Sun Silver Advances Maverick Project with Drilling and Strategic Land Acquisition

Drilling Drives Resource Confidence and Expansion

Sun Silver Limited (ASX:SS1) is pushing ahead with its 2026 drilling program at the Maverick Silver Project in Nevada, aiming to upgrade its resource classification and extend mineralisation. The company is focused on infill drilling to convert inferred resources to the more certain JORC Indicated category, while step-out drilling targets the northwest extension of the high-grade hinge zone mineralisation.

Drilling was ongoing at the end of June, with assay results anticipated throughout the second half of 2026. This work is critical to underpinning future development studies and improving geological confidence in the project’s substantial resource base.

Ausenco Leads Engineering and Scoping Studies

Sun Silver has appointed Ausenco to spearhead concept-level engineering and internal scoping studies, a key milestone ahead of a maiden Scoping Study targeted for late 2026 or early 2027. The studies will focus on process design, site infrastructure, and cost estimation, particularly evaluating a heap leach development pathway.

Ausenco’s engagement is supported by specialist consultants covering mine planning, metallurgical testing, and environmental baseline studies. This collaborative approach aims to provide a robust technical foundation for advancing Maverick towards pre-feasibility.

Strategic Land Acquisition and Consolidation

Post-quarter, Sun Silver executed a binding agreement to acquire 100% of the Bayan Springs North Project from Bayan Mining and Minerals Ltd (ASX:BMM), subject to completion conditions. Alongside staking an additional 106 lode mining claims, this expands the company’s landholding by nearly 9 square kilometres, consolidating control over a continuous 15-kilometre strike of the prospective northwest structural corridor.

This corridor includes a newly identified Northern Target marked by a 2-kilometre arsenic-antimony anomaly, a geochemical signature often associated with Carlin-style mineralisation. The acquisition and staking secure uninterrupted ownership of this emerging mineralised trend, which remains largely untested beyond approximately 2.5 kilometres of drilling to date.

Robust Resource Base and Exploration Upside

The Maverick Silver Project hosts a JORC Inferred Mineral Resource of 237 million tonnes grading 45.5 grams per tonne silver and 0.30 grams per tonne gold, equating to 347.2 million ounces of silver and 2.25 million ounces of gold. This totals 539 million ounces of silver equivalent, based on metal price assumptions and metallurgical recoveries.

Exploration work since 2024 has refined the geological model, highlighting a northwest-trending antiformal hinge controlling high-grade mineralisation. Previous drilling has confirmed significant extensions, including a standout intercept of 70.1 metres at 160 grams per tonne silver equivalent.

Financial Position Supports Accelerated Development

Sun Silver ended the quarter with $23.134 million in cash reserves, having spent $3.866 million on exploration activities during the period. The company’s actual exploration expenditure since ASX admission has significantly exceeded initial prospectus estimates, reflecting an accelerated and expanded drilling and re-assay program.

This increased investment has been funded through successive capital raisings, enabling Sun Silver to capitalise on the continuity, scale, and grade of mineralisation confirmed at Maverick. The board views this as a value-enhancing strategy that materially de-risks and expands the project ahead of schedule.

There were no mining production or development activities during the quarter, consistent with the project’s current exploration and study phase.