Ann: Further strong Ag-Au results from Yoquivo, page-82

Give some context to other undeveloped but well defined Silver projects that would have many 100,000m's of drilling work across the Americas ... in Yoquivo its seen what 23,000m if you include AVMs 3000m which we are still waiting for results on the last 3-4 holes .. so IMHO still very early days at that project but still not a bad start ..how the JORC will look after you add in AVM drilling I'm not sure ...

Estimating the potential resource growth at the Yoquivo Silver Project from Advance Metals Limited's (AVM) 3,000-meter drilling program is speculative, as it depends on several factors, including the grade, width, and continuity of mineralized zones intersected, as well as the geological model and assay results. However, I can provide a reasoned analysis based on available data, including the project's existing resource, historical drilling, and the objectives of the current program. Here’s a detailed breakdown:Current Resource Baseline

• The Yoquivo Project hosts a non-JORC foreign resource estimate of 937,000 tonnes at 570 g/t silver equivalent (AgEq), equating to 17.23 million ounces of AgEq. This comprises approximately 410 g/t silver and 2.1 g/t gold, based on a gold price of US$1,860/oz and a silver price of US$24/oz, with an 85% recovery rate for both metals.
  
  
  
  
• This estimate was defined by 16,565 meters of drilling conducted by Golden Minerals between 2020 and 2022 across 70 diamond holes, with an additional ~3,000 meters started in Q4 2022.
  
  
  
  

Objectives of AVM’s 3,000-Meter Drilling Program

• Purpose: AVM’s maiden drilling program, initiated in 2025, targets the Pertenencia prospect and aims to confirm and expand the existing resource by testing down-dip and along-strike extensions of high-grade zones and exploring untested vein systems.
  
  
  
  
• Design: The program involves 9–12 diamond drill holes, with some designed to intersect multiple epithermal vein systems simultaneously (e.g., planned hole YQ-25-005 targets up to four veins).
  
  
  
  
• Progress: As of July 2025, seven holes have been completed, with an eighth in progress, and assays are pending for three holes (YQ-25-005, 006, 007).
  
  

Factors Influencing Resource Growth

1. Historical High-Grade Intercepts:
   • Previous drilling by Golden Minerals yielded bonanza-grade intercepts, such as:
     • 6.2 meters at 2,404 g/t Ag and 17.2 g/t Au (from 64.8m)
     • 1.2 meters at 1,895 g/t Ag and 34.0 g/t Au (from 47.3m)
     • 1.5 meters at 1,473 g/t Ag and 4.0 g/t Au (from 100.2m)
     • 3.05 meters at 668 g/t Ag and 3.9 g/t Au (from 117.8m)
       
       
       
       
   • These high-grade zones suggest potential for significant resource additions if similar grades are encountered in new drilling.
2. Recent Drilling Results:
   • AVM’s initial results from 2025 drilling confirm broad and high-grade mineralization:
     • Hole YQ-25-001: 40.57m at 105 g/t AgEq (86 g/t Ag, 0.2 g/t Au), including 3.55m at 249 g/t AgEq and 4.42m at 676 g/t AgEq.
       
       
       
       
     • Hole YQ-25-002: 23.83m at 85 g/t AgEq, including 8.84m at 140 g/t AgEq, and 16.37m at 104 g/t AgEq.
       
       
     • Hole YQ-25-003: 17.5m at 111 g/t AgEq from 30.2m, including 0.3m at 1,955 g/t AgEq (1,250 g/t Ag, 9.2 g/t Au).
       
       
   • These results indicate broad mineralized zones not fully captured in the current resource estimate, particularly in the footwall of the Pertenencia vein, suggesting potential for resource expansion.
     
     
3. Untested Potential:
   • A significant portion of historical drill core remains unassayed, potentially underrepresenting the extent of broad mineralized zones.
     
     
     
     
   • The Yoquivo district hosts seven sub-parallel epithermal vein systems traceable over 3 kilometers, with only a fraction included in the current resource estimate.
     
     
     
     
   • AVM plans to re-log and sample historical core and explore northern and western veins, which could add to the resource.
     
     
     
     

Estimating Resource GrowthQuantifying exact resource growth is challenging without complete assay results and a revised geological model, but we can make an informed estimate:

1. Historical Drilling Efficiency:
   • Golden Minerals’ 16,565 meters of drilling defined 17.23 million ounces AgEq, or roughly 1.04 million ounces per 1,000 meters drilled (17.23M oz ÷ 16.565 km).
   • If AVM’s 3,000-meter program achieves similar efficiency, it could theoretically add ~3.12 million ounces AgEq (3,000m × 1.04M oz/1,000m).
   • However, this assumes consistent geology, grade, and vein continuity, which may vary.
2. Upside Potential:
   • Recent intercepts (e.g., 40.57m at 105 g/t AgEq, 17.5m at 111 g/t AgEq) suggest broader zones than previously modeled, potentially increasing tonnage.
     
     
     
     
   • High-grade hits (e.g., 0.3m at 1,955 g/t AgEq) could boost the average grade, enhancing the resource’s value.
     
     
   • AVM’s focus on multiple vein systems and untested areas (e.g., northern Pertenencia, new veins) could uncover additional resources not included in the current estimate.
     
     
3. Conservative Estimate:
   • Assuming the program confirms extensions of known veins and adds moderate-grade material (e.g., 100–200 g/t AgEq over broader zones), the resource could grow by 20–50% in tonnage (187,400–468,500 additional tonnes) and 15–40% in ounces (2.58–6.89 million additional ounces AgEq).
   • This estimate accounts for the possibility of lower-grade or discontinuous mineralization in some holes, balanced by high-grade intercepts and new vein discoveries.
4. Optimistic Scenario:
   • If AVM intersects bonanza-grade zones similar to historical results (e.g., 2,404 g/t Ag over 6.2m) or discovers new high-grade veins, the resource could grow by 50–100% in ounces (8.62–17.23 million additional ounces AgEq), especially if unassayed historical core reveals significant mineralization.
   • This scenario assumes successful drilling of multiple vein systems and favorable assay results from pending holes.

Some good reading here on SILVER

https://www.miningvisuals.com/post/silver-s-future-lies-underground-the-role-of-untapped-resources