The Maverick Springs project is located in northeast Nevada, about half-way between Elko and Ely, the northwest flank of the Maverick Springs Range on the border of Elko County and White Pine County, just off the southeast end of the Carlin Trend belt of gold-silver deposits. Access is by a 40-kilometre gravel road from the town of Ruby Valley.
Figure 1 - Maverick Springs Project location in Nevada
Figure 2 - Inferred JORC resource estimate
The Maverick Springs Project has a JORC 2012 inferred mineral resource of 195,736,000 tonnes at an AgEQ grade of 67.25g/tonne for 253,300,000oz AgEQ.
The updated MRE completed in August 2024 incorporates a comprehensive review of all existing historical drill data and re-modelling of the Resource undertaken since Sun Silver listed on the ASX and completed the acquisition of the Project earlier this year. The updated MRE does not include data from the ongoing inaugural drill program. This makes Sun Silvers' Maverick Springs asset the largest pre-production primary silver asset on the ASX. Where primary silver is defined as silver being the primary commodity contained within the resource and makes up the majority percentage of the silver equivalent resource. The significant increase in size of the Inferred Resource is primarily due to the inclusion of the entire mineralised domain outlined at the Project which is deemed to have reasonable prospects for eventual economic extraction at current and future silver and gold prices. Having now established the extents of the mineralisation at the Maverick Springs Project.
Figure 3 - Oblique view of previous pit constrained resource (yellow) with additional mineralisation (blue)
Figure 4 - Oblique of Upgraded Inferred Mineral Resource Estimate (yellow) overlaid on previous pit constrained resource (red dash outline)
Figure 5 - Long Section View of Upgraded Mineral Resource Estimate
Sun Silver is aiming to expand the known mineralisation and build further confidence in the Resource model.
The Project offers significant potential for expansion of the upgraded Resource base, with mineralisation open in all directions.
The Project offers significant potential for expansion of the upgraded 2024 Resource base, with mineralisation open in all directions. Recent high-grade results recorded near the north-west corner of the current Resource are particularly significant. Not only do these results indicate a continuation of wide zones of mineralisation in that direction, but they also indicate the potential for grades that are significantly higher than the current resource grade.
The first extensional hole MR24-186 intersected a wide zone of 41.15m grading 126.75g/t AgEq including 13.42m grading 331.76g/t AgEq. The Company’s inaugural drilling campaign is currently focused north-west of the current Mineral Resource boundary.
The intercept in the first extensional hole MR24-186 is significant, as it confirms Sun Silver’s theory that high-grade mineralisation extends to the north-west beyond the existing Mineral Resource, as indicated by historical data review and geochemical field works.
Figure 6 - Oblique cross-section of drill intercepts
Figure 7 - Plan map of drill hole locations and proposed extensions
This highlights the potential both to expand the size of the MRE and to increase the grade in the north-west section of the property.
