Sun Silver Limited (ASX: SS1) has announced a significant drilling result from its Maverick Springs Silver-Gold Project in Nevada, USA, highlighting a major 110-metre intersection grading 109 grams per tonne silver equivalent (AgEq) in drill hole MR24-197. This interval includes a standout 9.12-metre section at a high-grade 415 g/t AgEq. The results underscore the project's potential as a significant silver and gold deposit, driving momentum for Sun Silver’s inaugural drilling campaign in the mineral-rich region.
Hole MR24-197 returned a notable intercept starting from 195.07 metres, confirming consistent silver and gold grades with 82.3 g/t silver and 0.307 g/t gold over 110 metres. Within this interval, the 9.12-metre high-grade zone recorded an impressive 385 g/t silver and 0.35 g/t gold. The mineralisation remains open at depth, indicating potential for further extensions. These results build on Sun Silver’s historical data, aligning closely with past findings from hole MR04-156, which recorded 93 metres at 48.5 g/t AgEq. This correlation adds confidence in Maverick Springs’ historical data and strengthens the geological model.
Sun Silver’s Executive Director Gerard O’Donovan expressed optimism about the project’s potential, stating, “Drilling success at Maverick Springs continues with more high-grade intercepts to the north-west of the existing resource, confirming the significant endowment of the property. We look forward to receiving more results, which we anticipate will also make a significant contribution towards a revised Mineral Resource Estimate in the near future.”
Sun Silver’s current 7,500-metre drilling program is focused on the resource expansion potential in Maverick Springs’ north-western area. The program aims to extend the resource base with plans to incorporate these results into an updated Mineral Resource Estimate (MRE) targeted for early next year. The newly reported assays align well with preliminary pXRF analyses, indicating good correlation with minor variations. Sun Silver is already planning additional drilling to explore further down-dip extensions of the mineralisation.
The results position Maverick Springs as a high-priority target, with assays confirming the viability of using the company's established AgEq ratio of 85—calculated based on average metal prices for gold and silver from June 2022 to June 2023. This approach, which applies an AgEq factor without assuming metal recoveries, holds as recent spot prices remain supportive, validating the methodology. Sun Silver expects that both silver and gold within Maverick Springs' mineralisation have a reasonable potential of being economically recovered and sold.
With Nevada’s world-class mining infrastructure and its regulatory support for exploration projects, Maverick Springs stands out as a prime silver and gold project for Sun Silver’s growth. Following this campaign, Sun Silver will integrate all drill data to update the MRE and further define the project’s high-grade zones. The company’s focus remains on systematically drilling to build resource confidence and ultimately advance Maverick Springs toward feasibility studies.
As drilling progresses, Sun Silver’s continued success at Maverick Springs could bolster its position within the junior mining sector, with Maverick Springs developing as a potential significant source of silver and gold. With assays indicating ample potential for both resource expansion and high-grade zones, Sun Silver is well-positioned for an enhanced resource update, expected to capture investor interest and shape the future direction of its development strategy.