Andean Silver Reports 230% Resource Increase at Cerro Bayo
Key points
- 230% increase in Indicated Resources at Cerro Bayo
- $42m cash on hand
- Upcoming 60,000m drilling program planned
- Four rigs turning to continue resource growth drilling
- Matthew Allen appointed as Managing Director
Full summary
Andean Silver Limited (ASX: ASL) reported a highly successful quarter with a 230% increase in the Measured and Indicated Resource at Cerro Bayo. The company is preparing for the start of studies and a major exploration drilling campaign aimed at increasing the overall resource and establishing continuity of the known mineralisation to support feasibility studies. The updated Mineral Resource Estimate (MRE) demonstrates the success of the drilling and exploration campaigns conducted over the previous twelve months. The company has $42m cash on hand and is planning an extensive 60,000m drilling program to further de-risk the resource and update geotechnical and metallurgical data ahead of study work. Four drill rigs will be used to continue de-risking the resource and grow the resource through extensional drilling of the vein systems and testing new targets. The drilling campaign will take place in parallel with the economic studies, which are assessing various re-start mining scenarios at Cerro Bayo.
Summary generated by a large language model. Please interpret with care.