AVM hits 5,739g/t silver equivalent from first hole & extends mineralisation 70-80m down-dip
Our silver and gold Investment Advance Metals (ASX: AVM) just hit high grade silver mineralisation at its Yoquivo project in Mexico.
AVM has three silver assets in Mexico with a combined ~100M silver ounces in foreign resources across 3 projects:
- Guadalupe y Calvo (60.6M oz silver equivalent foreign resource estimate)
- Yoquivo (17.2M Oz silver equivalent foreign resource estimate)
- Gavilanes (22.4M Oz silver equivalent foreign resource estimate)
Today’s announcement relates to the Yoquivo project.
AVM kicked off a drill program on the project back in November which we covered here.
The drilling program is still ongoing with this program aiming to test extensions to known mineralisation outside the current resource area and to test for new targets.
Drilling has recently resumed on site following a break over the holiday period, with assay results for four diamond holes that were completed last year still pending.
Today AVM put out assays from the first hole of the program including a monster hit of - 14.1m at 320 g/t silver equivalent.
(including thinner but very high grade intervals of 1.5m at 2,663 g/t silver equivalent and 0.67 metres at 5,739g/t silver equivalent).
(source)
The key takeaway for us from todays hit was that it actually extended the mineralisation on the project ~70-80m down-dip - which will be good come time to upgrade the projects resource.
Here is where that intercept came from relative to the current foreign resource estimate:
(source)
We also note AVM is in the middle of a 4,500m resampling program - which today’s announcement stated “historic core sampling program nearing completion”.
(Source)
Hopefully, all of the resampled core and the results from this current round of drilling come together to upgrade the projects from a size/grade perspective (and hopefully into JORC compliance).
Here is an overview of AVM’s drill program - we are hoping to see the step out holes (marked as stars) and the latest drillholes (green circles) extend those red “mapped vein’s”:
(source)
What else is AVM up to?
AVM is also currently drilling its gold project in Victoria, where it recently brought a second drill rig on site, having seen visual gold in some of the drill cores.
The second rig will be drilling the Queen of the Hills prospect - along strike of the Happy Valley deposit:
(Source)
Results from that gold visual hole were released earlier in the week, which included a result of 3.7m at 16.6g/t gold, with a deeper section of that hole, which may have interested more mineralisation still to be assayed:
With 2 drill rigs here now spinning we should see results continuing well into next year and while still very early days, we think that the market could start to make some comparisons here to $1BN capped Southern Cross gold which has several high grade systems.
What’s next for AVM?
Assay results from AVM’s Victorian gold project 🔄
With drilling continuing at the Victorian gold project, assays have started to be released so we await for the results to continue.
AVM had a second drill rig arrive on site recently, so we expect the rate of assays to ramp up early next year if not sooner.
Drilling results from the Yoquivo silver project in Mexico 🔄
We are looking forward to the results from the five assays that are currently in the lab as well as any other drill results that come from the current round of drilling.
We are especially interested in those holes testing for depth extensions of the current resource on the project:
(source)
Sampling of old drillcore at the Yoquivo silver project in Mexico 🔄
We are also looking forward to seeing the sampling results from the untested parts of AVM’s Yoquivo project in Mexico continuing.
The old drilling hadn’t been completely tested in the past so we should see the results from this in the coming weeks (hopefully the gaps in the veins from the image below are also mineralised)
The company has detailed that results from this are ongoing and will be used along with the recent diamond drilling results to update the JORC Resource for the project in Q1 next year.
(Source)
