Sun Silver (ASX:SS1) High grade silver intercepts at 113 g/t

24 September 2024

Price Sensitive Announcement $

Highlights:

• Sun Silver’s inaugural drill program at the Maverick Springs Silver-Gold Project continues to deliver, with hole MR24-190 intersecting a thick mineralised zone of 71.63m at 112.7g/t AgEq
  (72.0g/t Ag, 0.48g/t Au) from 179.83m down-hole, including:
  o 18.29m at 305.7g/t AgEq from 214.88m (196.3g/t Ag, 1.29g/t Au)
• Drilling continues at Maverick Springs as part of Sun Silver’s inaugural 7,500m drill program,
  focused on the thick, high-grade zone in the north-west of the Property.
• ~18 additional holes scheduled to be drilled as part of the inaugural drill program.
• Following completion of the program, Sun Silver will commence work to calculate a Mineral
  Resource Estimate (MRE) for the north-western sector of the Property, targeting an MRE
  upgrade later this year.
• Assays from MR24-190 have also demonstrated anomalous Antimony results, with results of
  up to 1,197ppm (0.12%) over 1.5m from 201.17m.

Overview:

Sun Silver Limited has advised that the inaugural drill program at its 100%-owned Maverick Springs Silver-Gold Project in Nevada, USA (“Maverick Springs Project” or “the Project”) returned further high-grade assay results in hole MR24-190.

MR24-190 has returned an exceptional intercept of 71.63m of silver and gold mineralisation grading
112.7g/t AgEq (72g/t Ag, 0.48g/t Au), including a high-grade zone of 18.29m grading 305.7g/t AgEq
(196.3g/t Ag, 1.29/t Au).

Drilling is continuing at the Maverick Springs Project, with Sun Silver’s inaugural program comprising 7,500m of drilling focused on the north-western area of the Property beyond the current Mineral Resource boundary.

The Company is aiming to drill a further ~18 holes as part of the inaugural program, subject to ongoing
results.

MR24-190 demonstrated acceptable correlation with twin hole MR08-183, drilled in 2008 which gives Sun
Silver increased confidence in the historic drilling completed at the Project. MR08-183 showed a comparable intercept of 68.58m at 81.39g/t AgEq to MR24-190’s 71.97m intercept at 112.69g/t AgEq. Correlation with historic drilling will continue as additional assay data are received.

Analysis of the assay intervals compared with the previously reported pXRF analysis1 from the same holes also shows good correlation with minor variation. The silver grades continue to read lower in the pXRF and may be due to a loss of fines material in chip tray analysis.

In addition to the silver and gold, anomalous antimony readings continue to be returned as part of laboratory assays in MR24-190, with readings up to 1,197ppm (0.12%) Sb in MR24-190.

Metal equivalent AgEq uses a ratio of 85 and is calculated by Ag + Au x 85. The equivalency ratio of 85 is
selected based on a gold price of US$1,827and the silver price of US$21.5 per ounce, which is derived from the average metal pricing from June ‘22 to June ’23. Recent spot price analysis of gold at US$2,504 and silver at US$29.4 shows a ratio of 85, demonstrating continued validity of this number.

Maverick Springs Project

Sun Silver’s cornerstone asset, the Maverick Springs Project, is located 85km from the fully serviced mining town of Elko in Nevada and is surrounded by several world-class gold and silver mining operations including Barrick’s Carlin Mine.

Nevada is a globally recognised mining jurisdiction which was rated as the Number 1 mining jurisdiction in the world by the Fraser Institute in 2022.

The Project, which is proximal to the prolific Carlin Trend, hosts a JORC Inferred Mineral Resource of 195.7Mt grading 40.25g/t Ag and 0.32g/t Au for 253.3Moz of contained silver and 2.0Moz of contained gold (423Mozof contained silver equivalent).

The deposit itself remains open along strike and at depth, with multiple mineralised intercepts located outside of the current Resource constrained model.

Full ASX Announcement: 6A1226748.pdf (discoveryalert.com.au)