Special Report: Silver Mines’ latest infill drilling results have identified strong potential for improved pit design and the conversion of more tonnage and grade mineral resources to ore reserves.
The infill drilling of particular sections of the Bowdens silver deposit was completed as Silver Mines (ASX:SVL) works towards an update of its resource and reserve statements, both due in Q3 2024.
Already the largest undeveloped silver deposit in Australia and one of the largest in the world, Bowdens existing resource is 396Moz silver equivalent.
The most recent campaign included extensions of up to 80 metres vertically and 130 metres laterally from the base of Bowdens planned open pit in the south of Main Zone, which are likely to simplify future pit designs and lower the strip ratio.
A total of 14 holes for 2,228.4 metres were completed between March and May 2024.
Highlights from the latest infill results include 14 metres at 105 grams per tonne (g/t) of silver equivalent (59g/t silver, 0.71% zinc and 0.26% lead) from only 11 metres.
Another top hit was 70m at 68g/t of silver equivalent (18g/t silver, 0.20g/t gold, 0.44% zinc and 0.32% lead) from 98 metres, which included 13 metres at 153g/t of silver equivalent.
High-grade gold was also returned from multiple holes, which extend the Southern Gold Zone east (40 to 80 metres) and up dip (170 metres) into the open pit area.
As part of the campaign, significant intersections of mineralisation were identified just outside the current planned open cut pit design.
These were areas where resources are estimated to contain more than 60g/t silver, yet fell outside of the current reserve, and include several areas where possible improvements could be made to potentially convert greater tonnage and grade to reserves.
Key to this aim is the “nose” of the deposit, which straddles the west of Main Zone and is above the Southern Gold Zone.
Localised open pits
Secondary to the objective of infill drilling is an area above the Southern Gold Zone where smaller and localised open cut pits are planned to the south and southwest of the area targeted.
High grade intercepts from these areas included 108.9 metres at 35g/t silver equivalent from just 3.1 metres, including 2.9 metres at 144g/t silver equivalent from only 3.1 metres.
This round of drilling back up results from bulk sampling and blast works earlier this year which also demonstrated Silver Mines is sitting on significant upside potential.
Silver Mines has now finalised drilling at the Bowdens silver deposit while project optimisation work is underway.
Since January 2020 the company has completed nearly 78,000 metres of primarily diamond drilling in extensional and exploration drilling programs which have results in the MRE updates released in 2022 and 2023.
Exploration is now focussing on achieving access to regional targets, including the historical Coomber discovery and the Bara Creek Prospect, at a time of rising demand for silver.
This article was developed in collaboration with Silver Mines, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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