Advance Metals (ASX:AVM) shares popped +7% in the first hour of Wednesday trades as the company reported silver-gold hits on-site at Yoquivo at depths that support geological interpretations of mineralised extension.
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Assay results returned peak results up to 2,780g/t silver and nearly 39g/t gold in two brief drill intersections from between 140m and 300m depth, Advance reported. While those results mightn’t point to massive drill intercepts, they do hint at a very high-grade mineral system a few hundred metres down.
Look at precious metals prices and the excitement speaks for itself. Silver is fetching just shy of US$90/oz at this point (through Wednesday’s morning), and gold’s meteoric rise needs little mention. Visible sulphides in at least one core sample were also likely to have formed part of investor calculus.
Yoquivo, for its part, is a segment of the larger Chihuahua project in Mexico, Advance’s flagship.
“These are outstanding results by any global standard,” AVM CEO Adam McKinnon said. “The combination of very high grades, nice widths and an emerging down-dip continuity reinforces our view that Yoquivo is a robust, high-grade silver-gold system with significant room to grow.
“What’s particularly exciting is the high-grade mineralisation remains completely open at depth… drilling [is] ongoing, assays from multiple additional holes pending.”
AVM last traded at 15.5cps.
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