Happy Valley is just the opening act in Advance Metals’ Myrtleford story. The prospect sits within a 13km-long trend bristling with historic workings.
The company has saved the remaining four holes of the current program for two targets called Queen of the Hills and Sheard’s Reef, which have been completely untouched by modern drilling.
Respectively sitting immediately to the southeast and northwest of Happy Valley, both targets have shown strong surface rock chips and a track record of high-grade historic production.
While pushing forward with its Victorian project, Advance has also been busying itself with work on its significant silver interests in Mexico.
The company’s broader in-country portfolio includes a three-project lineup of Yoquivo, Guadalupe y Calvo and Gavilanes, which collectively host a substantial 100 million ounces of silver equivalent in resource, which is still considered a foreign estimate.
Given the stellar performance of silver prices in the past year, currently topping US$44.5 (A$67) per ounce, the company is rushing to convert the foreign estimates into a JORC-compliant resource.
Guadalupe y Calvo is the biggest of the prospects and comprises a non-JORC compliant foreign estimate of 9.5 million tonnes grading 2.7g/t gold-equivalent for 816,000 ounces gold-equivalent or 60.6 million ounces silver-equivalent.
The company’s Yoquivo project, about 245km northwest of Guadalupe y Calvo, sits on 17.23 million ounces of silver-equivalent in foreign estimates, while its Gavilanes project in the state of Durango hosts 22.4 million ounces of silver-equivalent.
Advance now finds itself with one foot planted firmly in Victoria’s high-grade goldfields and the other in Mexico’s silver-rich Sierra Madre, giving it a rare dual exposure to two of the world’s most prolific precious metals belts.
With assays still to drop and fresh drilling underway at its Myrtleford project, the company looks primed to keep the news flow – and punters’ attention – running hot.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
