Guess which ASX mining stock is rocketing 16% on a new discovery

Investors are getting excited about this announcement.

The Sun Silver Ltd (ASX: SS1) share price is catching the eye of investors on Tuesday morning.

At the time of writing, the ASX mining stock is up a sizeable 16% to 53 cents.

Man in mining hat with fists raised and eyes closed looking happy and excited about the Newcrest share price

Image source: Getty Images

Why is this ASX mining stock rocketing?

Investors have been fighting to get hold of the silver and gold explorer this morning after it released an update on the Maverick Springs Silver-Gold Project in Nevada, United States.

According to the release, the company has identified an outstanding high-grade target zone within the north-western section of the "globally significant" project.

The ASX mining stock notes that the high-grade target zone was defined as part of an ongoing comprehensive review of historical data, drill material, and recent field activities. During these reviews, the company's team has uncovered exceptional high-grade silver intervals in multiple historic drill-holes of up to 6,216g/t Silver (Ag).

Management highlights that these zones are significant as they lie on the north-western boundary of the defined mineralised zone. Furthermore, the grades and intercept widths are significantly larger than the average grades and intercepts of the current JORC modelled mineral resource.

In addition, recent fieldwork has identified rocky outcrops and pathfinder elements up to 1.2 km from the current defined mineralisation boundary in the North-West. It believes that this supports the theory that potential resource extensions may be located in this area.

But it gets better. Management points out that the absence of rocky outcrops within the current mineralised zone excites the team about the possibility of surface mineralisation in the north-west area of the property.

Sun Silver's exploration team is now finalising drill-hole locations to target the high-grade zone as well as extensional targets along trend.

It notes that definition and mapping of these high-grade intercepts near the north-western corner has guided the exploration team in targeting continuation of mineralisation along-trend but also focusing on higher grade areas as part of its inaugural drilling campaign.

'Boosted confidence'

The ASX mining stock's executive director, Gerard O'Donovan, was very pleased with the news. He said:

Defining this high-grade zone and generating inaugural drill targets validates our diligent analysis of crucial data and drill information at Maverick Springs. Mapping high-grade results near the north-western border of the current Resource has boosted confidence in potential for extension of mineralisation beyond defined boundaries and the potential for discovering higher grades. We look forward to testing these theories in our upcoming inaugural drill campaign.

Motley Fool contributor James Mickleboro 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.

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