t silver over 0.21 m, and nearly 120 m of vertical continuity demonstrated above the current mining level and exceptional grades in the intercepts, this extension positions us to potentially expand production from an already high-performing vein.”

Huet added the discovery supported the company’s strategy of improving mill feed quality and operational efficiency, helping drive output and shareholder value.

Separately, the company confirmed its 1-for-2.5 share consolidation has taken effect, reducing the number of outstanding shares to about 272-million from 679-million. Post-consolidation trading on the TSX and NYSE American will begin on August 26.

“By reducing the number of outstanding shares, the consolidation maintains shareholder value and opens the doors to institutional investors with minimum price thresholds. It also potentially unlocks access to margin accounts at certain brokerages," said Huet.

He highlighted his team’s experience, noting a prior 4.5-to-1 consolidation at Karora Resources in 2020, which he said was followed by a tripling of daily trading value over four years.