Sun Silver (ASX:SS1) has increased the resource estimate for its Maverick Springs Silver-Gold Project in the US, totalling 423 million ounces at 67.25 grams per tonne (g/t) silver-equivalent.
This latest resource estimate has increased by 45% from 292 million ounces to 423 million ounces for 195.73 million tonnes at a cut-off grade of 30.86g/t silver-equivalent.
The updated mineral resource incorporated a comprehensive review of all existing historical drill data and re-modelling of the resource conducted since Sun Silver listed on the Australian Securities Exchange (ASX) and completed the acquisition of the project earlier this year.
Sun Silver, which has a market capitalisation of $71.23 million, says as a result, this makes Maverick Springs the “largest” pre-production primary silver asset on the ASX.
Cadre Geology and Mining was engaged to complete and confirm the resource upgrade.
Executive Director Gerard O’Donovan says this initial resource upgrade is only the start of what the company expects could be followed by further upgrades over the coming years.
“Achieving the status of the largest pre-production primary silver asset on the ASX is a significant milestone in Sun Silver’s short history,” O’Donovan says.
“Our current drilling campaign has intercepted high-grade mineralisation beyond the existing resource, with mineralisation open in all directions.”
The company says Maverick Springs offers potential for expansion of the current resource base. Latest results highlight the potential to expand the size of the resource estimate and increase the grade in the northwest section of the property.
Ongoing drilling remains focused on the northwest section of the property, which contains the highest grades recorded to date from historic drilling within the resource, up to 6,216 grams per tonne silver.
The Maverick Springs Project lies 85km from the fully serviced mining town of Elko in Nevada, US. The project is surrounded by several “world-class” gold and silver mining operations.
Write to Aaliyah Rogan at Mining.com.au
Images: Sun Silver
