SS1 extends 480M ounce silver equivalent JORC in the USA

Our 2024 Small Cap Pick of the Year Sun Silver (ASX: SS1) just hit 6.25m at 506g/t silver from its project in Nevada, USA.

SS1 already has a 480M ounce silver equivalent JORC resource.

SS1’s project is the biggest undeveloped silver project on the ASX and in the USA.

SS1 is currently drilling to extend that resource to the north west.

So far all of the best hits from SS1’s project have come from the north-western section of its project.

And we are hoping these extensional hits can contribute to JORC resource updates.

Here is where SS1’s current resource sits and where today’s results came from:

Resource upgrade could come just as the silver price breaks out:

On Sunday we wrote a bit about a potential generational move for the silver price - which would drive interest into the few listed silver stocks on the ASX.

We have been noticing a lot of “technical chartists” (who try to predict future price moves by analysing price chart patterns) talking about a multi-decade bullish “cup and handle formation” in the silver price chart.

Here’s what one generally looks like (we like the bit where the price goes up after the cup and handle formation if completed):

Chartists reckon there is a 50 year giant cup and handle forming in silver - one of the biggest and longest brewing ones ever seen (here is our very rough mockup):

In summary, the technical chartists’ consensus is that silver needs to decisively break above the significant resistance level of US$50 per ounce to complete the “multi-decade cup and handle formation”.

If this breakout above US$50 occurs, technical analysts reckon the next price targets for silver to be in the US$87 to US$96 per ounce range.

Some analysts even suggest prices could go significantly higher, potentially to hundreds of dollars per ounce when adjusted for inflation.

(or of course, it might also go down… even chartists get it wrong)

IF this whole cup and handle theory ends up playing out then it could be a great macro catalyst for SS1 and likely bring a lot of capital into the silver space on the ASX (which again, could be good for SS1).

SS1 also working toward a maiden antimony JORC resource

SS1 has been re-assaying the drillcores that make up its current silver resource and has been finding antimony…

We are hoping SS1 can find enough antimony to eventually publish a maiden resource estimate.

An antimony resource could land SS1 in the middle of what we think could be the TWO biggest macro thematic on the ASX over the coming years.

Precious metals (silver) AND US based critical metals critical metals (antimony).

We also think a maiden resource will be key to unlocking potential large government funding deals for SS1’s project.

Like the deals we have seen Perpetua Resources sign for its gold-antimony project in the US.

SS1 is working on government funding for its project right now:

(Source - SS1 announcement)

What’s next for SS1?

We have been talking about what might trigger a rally in SS1’s share price in 2025 since the start of this year.

Of the 6 catalysts that we have forecast for SS1, so far 4 of them have played out in SS1’s favour:

• ✅ Silver price runs - Silver hit 14 year highs today nearing US$41 Per ounce.
• ✅ Exploration success - SS1 with the first hole of its 2025 drill program delivered its best ever drill result 70m of mineralisation outside of the current resource. An interval with grades as high as 10,548g/t silver.
• ✅ SS1 reaches a size where it gets added to index funds - SS1 was added to the Sprott Silver Miner and Physical Silver ETF and the ETF has been increasing its holding…
• ✅ SS1 delivers an antimony surprise - SS1 is working towards a “potential maiden antimony mineral resource”.
• 🔄 SS1 resource update - SS1 is drilling its project right now and is showing that this could be a much bigger catalyst than we expected…
• 🔄 SS1 met test work results - SS1 is working on this right now.