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Advance Metals Ltd (ASX:AVM) has gained all approvals needed to kick off its first drilling program at the Yoquivo Silver-Gold Project in Mexico.
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The project, based in Chihuahua, is a high-grade project that boasts multiple epithermal vein systems, plus a Foreign Estimate of 937,000 tonnes at 570 grams per tonne of silver equivalent (AgEq), yielding 17.23 million ounces AgEq.
The latter was defined by more than 16,500 metres of existing drilling; Advance aims to build on this across several targets, starting with 3,000 metres of diamond drilling at high-grade targets in the Pertenencia area.
Drill hole designs are still being finalised and will test along strike and down dip from intersections which include 1.2 metres at 1,895g/t Ag & 34.0g/t Au from 47.3m; 1.5 metres at 1,473g/t Ag & 4.0g/t Au from 100.2m; 6.2 metres 2,404g/t Ag and 17.2g/t Au from 64.8m; and 3.05 metres 668g/t Ag & 3.9g/t Au from 117.8m.
Advance has been working diligently to make sure it got approvals to progress this program of exploration, managing director Dr Adam McKinnon said.
“In particular, we have had many constructive meetings with local stakeholders and we are looking forward to having a positive impact on the community surrounding the project in the years to come,” he explained.
“With the approvals in place, we have turned our attention to confirming and extending some of the previous bonanza-grade silver and gold intersections.”
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“Our maiden drilling program will be a fantastic test of the potential upside to the existing Foreign Estimate at Yoquivo, with high-grade drilling results expected to extend over several months into the second half of the year.”
AVM shares have been trading at 3.9 cents through Monday.
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