Sun Silver Limited's Maverick Springs Drilling Campaign Unveils High-Grade Silver-Gold Intercepts
SUN SILVER LIMITED (SS1) Share Update September 2024 Monday 23rd
Sun Silver Limited Reports High-Grade Intercepts at Maverick Springs
Sun Silver Limited (ASX: SS1) has announced significant high-grade assay results from its inaugural drilling campaign at the Maverick Springs Silver-Gold Project in Nevada, USA.
Instant Summary:
- Hole MR24-190 intersected 71.63m of mineralisation grading 112.7g/t AgEq.
- Includes a high-grade zone of 18.29m grading 305.7g/t AgEq.
- Drilling continues with 18 additional holes planned.
- Sun Silver aims to upgrade the Mineral Resource Estimate later this year.
- Anomalous antimony results up to 1,197ppm (0.12%) over 1.5m.
Drilling Success
Sun Silver Limited's inaugural drill program at the Maverick Springs Silver-Gold Project has yielded exceptional results. The highlight is hole MR24-190, which intersected a thick mineralised zone of 71.63m grading 112.7g/t AgEq (72g/t Ag, 0.48g/t Au) from 179.83m down-hole. This includes a high-grade zone of 18.29m grading 305.7g/t AgEq (196.3g/t Ag, 1.29g/t Au).
Drilling is ongoing as part of a 7,500m program focused on the north-western area of the property. Sun Silver plans to drill an additional 18 holes, subject to ongoing results. The company aims to upgrade the Mineral Resource Estimate (MRE) for the north-western sector later this year.
Antimony Results
In addition to silver and gold, assays from MR24-190 have shown anomalous antimony results, with readings up to 1,197ppm (0.12%) over 1.5m from 201.17m. This adds another layer of value to the mineralisation discovered at Maverick Springs.
Historical Correlation
MR24-190 demonstrated acceptable correlation with twin hole MR08-183, drilled in 2008. MR08-183 showed a comparable intercept of 68.58m at 81.39g/t AgEq, giving Sun Silver increased confidence in the historic drilling completed at the project. The company will continue to correlate with historic drilling as additional assay data is received.
Geological Context
The Maverick Springs Project is located 85km from the mining town of Elko in Nevada, a globally recognized mining jurisdiction. The project hosts a JORC Inferred Mineral Resource of 195.7Mt grading 40.25g/t Ag and 0.32g/t Au, for 253.3Moz of contained silver and 2.0Moz of contained gold (423Moz of contained silver equivalent).
The high-grade intercepts reported by Sun Silver Limited are likely to have a positive impact on the company's stock. The confirmation of high-grade mineralisation and the potential for an upgraded Mineral Resource Estimate later this year could boost investor confidence. The presence of anomalous antimony results also adds to the project's value.
Investor Reaction:
Analysts are expected to react positively to the high-grade intercepts reported by Sun Silver. The significant grades of silver and gold, along with the potential for an upgraded Mineral Resource Estimate, are likely to be viewed favorably. However, the market will be closely watching the results of the additional drilling and the final MRE update.
Conclusion:
Investors should keep an eye on Sun Silver Limited's ongoing drilling results and the anticipated Mineral Resource Estimate update later this year. The company's strategic focus on high-grade zones and the potential for further discoveries make it a promising prospect in the silver-gold mining sector.