Silver Mines delivers deepest ‘bonanza’ grade silver hit yet at Bowdens project
Link copied to
Silver Mines has reported an unbelievable 1,769 grams per tonne (g/t) silver equivalent intercept from 414m deep at the Bowdens project, proving the silver riches at the NSW-based project extend well beyond the surface.
Silver Mines’ (ASX:SVL) Bowdens silver project continues to reveal its strong potential to be both an open pit and underground operation, with the company returning the deepest high-grade intercept so far in current drilling.
Drilling has been testing for extensions to the Bundarra Zone beneath the Bowdens open pit and has not disappointed, throwing up an eyewatering 1m at 1,769g/t silver equivalent (1,600g/t silver, 1.15% zinc, 3.11% lead, 0.04% copper and 0.04g/t gold) from 414 metres.
This came from within a broader intercept of 4.6m at 460g/t silver equivalent (388g/t silver, 0.72% zinc, 0.96% lead) from 411m.
Other top hits from the Bundarra Zone, which remains open in several directions, comprised 4m at 505 g/t silver equivalent (68 g/t silver, 6.56% zinc, 3.33% lead and 2.97 g/t gold) from 237 metres, 8m at 248g/t silver equivalent (13g/t silver, 4.45% zinc) from 233m; 16m at 147g/t silver equivalent (16g/t silver, 1.92% zinc and 0.88% lead) from 457m.
Silver Mines is in the process of delivering a maiden underground Mineral Resource, with drilling also testing other targets such as the Aegean and Northwest zones.
The Northwest Zone starts about 30m below the base of the existing open pit Ore Reserve, which has already established Bowdens as the largest undeveloped silver deposit in Australia and one of the largest in the world.
The Northwest Zone is a high-grade target open at depth that connects to the Aegean Zone.
Latest results from the drilling of this zone comprise 15m at 230g/t silver equivalent (177g/t silver, 0.15% zinc and 1.36% lead) from 178m and 18m at 130g/t silver equivalent (88g/t silver, 0.18% zinc and 0.99% lead) from 148m.
Silver Mines is in the final stages of development approval for a 2-million-tonne-per-annum open pit operation that would have an initial mine life of 16.5 years producing about 66 million ounces of silver, 130,000 tonnes of zinc and 95,000 tonnes of lead.
“This latest drilling further demonstrates a vast mineral system that is underexplored and a continued silver system morphing into other elements including zinc, gold and copper,” managing director Anthony McClure said.
“It’s looking to be an operation that’s likely to be in development in 50 years, it’s that sort of system.”
The results come just over a week after the restart of drilling at Silver Mines’ highly prospective Barabolar project just 10km from Bowdens.
Results from ongoing drilling beneath the open pit Ore Reserve will form the basis for a Mineral Resource estimate as part of a scoping study into underground mining scenarios. The underground Mineral Resource is expected to be finalised in the current quarter.
The progress at Bowdens comes as analysts forecast massive growth in silver demand in the coming decades thanks to the precious metal’s use in clean energy technology such as solar panels and electric vehicles.
Silver Mines currently has two drill rigs on site working at the Bowdens project and one rig at the Barabolar project.
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.