Sun Silver Ltd (ASX:SS1) shares surged on news of drilling results which showed the presence of silver equivalent (AgEq) grading 331.76 grams per tonne (g/t) at its Maverick Springs silver-gold play in Nevada.
At 12:05 AEST, SS1 shares were trading at 54.5 cents, a rise of 13.54% since the market open.
The company has been progressing extensional drilling at Maverick Springs and said assays from only two holes showed the presence of wide zones of silver mineralisation which also include zones outside the project’s current resource.
Evidence for this trend was clear from the very first hole in SS1’s inaugural extensional program, which identified a zone measuring 41.15 metres at 126.75g/t AgEq including 13.42m grading 331.76g/t AgEq.
Because this hole (MR24-186) is situated 115 metres beyond historical drill intercepts, assay results from its drilling show that high-grade mineralisation is extended to the north-west at Maverick Springs – a project which itself is proximal to the prolific Carlin Trend.
A second extensional hole also yielded notable grades, including 54.86 metres at 83.89g/t AgEq from 193.55 metres down-hole, including 10.67 metres at 185.50g/t AgEq (154.73g/t Ag, 0.362g/t Au) from 204.22 metres down-hole; and 4.57 metres at 257.37g/t AgEq (244.93g/t Ag, 0.146g/t Au).
Also adding to SS1’s hopes for the project were anomalous antimony (Sb) readings through recent lab assays, showing up to 1,845ppm (0.18%) Sb, while historical data reviews have also shown that this mineral is present at grades of more than 10,001ppm (1%) Sb over 1.52 metres in a third hole (MR08-184).
Executive Director Gerard O’Donovan said SS1’s team was pleased with the strong early results.
“The impressive intercepts, particularly in MR24-186, not only extend known high-grade mineralisation to the north-west but also highlight the significant upside potential of this already globally significant project,” he said.
“The discovery of anomalous antimony further enhances the prospectivity of the area, aligning with our strategy to unlock the full value of this asset.
“These results reaffirm our confidence in the future growth and success of Maverick Springs.”