The All Ordinaries Index (ASX: XAO) is down 0.4% in Tuesday morning trade, but that’s not holding back this ASX All Ords silver share.
The outperforming miner in question is Andean Silver Ltd (ASX: ASL).
Andean Silver shares closed yesterday trading for $1.83. At the time of writing, shares are swapping hands for $1.86 apiece, up 1.6%.
This outperformance follows a promising exploration update from the company’s Cerro Bayo Silver-Gold Project, located in Chile.
Here’s what we know.
ASX All Ords silver share lifts on bonanza-grade silver-gold results
The Andean Silver shares price is marching higher today after the miner reported that it has defined a “highly prospective” new area at Cerro Bayo.
The ASX All Ords silver share said the area has the potential to host a major silver-gold system, rather than isolated vein occurrences. And the new trend, named the Juanita Prospect, is situated just six kilometres from the Laguna Verde processing facility.
Noting that mineralised breccia zones were observed with widths up to 18 metres, some of the top initial outcrop mapping and rock chip sampling of these zones returned results that included:
- 62,663g/t silver equivalent (25,047g/t Ag & 453.2g/t Au) or 755g/t AuEq
- 41,489g/t silver equivalent (37,024g/t Ag & 53.8g/t Au) or 500g/t AuEq
Andean Silver said that prior historic scout drilling and channel sampling programs conducted in this area hadn’t comprehensively tested the high-grade breccia zones, with only five holes and channels intersecting parts of this higher-grade system.
The ASX All Ords silver share is now progressing with geological mapping and sawn channel sampling along the two-kilometre-long Juanita trend to further define the extent of the high-grade silver gold mineralisation prior to drill testing the zone.
What did Andean Silver management say?
Commenting on the results helping lift the ASX All Ords silver share today, Andean Silver managing director Matthew Allen said, “Juanita is emerging as a potentially significant silver-gold prospect.”
Allen added:
Its mineralisation differs from the vein-style deposits common across the company’s tenure, with high-grade silver and gold occurring over a substantial strike length and through multiple mineralising events.
Juanita historically has remained underexplored for 20 years due to the subtle surface expression of the system exposed on surface and limited intersection in historic scout drilling.
Juanita represents a third new large exploration area identified outside the existing resources at the Cerro Bayo Project, which include the Guanaco and Droughtmaster corridors, building Andean’s future prospect pipeline.
With the miner reporting $53.4 million in cash at the end of the March quarter, it said it is well-funded for the growth drilling and future feasibility works ahead.
The post Why is this ASX All Ords silver share jumping higher in Tuesday’s slumping market? appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.