Texas Mineral Resources Issues Fiscal Year End Corporate Update - Seite 2

Currently, USARE and the Company are obligated, subject to an election by the Company not to fund in cash its portion of a Round Top cash call and in lieu thereof to incur dilution to its membership interest, to fund further expenditures in proportion to their respective ownership interests. We funded $386,400 in cash during the fiscal year ended August 31, 2023 and elected not to fund $448,800 which resulted in the dilution of our Round Top membership interest to 19.874% at August 31, 2023.  Subsequent to September 1, 2023 through the date of our Annual Report on Form 10-K, we notified USARE that we had elected not to contribute in cash our proportionate interest in aggregate cash calls of $396,249 which reduced our Round Top ownership interest to 19.611% as of the date of our Annual Report on Form 10-K pursuant to the dilution mechanism in the June 2023 amended Operating Agreement.

New Mexico Silver Project:

As disclosed in our press release of July 21, TMRC has successfully completed an extensive Time Domain EM survey of the Alhambra Mine area. Several variations of this technique were employed with the best results obtained from variant called NANOTEM. NANOTEM is near surface technique developed by Zonge Intl. designed to locate metallic, electrically conducting objects such as pipelines, buried tanks and unexploded ordinance. By modifying the size and distribution of the transmitting and receiving arrays it is thought that reproduceable data is being acquired from depths extending to 120 feet. Numerous anomalies were detected, some sixteen of which are large enough and strong enough to be deemed viable drill targets.

Eight of these conductive targets lie close to and along the northern extension of the Alhambra Mine. TMRC has designed a 6,500’ diamond drill program to test these anomalies. Because of the shallow depths of these targets a small easily moved diamond drill rig can be used.  We estimate drilling approximately 55 drill holes. If this drilling program yields positive results more drilling could be planned or, as an option, the nearby Alhambra Shaft can be reconditioned to the 112-foot level, and the favorable drill intercepts investigated by underground development.