Sun Silver's Maverick Springs Project: High-Grade Silver Discoveries
SS1 (SS1) Share Update August 2024 Thursday 1st
Sun Silver's Maverick Springs Project Yields High-Grade Silver Intercepts
Sun Silver Limited (ASX: SS1) has announced promising results from its inaugural drilling campaign at the Maverick Springs Silver-Gold Project in Nevada, USA, revealing high-grade silver mineralization.
Instant Summary:
- Extensional hole MR24-186 intersected average pXRF readings of 119g/t Ag over 10.67m, including 296g/t Ag over 1.5m.
- MR24-186 is located 115m outside of historical drill intercepts, confirming high-grade mineralization extends to the northwest.
- Hole MR24-188 intersected 54.86m of silver mineralization from 193.55m, including pXRF readings of up to 213g/t Ag over 1.5m.
- MR24-188 confirms historical drill results showing thicker mineralization in the northwest section of the Resource area.
- Results have been sent to American Assay Labs (AAL) in Reno for testing.
- pXRF analysis also returned elevated readings of up to 1,459ppm antimony (Sb), classified as a critical mineral by the United States.
- Drilling continues focused on step-out targets further to the northwest of the Resource boundary.
Drilling Results and Analysis
Sun Silver's inaugural drill program at the Maverick Springs Project has intersected high-grade silver mineralization, confirming the extension of the high-grade zone outside the existing Resource. Extensional hole MR24-186 recorded average pXRF readings of 119g/t Ag over 10.67m from 246.89m, including a peak reading of 296g/t Ag over 1.5m from 249.94m.
This significant intercept is located 115m outside of historical drill intercepts, validating the company's theory that high-grade mineralization extends to the northwest. Additionally, drill hole MR24-188 intersected 54.86m of silver mineralization from 193.55m, with pXRF readings up to 213g/t Ag over 1.5m. This intercept lies within the targeted high-grade zone and reinforces historical data indicating thicker mineralization in the northwest section of the Resource area.
Further Testing and Analysis
Both drill holes' results have been sent to American Assay Labs (AAL) in Reno for further testing. The pXRF analysis also revealed elevated readings of up to 1,459ppm antimony (Sb), a critical mineral according to the United States. Drilling efforts continue to focus on step-out targets further to the northwest of the Resource boundary.
Project Overview
The Maverick Springs Project, located near the prolific Carlin Trend known for low-cost mining and processing, hosts a JORC Inferred Mineral Resource of 125.4Mt grading 43.5g/t Ag and 0.34g/t Au. This equates to 175.7Moz of contained silver and 1.37Moz of contained gold, or 292Moz of contained silver equivalent.
The success of this extensional drilling confirms Sun Silver's hypothesis that high-grade mineralization extends beyond the existing Resource, supported by historical data and geochemical fieldwork. The ongoing 7,500m inaugural drilling program aims to further delineate the mineralized zones and upgrade the Resource classification.
Geological Insights
Sun Silver geologists have been utilizing handheld pXRF technology to test drill material in real-time, enabling immediate decision-making on the ground. These portable XRF readings provide an indicative guide to mineralization, though they are not a substitute for quantitative laboratory assays. All reported drill intercepts will undergo further analysis by an independent laboratory to confirm the findings.
Initial geological observations describe the intersections as highly fractured, oxidized, and silicified sedimentary units likely from the Rib Hill formation. Although silver or gold mineralization is not visible to the naked eye, intermittent oxidized sulfides have been observed in drill chips. The relationship between these observations and grade will be further explored through ongoing assays.
The confirmation of high-grade silver mineralization at Maverick Springs is a positive development for Sun Silver. This discovery could lead to an increase in the company's stock price as investors respond to the potential for expanded resources and higher-grade zones. The presence of elevated antimony levels also adds value, given its classification as a critical mineral.
Investor Reaction:
Analysts are likely to view these results favorably, as they confirm the extension of high-grade mineralization and validate historical data. The ongoing drilling program and upcoming assays will be closely watched by investors, who may see this as an opportunity for growth in Sun Silver's stock value.
Conclusion:
Investors should keep an eye on the results from the ongoing drilling program at Maverick Springs and the subsequent assays from American Assay Labs. Sun Silver's strategic focus on expanding and upgrading its Resource could provide significant long-term benefits. Stay informed on the latest developments to make well-informed investment decisions.