Sun Silver Ltd (ASX:SS1) Hits silver grades up to 524 g/t

8 October 2024

Price Sensitive Announcement $

• Drilling continues to intersect thick zones of high-grade silver (Ag) mineralisation identified from pXRF analysis in hole MR24-199, including:

  o 73.15m at 75g/t Ag in MR24-199 from 249.94m, including:

  ▪ 7.62m at 157g/t Ag from 249.94, including 1.52m at 524g/t Ag from 254.51m
  ▪ 9.14m at 138g/t Ag from 291.08m; and
  ▪ 9.14m at 224g/t Ag from 312.42m

• MR24-198 and MR24-199 are respectively located ~240m and ~150m from historical drilling and both sit outside the existing Mineral Resource Estimate.
• These results continue to confirm the highly prospective nature of the north-west section of the Project area, where drilling is ongoing.
• Samples have been sent to the lab for multi-element analysis.

Sun Silver Limited has advised that it has continued to intersect thick zones of silver mineralisation defined by portable X-ray fluorescence (pXRF) in extensional targets at its globally significant Maverick Springs Silver-Gold Project in Nevada, USA.

The Company has intersected significant new zones of silver mineralisation grading up to 75g/t Ag over a width of 73m from 249.94m based on pXRF readings in hole MR24-199, with internal grades of up to 524g/t over 1.52m recorded from 254.51m.

Further mineralisation has been intersected in extensional hole MR24-198, including 10.67m at 48g/t Ag from 257.56m with internal grades of up to 161g/t Ag.

MR24-198 and MR24-199 are respectively located ~240m and ~150m from historical drilling and both sit outside the existing Mineral Resource Estimate1.

Sun Silver has defined the mineralisation in the field by using hand-held pXRF technology to analyse drill samples in real time. This allows for immediate on-site decisions to be made to adjust drilling strategies.

The portable XRF is used to analyse chip tray material over 5ft drill intervals. Zones of anomalous silver grades have intervals repeated three times with an average taken, unless otherwise stated.

While pXRF readings provide a useful indication of mineral content and approximate grades, they are not a substitute for laboratory-derived assay grades and will not be used in any resource estimation. All drill intercepts will be sent to an independent laboratory for accurate analysis. Portable XRF results reported in this announcement are considered semi-quantitative.

As gold is not analysed by pXRF, no silver equivalent grades have been calculated. Arsenic and antimony are included which generally show anomalous readings in the mineralised silver intervals and aid in defining the mineralised zones.

Portable XRF results for MR24-198 and 199 will be compared to laboratory assays once received. The below scatter plot compares silver grades in portable XRF versus laboratory assay grades for the first four holes with assays received from the 2024 Maverick Springs drilling program. The results show a bias towards higher grades from the lab assays compared to the pXRF readings.

Company Notes:

Sun Silver Executive Director, Gerard O’Donovan, said:
“We continue to drill extensional holes outside of the current Resource, and we continue to intersect significant silver mineralisation. This gives us significant confidence in the work the geological team is doing on the ground, as well as in our ability to grow the Resource beyond its current level of 423Moz at
67.25g/t AgEq1.”

Full ASX Announcement: 6A1229916.pdf (discoveryalert.com.au)