SS1 hits 605g/t silver outside of existing resource
Our 2024 Pick Of The Year Sun Silver (ASX: SS1) just hit high grade silver extending its already giant silver project in Nevada, USA.
SS1’s project has the biggest primary silver resource on the ASX with a 423Moz silver equivalent resource.
SS1 is currently drilling to the north west of that resource looking for extensions which could grow that resource even further.
Today, SS1 put out hand-held XRF drill results confirming extensions outside the current resource.
Our key takeaways from today’s results were:
- SS1 hit silver outside of its existing JORC resource - this could mean SS1 brings the holes into its resource and upgrades what’s already a giant resource.
- SS1 hit high grades (above the average grade of its resource) in some of the holes. Grades were up to ~605g/t, with most above the ~40.25g/t average silver grade across its deposit.
- Results were relatively shallow - some hits were from ~179m depth, which could add high grade silver to the resource at shallow depths. Shallow depths are important because they could add ounces to SS1’s resource that could be mined earlier in SS1’s mine plan (when the time comes to develop).
- Antimony grades up to 1,327ppm antimony - we reported on this previously, but this could be a big part of the SS1 story if the company can show it is widespread across SS1’s giant resource.
We think the drill results are relatively strong given the company just upgrade its JORC resource to now be the biggest primary silver project on the ASX.
We covered that upgrade in a note last week where we go through:
- How SS1’s project is the biggest primary silver resource on the ASX
- Why we think the silver price could go even higher
- The antimony potential of SS1’s project
- Why we think SS1 could be a de-facto ETF
- How we think SS1’s resource could grow
- Summary of why we like SS1’s project
Check out that note here: SS1 is now the biggest silver resource on the ASX.
What’s Next for SS1?
🔄 Antinomy potential - We want to see if antimony is widespread across SS1’s giant JORC resource.
🔄 Drill results from 7,500m program - The results from today’s announcement was XRF results. We want to see the final assay results from the drilling program.
🔄 Silver paste update - We want to see SS1 put out an update on the US$60M grant application the company is working on for its silver paste business.
