On Thursday (31 October) a number of exploration companies rolled out hits of over 1,000 grams per tonne silver, including Andean Silver (ASX:ASL) which released results of up to 1,871g/t silver-equivalent from its Cerro Bayo Project in Chile.
Recently, the silver price has been hovering near its highest levels in 12 years, following the same trajectory as gold. According to ABC Bullion, silver’s spot price was sitting at $51.51 per ounce, as of 3.30pm AEDT on 31 October.
The increase in silver price reflects a surge in safe-haven demand for precious metals, driven by uncertainty surrounding the upcoming US presidential election and the Federal Reserve’s policy direction.
At Andean Silver’s Pegaso 7 prospect, the latest drilling results include 3.2m @ 864g/t silver-equivalent, including 1.4m @ 1,871g/t silver-equivalent; and 0.4m @ 1,683g/t silver-equivalent.
Meanwhile, at the Cristal prospect, drilling defined the target horizon of mineralisation to an 80m vertical extent that includes previous veins observed on the surface.
Andean Silver reports drilling results include 4.5m @ 584g/t silver-equivalent; and 3.4m @ 478g/t silver-equivalent, including 1.2m @ 1,252g/t silver-equivalent.
CEO Tim Laneyrie says these results provide further evidence of the exploration upside at Cerro Bayo, with the mineralisation still open in so many areas and vast vein systems yet to be tested.
“Our ongoing drilling at both the Pegaso 7 and Cristal targets has yielded impressive results, further refining our geological model of the high-grade mineralisation controles,” Laneyrie says.
“These findings not only underscore the quality of the mineralisation but also enhance our understanding of the core high-grade zones within the Pegaso 7 veining corridor.”
Andean Silver is mobilising a third drill rig to site in November 2024, targeting the main lodes within the Laguna Verde Mine Complex through extensional drilling. A fourth rig will follow early next year.
Meanwhile, Locksley Resources (ASX:LKY) reports surface sampling assays of up to 1,022g/t silver and 46% antimony.
At the Mojave Project in the US, sampling along the east-west and north-south oriented mineralised structure at the Desert Antimony Mine demonstrates a zonation pattern suggestive of a reduced intrusive related system model.
Locksley reports the two southernmost samples collected on the north-south structure returned “high-grade” silver and strongly elevated lead and zinc.
These results include 1,022g/t silver, 1.3% zinc, 0.82% lead, and 0.1% antimony; and 416g/t silver, 0.42% zinc, 0.45% lead, and 0.1% antimony.
Managing Director Steve Woodham says the results from the follow-up sampling program exceeded the company’s expectations and highlights how well mineralised the property is.
“The surface strike length based on the recent high-grade results looks to be over 400m which has us very encouraged and looking forward to commencing a drill program post receiving the necessary approvals,” Woodham says.
Surface sampling focused on the Desert Antimony Mine and aimed to uncover potential high-grade antimony mineralisation along strike of the historically mined structures.
Sun Silver (ASX:SS1), meanwhile, received additional assay results from its inaugural drilling program at the Maverick Springs Silver-Gold Project in Nevada, US.
Drillhole MR24-197 intersected 110m @ 109g/t silver-equivalent from 195.07m, including 9.12m @ 415g/t silver-equivalent from 220.98m.
Sun Silver, which has a market capitalisation of $126.9 million, says drilling is continuing to encounter thick, “high-grade” mineralisation in the north-west section of the project area, where the inaugural program is focused.
The program comprised 7,500m of drilling focused on the north-western area of the property beyond the current resource boundary.
Further assay results will be included in an updated resource estimate in early 2025.
Write to Aaliyah Rogan at Mining.com.au
Images: Andean Silver
