Sun Silver Hits Silver and Gold From Surface at Maverick Lifting Open-Pit Prospects
Key Takeaways
- MV0001 is the first Sun Silver diamond drill hole to intersect silver-gold mineralisation commencing directly from surface, returning 16.8m at 20g/t AgEq from 0m — outside the current 539Moz AgEq JORC Inferred Mineral Resource boundary.
- The deep zone at MV0001 confirms the resource model with 80m at 59g/t AgEq from 166.1m, including a high-grade core of 9.2m at 214g/t AgEq from 232m.
- From-surface mineralisation at grades above Nevada's operating open-pit mines (Rochester at 12.63g/t Ag, Hycroft at 11.42g/t Ag) opens the door to reduced pre-strip and earlier processing feed in any future development scenario.
- Antimony mineralisation begins from just 1.5m below surface, with grades comparable to Perpetua Resources' Stibnite Gold Project, adding a critical mineral dimension to the project's development thesis.
- Maverick Silver sits in Nevada, rated the #1 global mining jurisdiction by the Fraser Institute in 2025, with the deposit open along strike and at depth and step-out drilling to the northwest and southeast underway.
Silver from surface — what MV0001 just changed at Maverick
Sun Silver Limited has announced that MV0001, the first Sun Silver diamond drill hole to intersect silver-gold mineralisation commencing directly from surface, has returned 16.8m at 20g/t AgEq from 0m (11g/t Ag, 0.1g/t Au), including 1.5m at 75g/t AgEq from 1.5m at the Maverick Silver Project in Nevada.
The significance for development optionality is immediate. Managing Director Andrew Dornan noted that silver and gold mineralisation from surface is exactly what the company wants to see as it evaluates development pathways, with from-surface results potentially opening the door to reduced pre-strip and earlier processing feed, providing a compelling advantage in the development of a large-scale open-pit operation.
The Maverick Silver Project sits 85km from Elko, Nevada, and is underpinned by a 539Moz AgEq JORC Inferred Mineral Resource. AgEq figures are calculated using a gold price of USD$2,433/oz and silver price of USD$28.50/oz, with 85% metallurgical recovery assumed for both metals, giving an equivalency ratio of 85.
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MV0001 drill results in detail
MV0001 returned intercepts across two distinct zones: a near-surface hit outside the current Mineral Resource Estimate boundary, and a deeper high-grade zone that aligns with the delineated 539Moz AgEq resource model.
Near-surface intercepts
The from-surface intercepts establish mineralisation outside the current MRE, representing upside to the existing resource:
- 16.8m at 20g/t AgEq from 0m (MV0001)
- Including 3.5m at 46g/t AgEq from 0m
- Including 1.5m at 75g/t AgEq from 1.5m
Deep zone confirms the resource model
At depth, MV0001 intersected a substantial zone of silver-gold mineralisation in alignment with the delineated MRE, reinforcing confidence in the geological model:
- 80m at 59g/t AgEq from 166.1m
- Including 32m at 101g/t AgEq from 205m
- Including 9.2m at 214g/t AgEq from 232m
The drill results summary from Table 1 of the announcement is presented below.
| Hole ID | Interval (m) | AgEq (g/t) | Ag (g/t) | From (m) |
|---|---|---|---|---|
| MV0001 | 16.8 | 20 | 11 | 0 |
| including | 3.5 | 46 | 24 | 0 |
| Including | 1.5 | 75 | 45 | 1.5 |
| and | 80 | 59 | 42 | 166.1 |
| including | 32 | 101 | 79 | 205 |
| Including | 9.2 | 214 | 201 | 232 |
| MV0002 | 3.7 | 55 | 44 | 194.6 |
| and | 32.3 | 52 | 28 | 206.4 |
How Maverick’s surface grades stack up against Nevada’s operating mines
Near-surface silver-gold grades matter because large-scale Nevada open-pit heap-leach mines can operate profitably at substantially lower grades where favourable geometry, scale, and processing characteristics exist. The presence of mineralisation directly at surface can reduce the volume of waste material that must be moved before ore is accessed, potentially improving project economics in the early stages of mine development.
The table below compares MV0001’s surface intercept against two established Nevada open-pit operations, using figures cited in the announcement. Direct comparisons between projects are inherently limited by differences in metallurgy, recoveries, mining costs, strip ratios, processing methods, commodity price assumptions, and other modifying factors. The MV0001 result is an exploration intercept, not a mineral resource or reserve.
| Project | Operator | Grade | Scale |
|---|---|---|---|
| Rochester Mine | Coeur Mining | 12.63g/t Ag | ~447.7Mt Proven and Probable Reserves |
| Hycroft Mine | Hycroft Mining | 11.42g/t Ag / 0.33g/t Au | ~1.53Bt combined M&I Resource |
| Maverick Silver (surface intercept) | Sun Silver | 20g/t AgEq from 0m | Exploration result — not a resource |
Andrew Dornan, Managing Director, Sun Silver
“Silver and gold mineralisation from surface is exactly what we want to see as we evaluate development pathways for Maverick Silver. Should these from surface results continue, they could open the door to reduced pre-strip and earlier processing feed which would provide a compelling advantage in the development of a large-scale open-pit operation.”
Antimony adds a strategic by-product dimension
Alongside silver and gold, MV0001 has intersected antimony mineralisation from as shallow as 1.5m below surface. The antimony intervals reported from Table 2 of the announcement are:
- 6.1m at 0.06% Sb from 1.5m (MV0001)
- 11.6m at 0.06% Sb from 25m (MV0001)
- 20.6m at 0.06% Sb from 205.4m, including 6.8m at 0.1% Sb (MV0001)
Average grades across the reported intervals are comparable to the approximately 0.06–0.07% Sb average Mineral Resource and Reserve grades reported for Perpetua Resources Corp.’s (Nasdaq/TSX: PPTA) Stibnite Gold Project. This is a grade comparison only and does not imply project equivalence.
Sun Silver’s near-surface antimony discovery at Maverick Silver established that antimony mineralisation begins at shallow depth, a pattern reinforced by MV0001’s 6.1m at 0.06% Sb interval commencing from just 1.5m below surface.
The broad antimony intervals continue to demonstrate the scale and continuity of antimony mineralisation at Maverick Silver, with the announcement noting antimony has emerged as an increasingly important component of Sun Silver’s ongoing exploration programme at the project.
Investors exploring the strategic significance of these antimony intervals can find our full explainer on antimony’s critical mineral status at Maverick Springs, which covers the supply chain context and what comparable project grades mean for Sun Silver’s development thesis.
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What comes next for Maverick Silver
The announcement outlines several priority work streams as the company advances its understanding of the shallow mineralised system:
- Continued drilling to test the lateral extent of shallow silver-gold mineralisation above the current MRE
- Step-out drilling to the northwest and southeast along the hinge
- Infill drilling in areas of interest
- Assessment of starter pit or staged mining potential targeting near-surface zones before progression into higher-grade depth zones
- Metallurgical sample results pending
The deposit remains open along strike and at depth, with multiple intercepts located outside the current resource-constrained model, maintaining the potential for ongoing resource growth. Maverick Silver sits within Nevada, rated the #1 mining jurisdiction globally by the Fraser Institute in 2025, providing a stable regulatory backdrop for the work programme ahead.
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