SS1 finds more high grade silver in the North West of Maverick Springs

Our 2024 Small Cap Pick of the Year Sun Silver (ASX: SS1) just hit 110m @ 92g/t silver equivalent hit from its giant 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.

The main takeaway for us from today’s results were that the average grades in drilling within the current resource area are actually increasing.

SS1’s current resource has an average grade of 68.29g/t silver equivalent.

Today’s drilling came in at 110m at 92g/t silver equivalent and 38m at 79g/t silver equivalent - both a lot higher than the resource’s existing average grade.

This also follows on from SS1’s announcement a few months back which showed that resource grade could actually be 20% higher through the re-assay of 5 historical holes:

(Source)

We covered this announcement in an article you can read here: SS1: 480 million ounce silver resource estimate suddenly ~20% bigger?

Here is where today’s drill results were from:

(Source)

The primary aim for this round of drilling is to try and increase the project's resource from the inferred category to the indicated category - which is why SS1 would be drilling holes within the current resource footprint.

See below for our diagram on how the resource classifications fit together:

(Source)

SS1 also working toward a maiden antimony JORC resource

One thing we are watching out for on SS1 is the re-assaying program to see if its project also hosts a giant antimony resource.

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)

And on Monday SS1 received a meeting request from the Australian Ambassador to the USA - Kevin Rudd - for a briefing on SS1’s project…

Read our note on that news here: SS1 receives “unsolicited request” from Kevin Rudd to provide info about their project for Trump-Albanese meeting on Oct 20th…

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 is now in uncharted territory above US$50 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.
• 🔄 SS1 met test work results - SS1 is also working on this right now.