AVM starts drilling 17.2m Ounce Mexican silver project

Our silver and gold Investment Advance Metals (ASX: AVM) has just got back to drilling at its 17.2M Oz silver equivalent foreign resource estimate project in Mexico.

AVM has three silver assets in Mexico with a combined ~100M silver ounces in foreign resources across 3 projects:

1. Guadalupe y Calvo (60.6M oz silver equivalent foreign resource estimate)
2. Yoquivo (17.2M Oz silver equivalent foreign resource estimate)
3. Gavilanes (22.4M Oz silver equivalent foreign resource estimate)

AVM is recently cashed up from a $13M capital raise (which we participated in) and has exploration programs planned for all 3 of these projects well into next year

The goal with these programs is to double the combined resource to a 200M Oz silver equivalent and we covered the initial plans on how AVM will achieve that here.

The first of those drill programs started today on Yoquivo.

AVM’s plan is to drill a minimum of 3,000m diamond drillholes looking to hit extensions to the existing 17.2M Oz @ 570g/t silver equivalent foreign resource estimate.

(Source)

In addition to the drilling looking for extensions deeper than earlier results this year, there will be follow up drilling on new zones identified from sampling and mapping a couple of months ago that have never been drill tested.

These targets sit to the west of the known resources which we covered a couple of months back here, so it is good to see that these are already being followed up.

This is what some of these areas looked like:

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Here is where that find sits relative to all the other drilling done on the project:

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Here is a picture of the AVM crew on site”:

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What else is AVM up to?

AVM is 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:

(Source)

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.

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..

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Exploration programs getting underway at all 3 Mexican projects 🔄

Drilling is now underway at Yoquivo where sampling showed grades from new areas as high as 1,594g/t silver equivalent…

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The drilling will also follow up on the area’s AVM drilled earlier in the year:

(Source)

Check out the plan to double the combined resources in Mexico which we covered here, where there are also work programs including drilling planned for both the Guadalupe y Calvo and Gavilanes projects also.