VANCOUVER, British Columbia, Oct. 09, 2026 (GLOBE NEWSWIRE) -- U.S. Metal News News Commentary - The silver market is on track for its sixth consecutive annual deficit in 2026, according to the World Silver Survey 2026 published by The Silver Institute and Metals Focus, which forecasts a shortfall of 46.3 million ounces this year, up from 40.3 million ounces in 2025, with global mine production expected to be flat. The metal traded around $60 an ounce on October 7, down from about $66 a month earlier, according to Fortune. With mines unable to grow output fast enough to close the gap, the companies drilling new high-grade silver ground, and the producers bringing new ounces online, are where investors are looking. Companies mentioned in today’s commentary include: GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS), First Majestic Silver Corp. (NYSE: AG), Endeavour Silver Corp. (NYSE: EXK), Hecla Mining Company (NYSE: HL), Americas Gold and Silver Corporation (NYSE American: USAS).
Key Takeaways
- Supply gap: The Silver Institute and Metals Focus forecast a 46.3 million ounce silver deficit in 2026, the sixth in a row, with mine supply flat.
- New drilling: GoldHaven has moved its drill to D Zone in northern British Columbia, where historical drilling reported 7.6 metres grading 240 g/t silver, 4.73% lead and 4.74% zinc.
- Tungsten too: The Company just finished eight holes and 1,729 metres at its Kuhn tungsten-skarn target, intersecting skarn at depth on two drill sections about 80 metres apart. Assays are pending.
- Producers reporting: Third quarter production reports this week from First Majestic and Endeavour Silver showed higher throughput, even as some sites worked through disruptions.
Why a Flat Mine Supply Matters for Explorers
A deficit means the market is drawing on above-ground stocks to meet demand. The Silver Institute expects total supply to slip about 2% in 2026 as mine production holds flat, so the pressure point is the same one facing most critical metals: new ounces take years to discover, define and build, and the pipeline of high-grade projects is thin.
That puts a premium on silver-lead-zinc districts in North America with historical drilling that modern exploration can now retest. Carbonate-hosted systems, where mineralization forms as bedding-parallel “manto” bodies and crosscutting “chimney” zones, are one of the styles explorers are revisiting.
GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) Begins Drilling at D Zone After Completing First Modern Drill Program at Kuhn
GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) has mobilized its drill to the D Zone on its district-scale Magno Project in the Cassiar District of northern British Columbia, where drilling is now underway targeting high-grade silver-lead-zinc mineralization. The D Zone / Magno area is a high-priority polymetallic target hosted within carbonate rocks of the Lower Cambrian Atan Group, where historical and recent work has identified structurally controlled skarn and carbonate-replacement-style mineralization occurring as manto and chimney-style zones.
Mineralization in the D Zone area includes galena, sphalerite, magnetite and locally massive sulphides. Historical drilling reported an interval of 7.6 metres grading 240 g/t silver, 4.73% lead and 4.74% zinc, among other intercepts. That result predates NI 43-101 and has not been independently verified by a Qualified Person for GoldHaven. The current drilling is designed to test the geometry and potential extensions of the historically identified mineralization, and the Company intends to integrate it with historical geological information, surface geochemistry and modern geophysical data to refine targeting across the D Zone / Magno trend.
The move follows completion of GoldHaven’s 2026 program at the Kuhn tungsten-skarn target: eight holes totaling 1,729 metres from two drill pads approximately 80 metres apart. The final hole, GOH26-08, intersected skarn at depth approximately 80 metres south along strike from the newly discovered lower skarn in GOH26-04, which the Company currently interprets at approximately 20 to 45 metres true thickness. GoldHaven said the two intercepts, on separate drill sections, suggest continuity of the system between the two drill locations, while noting that assays are pending and additional drilling will be required to establish continuity.
GoldHaven President and CEO Rob Birmingham commented:
“Hole 8 is an important development for us at Kuhn. From our second drill pad, approximately 80 metres from Hole 4, we have again intersected skarn mineralization at depth. Seeing skarn in both locations is exactly the type of geological evidence we were hoping to establish with this first modern drill program.
“We are still waiting for assays and further work will be required to determine continuity and grade, but we believe these results materially strengthen the geological case for a potentially larger skarn system at Kuhn. We have completed eight holes and 1,729 metres, and now have substantially more information to guide the next phase of exploration.”
GoldHaven also owns the Three Guardsmen copper-gold project in British Columbia and the Copeçal Gold Project in Mato Grosso, Brazil, and holds a portfolio of critical mineral projects in Brazil.
CONTINUED... Read this and more news for GoldHaven Resources Corp. at: usmetalnews.com
In other industry developments and happenings in the market this week include:
First Majestic Silver Corp. (NYSE: AG) recently reported third quarter 2026 production of 3.4 million ounces of silver and 29,552 ounces of gold, along with 13.3 million pounds of zinc and 7.8 million pounds of lead. Ore processed rose 9% from a year earlier to 1,088,708 tonnes, while silver output was down 11%. The company also announced the renewal of its share repurchase program.
“First Majestic remains focused on meeting its production guidance and, with a focus on controlling costs, looks forward to delivering enhanced profitability to investors through the rest of the year,” said Keith Neumeyer, CEO.
Endeavour Silver Corp. (NYSE: EXK) recently reported third quarter 2026 production of 2,096,545 ounces of silver, up 19% from a year earlier, and 10,126 ounces of gold, up 39%, for a total of 3.6 million silver equivalent ounces. Throughput rose 28% to 510,944 tonnes.
Operations at Terronera were suspended from August 12 to 24 because of a blockade, and the company expects full-year production at or slightly below the low end of guidance. “Despite temporary operational disruptions, we are encouraged by our underlying metrics in the third quarter, with the Terronera plant reaching optimal processing performance and the Kolpa expansion exceeding expectations,” said Dan Dickson, CEO.
Hecla Mining Company (NYSE: HL), which operates silver-lead-zinc mines at Greens Creek in Alaska and Keno Hill in Yukon, recently reported second quarter 2026 silver production of 4.2 million ounces, up 8% from the prior quarter, including a record 1.5 million ounces from Lucky Friday. Free cash flow was $136 million, and the company ended the quarter with $483 million in cash and no debt, excluding finance leases.
“Our second quarter results reflect the strength of the platform we have built,” said Rob Krcmarov, President and CEO. “We ended the quarter with the strongest balance sheet in the Company’s history.”
Americas Gold and Silver Corporation (NYSE American: USAS) recently announced a new vein discovery at the Galena Mine in Idaho’s Silver Valley grading 1,062 g/t silver and 0.7% copper over 1.3 metres, while drilling at Crescent returned 1,891 g/t silver and 0.3% copper over 1.3 metres and 1,560 g/t silver and 0.3% copper over 1.1 metres.
The company was also recognized in September as a top performer in the 2026 TSX30, the Toronto Stock Exchange’s ranking of the strongest-performing stocks over the prior three years.
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This article is being distributed by U.S. Metal News, which is wholly owned and operated by Market Equities Limited (“MEL”), a company incorporated under the laws of Ireland. MEL has been not been paid a fee for this article, however Baystreet.ca Media Corp. (“BAY”) has been paid a fee for other GoldHaven Resources Corp. advertising and digital media services. BAY and MEL are separate companies. The owner/operator of BAY also serves as a director of MEL and receives a management fee from MEL for operating its business. MEL also expects to receive further compensation as part of an ongoing digital media effort to increase visibility for the company. Because of this relationship and the compensation described above, MEL and its owners, operators, directors, and affiliates have a financial interest in the promotion of GoldHaven Resources Corp., which constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged not to use this publication as the basis for any investment decision. No further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been reviewed and approved by GoldHaven Resources Corp.
MEL and/or its owners, operators, directors, and affiliates own shares of GoldHaven Resources Corp. which were purchased in the open market, and reserve the right to buy and sell shares of GoldHaven Resources Corp. at any time without any further notice commencing immediately and ongoing, in the open market, through private placements, and/or through other investment vehicles. There may also be third parties who hold shares of GoldHaven Resources Corp. and may liquidate their shares, which could have a negative effect on the price of the stock.
While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in this publication is not trustworthy unless verified by their own independent research. Because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. This document is governed by the laws of Ireland.
Referenced Companies. References to First Majestic Silver Corp., Endeavour Silver Corp., Hecla Mining Company and Americas Gold and Silver Corporation are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of GoldHaven Resources Corp., none of them is involved in this publication, their results are not indicative of GoldHaven’s prospects, and no partnership, affiliation, or endorsement is implied. Silver market figures cited from The Silver Institute and Metals Focus are third-party forecasts for the market as a whole and do not represent revenue addressable by GoldHaven.
Cautionary Note Regarding Exploration Results. The drilling observations described in this publication are visual and preliminary. No assay results have been received for the Kuhn intervals described, and the presence of skarn alteration or sulphide mineralization is not evidence of economic grades of tungsten or any other metal. The lower skarn interval in GOH26-04, currently interpreted at approximately 20 to 45 metres true thickness, is the Company’s preliminary interpretation and may be refined as additional geological, structural and assay information becomes available. Additional drilling will be required to establish continuity between drill sections. The historical D Zone drill result of 7.6 metres grading 240 g/t silver, 4.73% lead and 4.74% zinc predates NI 43-101 and has not been independently verified by a Qualified Person for GoldHaven. GoldHaven has not defined any current mineral resource or mineral reserve at the Magno Project. The technical information in GoldHaven’s release was reviewed and approved by Raymond Wladichuk, P.Geo., B.Sc., a Qualified Person as defined under NI 43-101 who is a consultant to the Company and is not independent. Readers should refer to the Company’s filings at www.sedarplus.ca. Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of GoldHaven’s release.
Eagle Eye Disclosure. Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided in the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision.
Forward-Looking Statements. This publication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and forward-looking information under applicable Canadian securities laws. Forward-looking statements can be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “may,” “will,” “could,” “should,” “believes,” “estimates,” “potential” and similar expressions, and include, without limitation, statements regarding the interpretation of continuity of the Kuhn skarn system, the preliminary true thickness interpretation, the receipt and significance of assay results, the objectives of drilling at D Zone, the integration of drilling with historical and geophysical data, the next phase of exploration, silver market conditions. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including the results of exploration, the availability of financing, commodity prices, regulatory approvals, and general economic conditions. Forward-looking statements speak only as of the date of this publication, and we undertake no obligation to update them except as required by law.
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