Sun Silver’s Re-assays Reveal Up to 26% Higher Silver Grades at Maverick Springs

Re-assay Program Uncovers Higher Silver Grades

Sun Silver Limited (ASX – SS1) has announced compelling results from its ongoing re-assay program at the Maverick Springs Silver-Gold Project in Nevada, USA. The company’s re-analysis of five historical drill holes using a four-acid digest method has revealed silver grades approximately 20-26% higher than those recorded in the legacy database. This uplift spans a range of silver concentrations, including a 22% increase in grades between 10g/t and 100g/t and a 26% increase for grades exceeding 100g/t.

The significance of these findings lies in the potential underestimation of silver content in the historical resource model, which was based on older assay techniques. The four-acid digest method, combined with gravimetric fire assay for high-grade samples, is widely regarded as a near-total digestion approach, offering a more accurate reflection of silver mineralisation compared to the two-acid digest and earlier fire assay methods used prior to 2002.

Implications for Resource and Project Valuation

The Maverick Springs Project currently hosts an inferred mineral resource of 218 million tonnes grading 42.2g/t silver and 0.31g/t gold, equating to approximately 296.5 million ounces of silver and 2.2 million ounces of gold. The project is strategically located near the prolific Carlin Trend and surrounded by world-class mining operations, including Barrick’s Carlin Mine.

Should the uplift in silver grades observed in the initial five holes be confirmed across the broader dataset; potentially involving re-assays of up to 195 historical drill holes; the silver component of the resource could be materially upgraded. This would enhance the project’s economic outlook and could influence future development and investment decisions.

Ongoing Re-assay and Multi-element Analysis

Sun Silver is continuing its large-scale re-assay program, which also includes multi-element testing to assess antimony concentrations, a commodity of growing interest. The company is systematically locating and re-analyzing historical pulps and core samples, including twin holes for comparative analysis. While gold assays have not yet been re-analyzed, the focus on silver and antimony reflects a strategic effort to unlock the full multi-commodity potential of Maverick Springs.

Managing Director Andrew Dornan highlighted the importance of these results, stating that the consistent uplift validates the use of modern analytical methods and underscores the quality of the mineralised system. Independent metallurgical reviews have supported the adoption of the four-acid digest method, aligning with industry best practices.

Context Within a Premier Mining Jurisdiction

Nevada is globally recognised as a top mining jurisdiction, rated number one by the Fraser Institute in 2022. The Maverick Springs Project’s location, combined with its substantial resource base and improving assay data, positions Sun Silver well within the competitive landscape of precious metals exploration and development.

However, the company cautions that these results are preliminary and derived from a limited number of holes. Further re-assays and detailed analysis are required to fully understand the implications for the resource estimate and project economics.