SS1 starts permitting for the USA’s largest pre-production silver equivalent resource

Our 2024 Small Cap Pick of the Year Sun Silver (ASX: SS1 | OTC: SSLVF) just appointed consultants to lead mine permitting for its giant silver deposit in Nevada, USA.

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

The project already has a 539M ounce at 71g/t silver equivalent JORC resource. (source)

Today SS1 officially kicked off mine permitting and environmental study works - all of which will be required to get its giant deposit developed.

SS1 will be using the same consultants (Sunstone Environmental Solutions) who led permitting approvals for the Spring Valley Mine last year. (source)

SS1 also confirmed that full permitting of the project would take roughly 24 months from now:

Silver is listed as a critical mineral in the US and SS1 is working toward an antimony maiden resource which could make it eligible for FAST-41 accelerated permitting.

IF SS1 is able to get FAST-41 status then the permitting timelines could be a lot shorter…

The FAST-41 program was one of the new Trump Administration's fast-track permitting initiatives to try and unlock critical mineral projects inside the US.

The FAST-41 program is what has allowed $5BN capped Perpetua Resources to begin construction in October, when it was finally able to “break the ground”, having spent 9 years stuck in red tape trying to get approvals. (source)

After today, SS1 has arguably transitioned from the definition stage and now into the feasibility study stage of a mining projects lifecycle:

We note that SS1 has already done some base level work on environmental surveys.

While these will need to be confirmed by Sunstone, it should allow it to bypass potential early stage delays doing/going back over these so it can move quickly onto the Mine Plan of Operations (MPO).

Meanwhile - SS1 is drilling to grow its resource even further

SS1 recently upgraded to 539M ounces at 71g/t silver equivalent. (source)

Drilling is still ongoing on this too, with the resource remaining open in all directions, particularly to both of the north and the south, where SS1 recently added more land.

Just last week SS1 released a high grade drill hit of over 100m at 86.3g/t silver equivalent, plus a 9m intercept of antimony at ~0.99%, see our take on this here.

(source)

Here is our most recent deep dive article from late last year on the resource upgrade: SS1 increases resource estimate to 539M ounces of silver equivalent, silver price at all time highs...

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 5 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 working on metallurgical testing right now. (source)

Environmental studies and Mine permitting

SS1 has engaged Sunstone Environmental Solutions to conduct the mine permitting works/studies plus NEPA (National Environmental Policy Act) process (underway today)