Sun Silver Locks Up 15km Silver Corridor With Only 2.5km Drilled So Far
Sun Silver locks up 15km silver corridor with Bayan Springs North acquisition and 106 new claims
Sun Silver Limited (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), whilst simultaneously staking 106 additional lode mining claims. Together, these transactions secure continuous, uninterrupted ownership across the emerging northwest corridor of the Maverick Silver Project in Nevada, USA. The land position now controls approximately 15km of prospective strike, of which only ~2.5km has been drill tested. The acquisition is subject to customary completion conditions.
Key figures:
- Bayan Springs North: 116 lode claims, ~9.70km²
- Newly staked: 106 lode claims, ~8.86km²
- Combined strike controlled: ~15km (only ~2.5km drill tested)
- Anchor asset resource: 539Moz AgEq
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Why the northwest corridor matters
The acquisition and staking link the existing Maverick Silver Deposit with a newly defined Northern Target, giving uninterrupted control of the entire interpreted mineralised corridor. Drilling, geological relogging, and detailed surface mapping completed between 2024 and early 2026 have fundamentally refined the company’s understanding of mineralisation controls at Maverick. This work identified high-grade mineralisation as being 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 of 70.1m @ 160g/t AgEq from 255.1m (including 22.4m @ 460g/t AgEq from hole MR25-211, per 2 July 2025 announcement) further validated the evolving structural model and demonstrated potential for continued resource growth along strike. The existing Mineral Resource remains open in both directions.
The Northern Target
Recent regional rock chip sampling has identified a compelling new exploration corridor extending well beyond the current Mineral Resource footprint. The work defined a 2km arsenic-antimony anomaly located approximately 4.5km north of the Maverick resource area. This pathfinder signature is consistent with the 539Moz AgEq Maverick Deposit and characteristic of Carlin-style systems.
The anomaly is associated with:
- Silica alteration
- Decalcification
- Jasperoidal brecciation
Exploration will focus on determining whether the anomaly forms part of the same mineralising system.
Understanding Carlin-style silver systems
Carlin-style systems, also known as sediment-hosted systems, occur when mineralisation is deposited within carbonate or sedimentary rocks through low-temperature hydrothermal fluids. These systems are recognised worldwide by characteristic pathfinder element zoning. Arsenic-antimony anomalism commonly occurs proximal (close) to mineralisation, whilst mercury-thallium anomalism occurs more distally (further out).
In this case, the Northern Target geochemistry mirrors surface samples directly above the known Maverick Deposit. Because the pathfinder signature matches, this flags a high-priority target worth drill testing. For investors, the geochemical similarity de-risks the greenfields target and points to scale potential beyond the current resource footprint.
The deal terms and consideration
The consideration payable by Sun Silver for the acquisition of the Bayan Springs North Project comprises a mix of cash, contingent milestone payments, and a Net Smelter Return (NSR) royalty.
| Consideration Component | Detail |
|---|---|
| Cash on completion | A$150,000 |
| Cash 12 months after completion | A$150,000 |
| Contingent milestone payment | A$500,000, payable in cash OR at Sun Silver’s election (subject to shareholder approval, if required) in Sun Silver shares valued at the 20-day VWAP, triggered upon announcement within five years of completion of a drill intersection of at least 20 metres grading 100g/t AgEq or greater |
| NSR royalty | 1.0% Net Smelter Return over acquired claims; Sun Silver retains the right to repurchase 0.5% (reducing the royalty to 0.5%) via a one-off A$2.0 million payment |
The Maverick Silver Project at a glance
The Maverick Silver Project is Sun Silver’s cornerstone asset, located 85km from the fully serviced mining town of Elko in Nevada. The project is surrounded by world-class gold and silver mining operations including Barrick’s Carlin Mine and sits proximal to the prolific Carlin Trend. Nevada was rated the Number 1 mining jurisdiction in the world by the Fraser Institute in 2022.
The project hosts a JORC Inferred Mineral Resource (per 9 December 2025 announcement):
- 237Mt (237.3Mt) grading 45.5g/t Ag and 0.30g/t Au
- 347.2Moz contained silver
- 2.25Moz contained gold
- 539Moz contained silver equivalent (71g/t AgEq)
- Deposit remains open along strike and at depth
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What comes next
The 2026 drill programme is ongoing, with assay results expected shortly. Forward workstreams include:
- Compilation of BMM’s sample data from Bayan Springs North
- Additional rock chip and systematic soil sampling to develop targets
- Continued analysis of historic data and geological interpretation of the northern targets
- Eventual drilling of targets pending results
Only approximately 2.5km of a 15km corridor has been drill tested, framing significant untested upside.
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 claim staking position Sun Silver with continuous control of a largely untested, highly prospective corridor with near-term drilling catalysts.
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