Advance Metals (ASX:AVM) is seeking to establish a maiden mineral resource estimate for the newly acquired Yoquivo Silver Project in Mexico.
The Yoquivo project, which is located within the Ocampo Municipality, Chihuahua State, has a foreign estimate of 937,000 tonnes at 570 grams per tonne silver-equivalent for 17.23 million ounces of silver-equivalent.
During October 2024, the company entered into a binding sale agreement with Golden Minerals Company (TSX:AUMN) to acquire Yoquivo for a total cash consideration of US$570,000 ($871,253).
During the final technical due diligence, Advance Metals was able to confirm existing results and is “encouraged” by the results reviewed.
The company says the data verification process highlighted “significant” upside potential with several drill-ready targets available, as part of a first-pass twin hole drilling campaign.
Advance Metals is currently planning this twin hole drilling campaign, which will be conducted pending results of a re-sampling program. The company intends to conduct a site visit to check the location and condition on the core and historical samples, as well as conduct the re-sampling.
Once the twin hole drilling program is completed, a step out drilling program will follow with the focus of defining the maiden MRE.
The company notes the acquisition represents a very low-cost entry into an underexplored, high-grade silver project in Mexico — which produces the most silver globally.
In 2023, Mexico retained its position as the top silver producer accounting for 23% of the global output. Following Mexico, China and Peru contribute about 3,400 and 3,100 tonnes of silver annually respectively.
Advance Metals is a battery and base metals-focused explorer with silver, copper, and gold prospective projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Golden Minerals Company
