Sun Silver’s Maverick drilling reveals a broader silver and antimony system

Maverick drilling extends beyond the current resource

Sun Silver Limited (ASX:SS1; OTCQX:SSLVF) has ended the September quarter with its Maverick Silver Project looking larger, richer and technically better understood. Drilling returned a series of broad silver-gold intercepts beyond the current Mineral Resource Estimate, led by 98.3 metres at 120.3g/t silver equivalent in hole MR25-235, including 47.6 metres at 200.6g/t.

“Plan view of existing and new drill silver-equivalent highlights10.”

“Long Section Line A displaying silver-equivalent intercepts as detailed within Figure 29.”

Caption and image © SUN Silver Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

Other results included 103.3 metres at 55g/t AgEq in MR26-240, with an 8.3-metre zone at 170g/t AgEq and a 4.5-metre higher-grade interval at 301g/t. Hole MV-0004 returned 89 metres at 70g/t AgEq, including 38.3 metres at 100g/t and a 0.8-metre section at 1,296g/t. The company said the results continued to validate its geological model and extend mineralisation beyond the current resource boundary, although the intercepts remain exploration results rather than an economic reserve.

The latest drilling builds on the August high-grade drilling results, which included the 98.3-metre MR25-235 intercept. Sun Silver is using the 2026 program for three purposes: increasing confidence within the existing resource, testing north-west extensions and collecting core for metallurgical work.

Antimony continuity adds a second development variable

Antimony was present across several of the broad intervals. MR25-233 returned 50.3 metres at 0.11% antimony, MR25-235 recorded 86.9 metres at 0.10%, and MR26-240 delivered 16.1 metres at 0.14%. Individual assays reached 3.79% Sb, 1.23% Sb and 2.64% Sb respectively.

Sun Silver compared the average grades in these reported intervals with the approximately 0.06% to 0.07% antimony grades cited for Perpetua Resources’ Stibnite Gold Project. That comparison is indicative rather than conclusive: project economics would still depend on factors including geometry, metallurgy, mining costs, recoveries and processing design. The company is assessing whether a future tank-leach or CIL flowsheet could provide greater flexibility for antimony recovery, alongside heap-leach options.

Surface mineralisation could influence mine sequencing

Near-surface mineralisation remains one of the more consequential threads in the quarter. MV-0001 returned 16.8 metres at 20g/t AgEq from surface, including 1.5 metres at 75g/t, while antimony was also reported near surface. The company said further drilling and mine optimisation work will assess whether this material could support a starter pit or staged mining area before access to deeper, higher-grade portions of Maverick.

This continues the surface mineralisation results, which previously identified the 16.8-metre surface intercept and a 1.5-metre higher-grade zone. Sun Silver’s comparison with Nevada’s Rochester and Hycroft operations is intended to frame the potential significance of shallow mineralisation, but the company itself noted that differences in scale, strip ratios, processing and modifying factors limit direct comparisons.

Metallurgy supports competing processing pathways

Metallurgical work supplied a second positive signal. Cyanide bottle-roll testing on two composite samples produced 84.5% silver and 83.6% gold recovery for Sample 1, while a lower-reagent optimisation test on Sample 2 achieved 87.7% silver and 87.5% gold recovery. The company said most recoverable metal in the standout test was extracted within the first 24 hours.

“LT15 and LT16 Ag recovery kinetics”

“LT20 and LT22 Ag recovery kinetics”

Caption and image © SUN Silver Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

Those results are preliminary testwork on oxide and transitional mineralisation, not a plant-scale demonstration. They nevertheless provide inputs for evaluating tank-leach or CIL processing against heap-leach scenarios, with ongoing work focused on balancing recovery, residence time and reagent consumption.

Water permit and cash position frame the next phase

Sun Silver also completed a high-resolution helicopter magnetic and radiometric survey and secured a Nevada groundwater permit for 50 acre-feet a year, equivalent to about 62 million litres. The permit is intended to support ongoing exploration and associated project development activities, including drilling.

At 30 September, cash stood at A$16.603 million after A$6.229 million of quarterly exploration expenditure. The Appendix 5B calculates about 2.6 quarters of funding based on current relevant outgoings and no available finance facilities. Sun Silver is targeting an early 2027 scoping study, subject to the progress of the 2026 drilling campaign and resource conversion, followed by a pre-feasibility study targeted for 2027. The key test now is whether drilling can convert geological encouragement into a larger, better-classified resource before the cash clock becomes the dominant project constraint.