Andean Silver (ASX: ASL) announced a significant upgrade to the mineral resource at its Cerro Bayo silver-gold project, incorporating the Pegaso 7 and Cristal discoveries. The new resource estimate represents a 22% increase from the previous maiden result, now totaling 111 million ounces of silver equivalent (AgEq) grading 353 grams per tonne. The resource expansion includes 1.5 million tonnes at 408g/t for 20 million ounces AgEq, with the Pegaso 7 and Cristal deposits, located within the Laguna Verde Mine Complex (LVMC), contributing over 65% of the additions.
The resource upgrade continues Andean Silver’s growth trend following an aggressive drilling and exploration strategy. Since acquiring the Cerro Bayo project in February 2024, the company has grown the mineral resource by approximately 439%. Drilling during the quarter at the LVMC focused on expanding existing resources at the Coyita North deposit and defining deeper mineralized shoots within Pegaso 7. Exploration at Cristal has identified a broad mineralized area underpinned by multiple adjacent subsidiary zones, which the company believes hold significant potential for future open pit optimization. Andean has also commenced a large geophysical survey to explore for extensions of the mineralized system north of the Sinter Hill prospect. The company hopes to identify intact epithermal mineralized zones below extensive vein networks.
