SS1 keeps hitting silver in 480m ounce silver equivalent resource in the US.

Our 2024 Small Cap Pick of the Year Sun Silver (ASX: SS1|OTC: SSLVF) keeps hitting silver well above the average grades in its giant 480M ounce silver equivalent resource.

SS1’s current resource has 480M ounces at 68.3g/t silver equivalent.

Today, SS1 hit 102.14m at 105g/t silver equivalent in one of its latest drillholes.

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

We think the 2025 drill program could underpin an upgrade to the resource which makes the project even bigger - especially if we see the extensional holes from drilling come in…

(Source)

SS1’s project could ALSO host a giant antimony deposit - previous drilling on the project had never been assayed for antimony.

(antimony is critical for making bullets, missiles, tanks and all sorts of important military uses but the USA has zero domestic supply)

SS1’s resampling of old core (and the results from the new holes being drilled) keep showing antimony - and we know how that there is antimony mineralisation across two parts of SS1’s giant silver deposit:

(Source)

SS1 is aiming for a silver resource estimate upgrade AND potentially a maiden antimony resource estimate before the end of the year.

Both silver and antimony have been declared as “critical metals” by the USA.

…and a few weeks ago China declared NEW tighter rules on exporting both silver and antimony:

(source - official statement (Chinese) , English translation, Chinese English language media, US based media coverage)

With the US considering adding silver to its critical minerals list - we think SS1’s deposits (once an antimony resource is defined) could have strategic value inside US borders.

And we think a giant antimony resource could be what starts to unlock government funding support…

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)

We did a deep dive summary of the SS1 story recently here: Giant silver and antimony project commences trading in the USA: (OTCQX: SSLVF)

In that note we covered:

• Government funding could be what unlocks SS1’s project
• SS1 has just listed in the US - which might help with government engagement…
• 6 ingredients that worked for VUL - will they work for SS1?
• 10 Reasons we are Invested in SS1
• Our SS1 Investment Memo

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.