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Highlights
- 22% Increase in Silver Resources: Andean Silver reports substantial growth in resources at the Cerro Bayo project.
- New Discoveries at Pegaso 7 and Cristal: Initial findings highlight significant potential at new zones.
- Sustained Exploration Success: Continued exploration strategy underscores Andean Silver's strong future prospects.
(ASX:ASL) Andean Silver has announced a remarkable 22% increase in mineral resources at its Cerro Bayo silver-gold project located in Chile, marking a notable success in its aggressive exploration efforts. This growth has elevated the project’s total silver equivalent resources to 111 million ounces, with a high-grade average of 353 grams per tonne. The increase stems primarily from the inclusion of new findings at the Pegaso 7 and Cristal zones, discovered since the company's acquisition of Cerro Bayo in February of the previous year.
The updated resource estimate is the first to include exploration results from zones drilled by Andean Silver since the project's acquisition. Tim Laneyrie, the company's Chief Executive, expressed excitement over the results, which not only confirm the project's substantial scale and high-grade quality but also hint at significant potential for further expansion. "The outstanding results provide firm evidence of substantial untapped upside within the project," Laneyrie stated.
With mineralization still open along strike and down plunge, Andean Silver has identified a robust pipeline of greenfield targets for future exploration. These findings offer a clear pathway for rapid resource growth and a prolonged exploration horizon to fully leverage the project’s potential. The company is well-positioned financially to continue its drilling programs and advance these targets.
Particularly noteworthy are the initial resource estimates for the Pegaso 7 and Cristal areas within the Laguna Verde Mine Complex, which contribute over 65% of the recent additions to Cerro Bayo's resource tally. The exploration team at Andean Silver has tested less than half of the known mineralization strike at Pegaso 7, focusing on high-grade underground vein potentials within the central structure corridor.
Despite the extensive exploration already undertaken, significant quantities of vein and stockwork intercepts remain untested within 300 meters of the central corridor, offering additional prospects in cross-cutting and parallel zones. This underexplored area holds the promise of further enhancing the project’s resource base, cementing Cerro Bayo’s status as a premier silver-gold mining location.
Andean Silver's ongoing exploration successes at Cerro Bayo not only solidify its resource base but also frame an exciting growth narrative for the company in one of Chile’s leading mining regions. The firm's strategic focus on systematic resource expansion and potential development opportunities continues to position it favorably for future advancements in the silver-gold mining sector.
