Andean Silver (ASX: ASL) has obtained an 80% Mineral Resource Estimate increase to 91Moz AgEq at 342g/t silver-equivalent at its Cerro Bayo Silver-Gold Project in the southern region of Chile.
“The updated Resource establishes Cerro Bayo as an outstanding silver asset with genuine scale and high grades," CEO, Tim Laneyrie, said.
“Since taking ownership of this asset in early 2024 with an existing JORC Mineral Resource of 25Moz AgEq, we have nearly quadrupled the size by adding a further 66Moz at an average grade 460g/t AgEq.
“While the rapid growth in the Mineral Resource is a remarkable achievement in its own right, we are nowhere near the finish with a further Resource update planned for early Q1 2025 which will include results from our drilling which are not included in today’s update.
“Our drilling includes the outstanding results from the Pegaso 7 area, all of which sits outside the Mineral Resource. We have also identified extensive mineralised veining through high-grade rock chips in several areas which will be drilled as part of our ongoing exploration and resource growth campaign.
“The mineralisation remains completely open and we have a pipeline of greenfields targets to drill. This all points to compelling potential for upgrades and further value creation for our shareholders”.
The updated Mineral Resource Estimate builds on the extensive existing drilling and mapping data, historic NI43-101
The Cerro Bayo Project is located in the Aysen Region in Southern Chile. Production started in 1995, with more than 100Moz AgEq produced up until June 2017.1 The project occupies the western margin of the Deseado Massif, which is considered one of the premier epithermal gold-silver mining provinces globally, hosting world-class deposits such as Cerro Negro (Newmont) and boasts an endowment of >20Moz of gold and >450Moz of silver.
