Advance Metals (ASX:AVM) has this week released an initial JORC-level inferred mineral resource estimate (MRE) containing 23 million ounces of silver and 140,000 ounces of gold for the Yoquivo project in Mexico.
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The new JORC-rated figures have estimated the project contains 33M ounces of silver equivalent (AgEq), a significant increase on the foreign estimate of 17.23Moz AgEq registered when Advance bought Yoquivo in CY24.
Advance’s MD and CEO, Dr Adam McKinnon, said the MRE confirms Yoquivo as a large-scale silver-gold system, with mineralisation extending from surface and demonstrating strong continuity across key zones.
“This initial JORC Resource marks a significant milestone for Advance, delivered less than 18 months after acquiring Yoquivo and confirming the scale potential of this emerging large-scale silver-gold system,” Mr McKinnon said.
“Importantly, the resource highlights broad zones of shallow, contiguous mineralisation, supporting the potential for bulk mining scenarios that could underpin a lower cost development pathway.
“With a discovery cost of around US$0.10 per ounce, Yoquivo demonstrates the effectiveness of our exploration strategy and strengthens our growing Mexican portfolio, now totalling 116 million ounces silver equivalent.
“We are now focused on the next phase of drilling to drive further resource growth and advance Yoquivo toward development.”
Dr McKinnon told shareholders that, importantly, the resource incorporates broader zones of mineralisation beyond historically targeted high-grade veins, highlighting the potential for bulk mining scenarios that may support a lower cost development profile, subject to further technical and economic studies.
Advance will now focus on continued refinement of geological, litho-geochemical and structural models for Yoquivo, incorporating latest drilling and sampling.
It is also planning a technical review to identify high-priority resource extension/resource conversion targets for future drilling programs.
AVM is up +29.6% to 10.5¢.
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