SS1 hits silver and gold 26m above its existing 480M ounce silver equivalent resource

Our 2024 Small Cap Pick of the Year Sun Silver (ASX: SS1 | OTC: SSLVF) just released another drill result from its 2025 drill program.

This time SS1 hit silver and gold just above its existing 480M ounce silver equivalent JORC resource.

SS1’s resource is already one of the largest pre-production silver projects in the USA and on the ASX…

Back in March this year, SS1 put out an announcement where it showed that there was potential for its existing resource to extend near surface to the south east of the resource area.

We covered that news here: SS1: Increases to 480M ounces of silver equivalent resource… and identifies at surface and near surface mineralisation.

Here was an image from that March announcement:

(Source)

SS1’s resource starts from ~200m depth, so any mineralisation closer to surface could be a game changer for the potential economic viability of the resource.

Today, SS1 put out results from a hole in that southern portion of the resource which hit hole a 140.21m intercept at 71g/t silver equivalent from 160m depth.

(Source)

Interestingly, today’s hits are from the same part of SS1’s resource where the shallower mineralisation theory was put together by SS1 back in March.

(Source)

Combining these 2 images (with the one earlier in the year at the top) which are both cross sections close to each other (but not exact), it appears that the theory is being validated:

With the upcoming resource update/upgrade for SS1 we now have two things to look forward to:

1. A potential increase in the size of SS1’s resource as well as increase in the classification of the resource (from inferred to indicated), and
2. A potential maiden antimony resource…

SS1 had more antimony hits in today’s drill result and so far has shown consistent antimony results, around the 0.1% antimony mark, which are above the average grades of $4.5BN capped Perpetua Resources project, which averages ~0.06%-0.07% antimony.

Results from that hole today also included a 79m assay result which included a 47.24m zone of antimony grading 0.087%.

IF SS1 can put together a maiden antimony resource and upgrade the classification of its silver resource we think the project could be in a good position to attract some sort of government funding for two critical minerals.

(especially now that silver and antimony are both on the US critical minerals list)

SS1 recently finalised a white paper to submit to the Department of Defence (DoD) for funding.

(Source)

And we note that SS1 has explicitly said that it was pursuing US DoD funding right now…

(Source)

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 having recently spent time 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.