Bayan Mining Divests Bayan Springs North to Sun Silver for Up to A$800k
Sun Silver locks up 15km of prospective strike at Maverick with strategic acquisition and staking blitz
Sun Silver (ASX: SS1; OTCQX: SSLVF) has executed a binding agreement to acquire the 100%-owned Bayan Springs North Project from Bayan Mining and Minerals Ltd (ASX: BMM), subject to customary completion conditions, while simultaneously staking 106 additional lode claims. Together, these transactions secure continuous ownership across the emerging northwest mineralised trend at the Nevada-based Maverick Silver Project. The combined landholding now controls approximately 15km of prospective strike, of which only approximately 2.5km has been drill tested to date. The acquisition and staking expand Sun Silver’s footprint around the 539Moz AgEq Maverick Silver Deposit, positioning the company to explore an interpreted structural corridor that remains largely untested.
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Why the northwest corridor matters
The acquisition and staking give Sun Silver uninterrupted control of the interpreted mineralised corridor extending northwest from the existing deposit. Drilling, geological relogging and detailed surface mapping completed between 2024 and early 2026 have refined understanding of mineralisation controls at Maverick, identifying high-grade mineralisation as focused within a northwest-trending antiformal hinge and associated structural corridor.
Exploration undertaken during 2025 successfully tested this interpretation, resulting in the northwest expansion of the Mineral Resource Estimate. A standout drill intercept validates the Company’s evolving structural model and demonstrates the potential for continued resource growth along strike:
- 70.1m @ 160g/t AgEq from 255.1m (hole MR25-2112)
- including 22.4m @ 460g/t AgEq
The existing Mineral Resource remains open in both directions, reinforcing the resource growth runway along strike without the need to step beyond the established geological model.
The new Northern Target
Surface exploration has identified a compelling new exploration corridor extending well beyond the current Mineral Resource footprint. Recent regional rock chip sampling has defined an anomalous trend over a 2km strike-length, located approximately 4.5km north of the Maverick mineral resource area. The anomaly is associated with elevated antimony and arsenic assay results and coincident favourable alteration features, including:
- silica alteration
- decalcification
- jasperoidal brecciation
This geochemical signature has similarities to surface samples directly above the Maverick Silver Deposit, where 2025 rock chips showed elevated arsenic and antimony along with sporadic anomalous silver and gold. The similarity between the Northern Target geochemistry and the existing Maverick Deposit represents a high priority exploration target. Exploration will focus on determining whether the anomaly forms part of the same mineralising system.
Carlin-style systems explained — what the pathfinder elements signal
Carlin-style mineral systems are recognised worldwide by characteristic pathfinder element zoning. These deposits form when mineral-rich fluids move through carbonate rocks (such as limestone), leaving behind fine-grained gold and silver in altered host rocks. Pathfinder element zoning is a key exploration tool for these systems: arsenic and antimony anomalism typically occurs close to mineralisation (proximal), while mercury and thallium anomalism tends to occur further away (distal).
The Northern Target’s arsenic-antimony signature is why management considers it high priority — it mirrors what sits above the known deposit. Nevada was rated the Number 1 mining jurisdiction in the world by the Fraser Institute in 2022. The Maverick Silver Project is located 85km from the fully serviced mining town of Elko and is surrounded by several world-class gold and silver mining operations, including Barrick’s Carlin Mine. The deposit style classification remains subject to interpretation, with Carlin-type, epithermal, and carbonate replacement deposit affinities discussed by prior reviews.
The deal terms — what Sun Silver is paying
The consideration payable by Sun Silver for the acquisition of the Bayan Springs North Project is structured with upfront, deferred, and milestone-linked components:
| Payment Type | Amount | Timing / Trigger |
|---|---|---|
| Upfront cash | A$150,000 | On completion |
| Deferred cash | A$150,000 | 12 months following completion |
| Contingent payment | A$500,000 | Cash or, at Sun Silver’s election (subject to shareholder approval if required), equivalent Sun Silver shares valued at the 20-day volume weighted average price — triggered upon announcement within five years of completion of a drill intersection of at least 20m grading 100g/t AgEq or greater |
| Net Smelter Return (NSR) royalty | 1.0% NSR | Over acquired claims; Sun Silver retains the right to repurchase 0.5% (reducing the royalty to 0.5%) at any time through a one-off payment of A$2.0 million |
The structure is milestone-weighted, limiting upfront cash outlay while aligning payment with exploration success. The contingent payment is tied directly to drill results, meaning Sun Silver only pays the additional A$500,000 if a material intercept is delivered within five years of completion.
Anchor asset — the Maverick Silver Project
Sun Silver’s cornerstone asset, the Maverick Silver Project, hosts a JORC Inferred Mineral Resource that provides the foundation for the company’s exploration strategy:
- JORC Inferred Mineral Resource: 237Mt @ 45.5g/t Ag and 0.30g/t Au
- Contained: 347.2Moz silver and 2.25Moz gold
- 539Moz AgEq at 71g/t AgEq (30g/t AgEq cut-off)
The deposit itself remains open along strike and at depth, with multiple mineralised intercepts located outside the current Resource constrained model. References to metal equivalents (AgEq) are based on an equivalency ratio of 85, which is derived from a gold price of US$2,433/oz and a silver price of US$28.50/oz, being the average monthly metal pricing for the last three years, and average metallurgical recoveries of 85% for both silver and gold.
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What’s next for Sun Silver
Sun Silver’s 2026 drill programme is ongoing, with assay results expected shortly. The near-term workplan following the acquisition and staking includes:
- Compile sample data from BMM relating to Bayan Springs North Project
- Additional rock chip and systematic soil sampling to develop geochemical anomalies/targets
- Continued analysis of historic data and geological interpretation of the northern targets
- Eventual drilling of targets pending further results
Andrew Dornan, Managing Director
“Securing continuous ownership across the northwest extension of Maverick is an important strategic outcome for the Company. The acquisition and additional claim staking provide Sun Silver with control of a highly prospective corridor that has emerged through our evolving geological understanding and remains largely untested. With our 2026 drill programme ongoing and assay results expected shortly, we believe the Company is well positioned to continue demonstrating the broader scale potential of the Maverick Silver Project.”
The acquisition and staking consolidate optionality ahead of imminent drill news. The corridor is now wholly owned and largely untested, with Sun Silver controlling approximately 15 kilometres of highly prospective strike.
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