AVM hits 311g/t extension to high grade project in Mexico

Our Mexican silver Investment Advance Metals (ASX: AVM) has continued to hit high grade silver at its Gavilanes project:

1. Guadalupe y Calvo - 60.6Moz silver equivalent foreign resource estimate
2. Yoquivo - 33Moz silver equivalent JORC resource
3. Gavilanes - 22.4Moz silver equivalent foreign resource estimate at 246g/t

AVM is currently drilling at Gavilanes, the highest grade and least drilled of the three.

The first three holes of the program all hit high grade silver near surface, and the most recent two also hit broad zones of copper, gold and silver deeper down the hole.

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Today AVM released the results from hole 4 of the program.

(And you know it's an exciting drill program when the company is releasing the holes individually...)

Hole 4 hit 13.2m at 311g/t silver, including 6m at 612g/t silver, one of the strongest hits from AVM's drilling here to date.

(source)

So the silver mineralisation has continued further to the south, and all four AVM holes at Gavilanes have now hit high grade silver, with the system still open in every direction.

Holes 5 and 6 are already at the lab, and these are AVM's biggest southern step-outs yet, more than 100m further south again.

(source)

And off the back of today's broad high grade intercept, a follow-up hole is planned deeper on the same section, testing whether the copper-gold-silver zone from the earlier holes continues below today's hit.

(source)

Gavilanes sits ~23km from $13BN First Majestic Silver's San Dimas mine, which has produced 745 million ounces of silver over its history.

All of these results will feed into a maiden JORC resource for Gavilanes, targeted for Q4 this year.

You can see our prior coverage of how the drilling here has unfolded in our recent deep dive note: AVM: Drill result shows new significant copper-gold-silver discovery emerging... bring on holes 4 and 5

What we want to see next from AVM

Mexican silver projects

We want to see AVM drill out, convert its silver foreign resources into JORC compliance and then eventually increase the size of those resources.

Here are the milestones we are tracking across the three projects:

Yoquivo:

• 🔲 Resource growth drilling at Yoquivo
• 🔲 Open-pit potential assessment

Guadalupe y Calvo (GyC)

• 🔄 Drilling permits
• 🔲 Maiden drilling program, subject to permits and approvals.
• 🔲 Maiden JORC resource converting the 60.6M oz silver equivalent foreign estimate.

Gavilanes

• ✅ Sampling program on historic drillcore
• ✅ Maiden drilling program
• 🔄 Assay results - continuing with hole 4 today, holes 5 and 6 assays pending
• 🔲 Maiden JORC resource (hopefully upgrading the 22.4M ounce silver equivalent resource estimate)

(source) (source)

Victorian gold (Australia)

We also like AVM’s gold project - see our Deep Dive on the asset from our last AVM note here: We also like AVM’s Victorian gold exploration asset

At AVM’s gold project in Victoria, we want to see more assay results from all of the drilling AVM’s done over the last few months.