Silver Mines Limited (ASX:SVL) has released a significant update on Mineral Resources for the Bowdens Silver Project located near Mudgee in New South Wales.
The Bowdens Mineral Resource Estimate has been updated by H&S Consultants using both Multiple Indicator Kriging, Ordinary Kriging and the reporting is compliant with the 2012 JORC Code and Guidelines.
Highlights
• The Bowdens Silver Deposit Mineral Resource estimate for all categories has been upgraded to: 200Mt @62g/t silver equivalent (Ag Eq) (29g/t Ag, 0.37% Zn, 0.26% Pb, 0.07g/t Au at a 30g/t Ag Eq cut-off) for 396Moz Ag Eq.
• Compared to the 2017 Mineral Resource estimate this resource represents a: 56% increase in total tonnes and 44% increase in total silver equivalent ounces
• Measured and Indicated Mineral Resource categories are 79% of total Mineral Resource estimate tonnage.
• The updated Mineral Resource estimate will be used to optimize open-cut mine studies and drive Mineral Resource to Ore Reserve conversion.
• The Mineral Resource estimate includes 19Mt @0.31 g/t gold for 190,000oz of gold (at a 0.2g/t gold cut-off).
• The addition of gold to the Mineral Resource Estimate adds significant value to the project.
“The significant increase in the Mineral Resource at Bowdens Silver is an outstanding result and further demonstrates the quality of the Project’s substantial mineralized system,” Managing Director, Anthony McClure, said.
“In what was already Australia’s largest known undeveloped silver deposit, this further increase is exceptional. We will now move rapidly in our Ore Reserve assessment as part of the optimization of the Project’s Feasibility Study in lead up to the proposed Bowdens Silver mine development.
“The high component of Measured and Indicated Mineral Resources reflects increased geological confidence and provides considerable scope in delivering further project longevity. This result validates our programs in delivering value for our shareholders, to the State of New South Wales, our local communities and other stakeholders.”
The updated Mineral Resource is the result of additional drilling conducted by Silver Mines (132 drill holes for 53,190m) over the past five and a half years. This additional information comprises 123 diamond core holes for 49,150m, eight reverse circulation drill holes with diamond tails for 3,867m and one reverse circulation drill hole for 173m.
Comparison with Previous estimates
In comparison to the 2017 Mineral Resource estimate, the updated Mineral Resource estimate is a 56% increase in tonnes, a 16% increase in silver ounces and a 44% increase in silver equivalent ounces, with an 8% decrease in silver equivalent grade. This decrease in silver equivalent grade is a result of significant tonnages that contain lower grade silver but include gold and increases in base metals (zinc and lead) in the deposit below the existing proposed pit design.
For further information please visit: https://www.silvermines.com.au/
