Sun Silver turns up more high grades at Maverick Springs

SS1 reports more high-grade results from inaugural drilling at Maverick Springs
Project is in close proximity to Barrick’s Carlin gold mine
Company plans to complete ~18 additional holes

Special Report: Sun Silver’s 7,500m inaugural drill program at its Maverick Springs silver-gold project in Nevada, USA, has returned more high-grade results up to 113g/t silver.

Maverick Springs is the company’s cornerstone asset, just 85km from the fully serviced mining town of Elko in Nevada and surrounded by several world-class gold and silver mining operations – including Barrick’s Carlin gold mine.

The project hosts an inferred resource of 195.7Mt grading 40.25g/t silver and 0.32g/t gold for 253.3Moz of contained silver and 2.0Moz of contained gold (423Moz of contained silver equivalent).

This makes Sun Silver (ASX:SS1) the bearer of the largest development-ready silver resource on the ASX.

The current drilling is focused on the north-western area of the property beyond the current mineral resource boundary, and confirms further high-grade mineralisation.

Notably, hole MR24-190 included an exceptional intercept of 71.63m of silver and gold mineralisation grading 112.7g/t silver equivalent (72g/t silver, 0.48g/t gold), including a high-grade zone of 18.29m grading 305.7g/t silver equivalent (196.3g/t silver, 1.29/t gold).

In addition, assays from the drill hole also demonstrated anomalous antimony results, including up to 1,197ppm (0.12%) over 1.5m from 201.17m.

Resource update planned

The company is aiming to drill a further ~18 holes as part of the inaugural program, subject to ongoing results.

And following completion of the program, Sun Silver will commence work to calculate a mineral resource estimate for the north-western sector of the property, targeting a resource upgrade later this year.

“Drilling success at Maverick Springs continues with more high-grade intercepts in the north-west of the existing resource,” SS1 executive director Gerard O’Donovan said.

“We will continue to increase our geological confidence in the deposit while also testing the continuity of this new high-grade zone with further drilling as part of our inaugural drill program.

“We look forward to receiving more results, which we anticipate will make a significant contribution towards a revised mineral resource estimate later in the year.”

In addition to the silver and gold, anomalous antimony readings continue to be returned as part of laboratory assays in MR24-190, with readings up to 1,197ppm (0.12%) Sb in MR24-190.

Well funded for success

These latest results come off the back of positive, head-turning funding news for the Maverick Springs project.

Earlier this month, the company announced it closed a cap raise for $13 million to advance its flagship project.

The raise was comprised of a $8m placement at 62c a share, coming alongside a $5m investment from high profile US investment firm Nokomis Capital at 80c, which became a new cornerstone investor into SS1 at a 10.28pc premium over last close.

The raise leaves Sun Silver well funded to speed up the development of Maverick Springs by way of metallurgy and explorational, expansional, and infill drilling.

This article was developed in collaboration with Sun Silver, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.