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Silver Mines gets huge boost to Bowdens Mineral Resource Estimate
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Silver Mines has upgraded the Mineral Resource Estimate at its 100% owned Bowdens Silver Project to 200 million tonnes at 62 grams per tonne (g/t) silver equivalent – a 56% increase in total tonnes and a 44% lift in total silver equivalent ounces.
Silver Mines has upgraded the Mineral Resource Estimate at its 100% owned Bowdens Silver Project to 200 million tonnes at 62 grams per tonne (g/t) silver equivalent – a 56% increase in total tonnes and a 44% lift in total silver equivalent ounces.
Importantly, the higher confidence Measured and Indicated Mineral Resource categories are 79% of total Mineral Resource estimate tonnage.
Silver Mines (ASX:SVL) will now use this Mineral Resource Estimate (MRE) to optimise its open-cut mine studies and drive Mineral Resource to Ore Reserve conversion.
The news comes as the company counts down to a final development approval development approval for the Bowdens open pit project, already the largest undeveloped silver deposit in Australia and one of the largest in the world.
The final development approval is expected in the coming week from the NSW Independent Planning Commission, after the New South Wales Department of Planning and Environment (DPE) announced it had assessed the project as being in the public interest and approvable.
Gold in the zone
The Mineral Resource Estimate includes 19 million tonnes at 0.31 g/t gold for 190,000 ounces of gold (at a 0.2g/t gold cut-off) and the update to the MRE comes just days after SVL announced the expansion of at Southern Gold Zone.
The addition of gold to the MRE adds significant value to the project and is one of the pointers to the further growth potential of the project as the yellow metal is associated with a silver-rich electrum (a natural alloy of gold and silver).
Scope for longer life
Silver Mines Limited Managing Director Anthony McClure said:
“The significant increase in the Mineral Resource at Bowdens Silver is an outstanding result and further demonstrates the quality of the project’s substantial mineralised system.
“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 optimisation 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 company is far from resting on its silver and gold laurels, with two diamond core rigs drilling on site. The Bowdens Silver Deposit is still very much open with further increases likely. SVL is also exploring regional targets defined by the 2022 seismic survey.
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.
