Sun Silver's Maverick Springs Resource Jumps 45% - A Major Milestone
SS1 (SS1) Share Update August 2024 Tuesday 27th
Sun Silver Announces 45% Increase in Maverick Springs Resource
Sun Silver Limited (ASX: SS1) has announced a significant 45% increase in the Mineral Resource Estimate (MRE) for its Maverick Springs Silver-Gold Project in Nevada, USA.
Instant Summary:
- JORC 2012 Inferred Resource increased by 45% to 423Moz at 67.25g/t AgEq.
- Silver-only Resource increased to 253Moz at 40.25g/t Ag.
- Exceptional increase of 131Moz AgEq compared to the previous Resource of 292Moz.
- Ongoing drill program indicates potential for future resource increases.
- Updated MRE remains open in all directions.
Resource Increase Details
Sun Silver Limited has announced an updated Mineral Resource Estimate (MRE) for its Maverick Springs Silver-Gold Project, with a 45% increase from 292Moz to 423Moz silver equivalent (AgEq). The updated resource includes a silver-only resource of 253Moz at 40.25g/t Ag, positioning Maverick Springs as a globally significant silver development asset.
The exceptional increase of 131Moz AgEq is a major milestone for the project, with the mineralisation still open in all directions. The updated MRE was completed and verified by Cadre Geology and Mining.
Ongoing Exploration and Drilling
Sun Silver's ongoing inaugural drill program has intersected high-grade silver in extensional drilling, indicating the potential for future increases in the Maverick Springs MRE. The drill program is currently focused on the north-west section of the property, which contains the highest grades from historic drilling, identified within the resource up to 6216g/t Ag.
Geological and Economic Significance
The Maverick Springs Project is located near the Carlin Trend and displays characteristics similar to Carlin Style Deposits. These deposits are known for their large-scale, low-grade ore bodies that are economically viable due to their bulk-tonnage nature and consistent grades.
Sun Silver's Executive Director, Gerard O'Donovan, stated, 'Achieving the status of the largest pre-production primary silver asset on ASX is a significant milestone in Sun Silver’s short history. Our current drilling campaign has intercepted high-grade mineralisation beyond the existing resource, with mineralisation open in all directions.'
The 45% increase in the Maverick Springs resource is a significant positive development for Sun Silver. This increase solidifies Maverick Springs' position as a major silver development asset and is likely to boost investor confidence in the company's growth prospects. The ongoing drill program and potential for further resource increases add to the project's attractiveness.
Investor Reaction:
Analysts are likely to view this announcement positively, given the substantial increase in the resource estimate. The potential for further resource growth and the project's strategic location near the Carlin Trend add to the investment appeal. However, investors will be keen to see how the company capitalizes on this resource increase in the coming years.
Conclusion:
Investors should keep a close eye on Sun Silver's ongoing exploration activities and future updates on the Maverick Springs Project. The significant resource increase is a promising development, and the company's strategic response will be crucial in maintaining and enhancing investor confidence.