Sun Silver (ASX:SS1) has reported early-stage analysis of the company’s latest drill hits suggest grades up to 296g/t silver.
Were that gold you’d be beyond ‘bonanza’ territory – but with evidence based only on an pXRF reading so far; investors will need to wait for full-fledged assays.
Average readings were lower at 119g/t across a 10.67m core section from nearly 250m depth.
Mineralisation detected by portable scanner occurs downhole 115m “outside of historical drill intercepts” which the company reported on Friday confirms a high-grade northwestern system. Further drilling may be needed to clarify this.
With a regards to assays; the company has sent off materials to US player American Assay Labs in Reno.
Management was brief in its summation of the latest data on Friday.
“Intersecting extensional mineralization with high grade pXRF readings in the first hole confirms our theory that a significant thick zone of mineralization exists and extends in the northwest,” SS1 ED Gerard O’Donovan said.
“The exploration team is excited to be drilling the next target.”
SS1 last traded at 46.5cps.