SS1 releases another high grade silver result… and antimony

Our 2024 Small Cap Pick of the Year Sun Silver (ASX: SS1 | OTC: SSLVF) just hit more high grade silver from its project in Nevada, USA.

SS1’s project is the largest pre-production primary silver mining project in the USA.

SS1’s project is already 539M ounces at 71g/t silver equivalent. (source)

And today’s results come just as silver ran to almost US$120 per ounce overnight…

It feels like yesterday silver was trading at ~US$40…

(source)

Today’s result came from inside the existing resource, but as is becoming a bit of a trend recently is that the grades from the drilling are often above the average grades of the existing resource.

Here is a cross section showing where today’s result came from (the red is the current resource footprint):

(source)

The big surprise for us was the antimony.

One of SS1’s hits had a 9m antimony section with grades at ~0.99%.

Those sorts of grades are well above the average grades that make up the current biggest antimony resource in the USA, the ~$6BN Perpetua Resources project.

Perpetua’s project has average grades of ~0.06%-0.07% antimony, so SS1 released a result today of just over 50m at triple Perpatua’s average grade.

And here is the bird's eye view:

(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 at new all time highs - now at above US$85 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 also recently upgraded its resource to now sit at 539M ounces of silver equivalent.
• ✅ 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, with a resource upgrade released in December increasing the resource to 539M ounces at 71g/t silver equivalent. (source).
• 🔄 SS1 met test work results - SS1 is also working on this right now, drilling from the 2025 program was planned to conduct metwork. (source)