The new resource of 423 million ounces at 67.25 grams per tonne silver equivalent uses a cut-off grade of 30.86gpt silver equivalent and compares to a previous resource of 292Moz at 72.4gpt silver equivalent.
Looking at silver content only, Maverick Springs’ new resource is 253Moz at 40.25gpt.
Sun Silver executive director Gerard O’Donovan said Maverick Springs was now the largest pre-production primary silver asset on the ASX, and the resource upgrade was “just the beginning” of the company’s plans for the area.
The company can see big potential for further growth at the project given the resource is still open in all directions.
It recently kicked off an extensional drilling program, with work focused on the northwest section of the property at which historical drilling struck grades of up to 6216gpt silver.
Sun Silver’s inaugural drilling work in the area was not used to define the new resource, which was based entirely on historical data and re-modelling work.
The explorer has had a solid run since listing on the local bourse back in May.
Swamped with interest for its A$13 million IPO, Sun Silver shares, which it issued at 20c, more than doubled on its first day of trading.
The stock has since held levels between 40c and 56c and was up 13% to 65c on the back of Wednesday’s resource update, capitalising it at higher than $40 million.
Sun Silver had cash reserves of circa $6.6 million at the end of June.
