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Greenlight Metals (TSX-V: GRL)(OTC: GRLMF) CEO Matt Filgate on Hitting 30.7m of 1.05% Cu and 1.34 g/t Au (2.49% CuEq1) Including 14.9m of 1.95% Cu and 1.58 g/t Au (3.65% CuEq) at the Bend VMS Deposit in Wisconsin
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president and CEO of Greenlight Metals (TSX-V: GRL)(OTC: GRLMF), Mr. Matt Filgate. Matt, great to have you back on. It's been a bit. You got some good looking numbers out there. How are you today, sir?
Matt Filgate: I'm doing great. I'm actually out in Wisconsin. I'm out at site right now. Lots of exciting things happening. We got two drills turning. Obviously, we had that great release out this week on Monday, and we expect more results over the next coming weeks and all the way through to the end of summer, early fall. So a very busy year for us, very active on the exploration front on our Bend VMS project. And things are looking really, really good.
Gerardo Del Real: Well, let's get to it. Look, you put assay results from the first hole of the 2026 program, that's hole number seven, confirming the extension of the high grade copper gold and tellurium mineralization. The numbers are excellent. 30.7 meters of 1.05% copper. And this is important, 1.34 grams per tonne gold, including 14.9 meters of 1.95% copper and 1.58 grams per tonne gold.
Congrats on a heck of a start to the program.
Matt Filgate: Thank you.
Gerardo Del Real: I would love for you to provide the context there. And I should add, by the way, that there was also some silver and there was some tellurium in there that shouldn't be discounted given the market for both silver and tellurium. But I'd love for you to provide the context on this first hole and what comes next.
Matt Filgate: Absolutely. Yeah. So we raised 11 and a half million dollars at the end of 2025, and that was a really well-structured financing. There was no warrant associated with it. And it was co-led by TD Bank and Stifel on a bought deal basis. So that capital allows us to do the work we want to do here in 2026.
At the end of 2025, we put out some pretty stellar drill results and those were step outs from the historic four and a half million tonne VMS resource at Bend. And really the idea of that was confirmation and upside drilling. We wanted to see, does this deposit continue along strike, down dip, down plunge? And those holes hit and they hit some excellent results. And that's really what justified us going out and raising that capital, because all of a sudden this is a real project. It needs an injection of real capital because it can grow very quickly.
And so we have ... The second phase is 7,000 meters of drilling, which we're currently in the middle of. We've done about 2,000 meters so far, five drill holes. And we're continuing to step out and down dip of those holes that we released at the end of last year. So this hole seven is a 45 meter undercut of hole four, which we put out at the end of last year. And that hole four intersected 22 meters of three grams gold and 2% copper. So very nice grade. So this is a 45 meter step down underneath that.
And then if anyone who's listening to this wants to go and read the press release, which is on our website, or you can find it just by Googling Greenlight Metals, hole nine intersected close to 75 meters of mineralization, and that is 80 meters underneath hole seven. So hole nine is an undercut of hole seven. So we're basically drilling a section. We keep going down deeper underneath the previous hole. And we're seeing the mineralization thicken and actually get better at depth. And so we're excited to get those results back from the lab. They should be back here in the next couple weeks, and those will come up to market and I think people be pleasantly surprised by those. And then holes eight and hole 10, they're on 150 meter step out along strike. So this is just adding tonnage, adding more strike length to the deposit.
Historically, the resource there was only drilled over 330 meter area. So now with the drilling that we've done, we've defined another 300 meters of strike extent. So the deposit is now at around 630 meters of strike, and we're going to continue to step out along strike and keep defining this deposit and keep growing it.
And so when you're talking about 30, 40 meter intersects, the tonnage adds up very quickly. A lot of VMS deposits you see around North America, typical intersection size is somewhere in that ... Anywhere from four meters up to 10 or 12 meters thick. But this is a very cohesive, very thick package of massive semi-massive sulfide that's extremely well mineralized, and it really is just gold and copper. We have really nice tellurium grades there as well, as you mentioned. And tellurium's an interesting one. It's used in solar panel manufacturing, it's using night vision goggles and sonar. Lots of different applications in microchips and things like that. And so it is a designated critical metal. The grades that we're seeing here are exceptional from a tellurium standpoint. We're averaging around 350 grams per tonne tellurium. And the global average of tellurium as a byproduct for most mines is around 100 to 120 grams per tonne. So about three times greater than that global average. So certainly adds a different element to this type of deposit.
And so yeah, we're very, very excited, very encouraged with what we're seeing at site. We have a lot more drilling to do and this thing just keeps on growing. And look, I think we're trading at a discount relative to our peers. If this thing keeps trending towards that exploration target of 15 million tonnes, that puts us in the realm of a lot of companies who are trading in that 200 to 250 million market cap range.
Gerardo Del Real: Well look, there's a lot of runaway between your current market cap and that $250 million market cap range. Obviously some work to do. I know my partner Nick Hodge is down there with the team looking at the project here over the next several days. Thank you for being accommodating to us on that front.
Can't thank you enough for taking time today. Congrats on a heck of a start to phase two. You had a successful phase one, you raised the money, you're in the right address, you're in the US at a time where obviously there's a rush to secure a lot of the metals that this project happens to be well-endowed with. So looking forward to future assays and looking forward to having you back on, Matt.
Matt Filgate: Yeah. Awesome. Thanks, Gerardo. And we're going to miss you on the site tour this week, so hopefully we'll get you down to site soon.
Gerardo Del Real: There you go. I appreciate that. Thank you.
Matt Filgate: Okay. Cheers.
Gerardo Del Real: Cheers.
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