The next few months are going to be “very exciting” for Advance Metals (ASX:AVM) after the explorer cracked multiple zones of silver-gold mineralisation at its first diamond holes at Yoquivo in Mexico – and made an interesting assay discovery.
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Advance has been working in Chihuahua since buying up the predominantly silver-focused project in October 2024, with diamond drilling starting up in May.
Things have been flowing well since, with Advance’s managing director, Adam McKinnon, admitting the explorer’s been “pleasantly surprised” by how wide several intersections have been; mineralisation volume has been high too.
“How wide the intersections in the first three holes have been represents a very significant volume of silver-gold mineralisation not currently captured by the narrow Foreign Estimate footprint,” Mr McKinnon said.
The most interesting find, though, is that past drill cores at Yoquivo were unassayed.
Why Golden Minerals, the U.S. transnational miner which originally owned the Mexican dig site, never progressed drill core results is unclear, but Mr McKinnon says Advance is now going to rectify that in coming weeks.
“[These] significant portions of the previous drill core at Yoquivo remaining unassayed suggest the full extent of some of these broad mineralised zones may not have been recognised,” he explained.
To follow up on the hits, Advance will re-log them all completely and run sampling tests, especially for the area around Pertenencia’s foreign estimate.
On top of all this, too, Advance has banked several strong results from its 3,000-metre maiden drilling program, which cracked into two relatively shallow, high-grade intervals connected to the Pertenencia vein.
A contiguous zone “not correlated with the current foreign estimate” was also intersected under Pertenecia in significant zones of moderate to high-grade mineralisation.
Mr McKinnon’s certainly bullish: “With assay results still pending for half of our drill holes at Yoquivo and drilling at the Myrtleford Project in Victoria now underway, the coming months will continue to be an exciting period for Advance.”
AVM heads into Week 28 trade at 4.9cps after climbing +44% YTD.
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