The mineral resource estimate for Silver Mines Limited’s Bowdens Silver Project, located near Mudgee in New South Wales, has been upgraded to 200 million tonnes at 62g/t silver equivalent for 396 million ounces.
The mineral resource estimate includes 19 million tonnes and 0.31 g/t gold for 190,000 ounces 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 updated mineral resource is the result of additional drilling conducted by Silver Mines (132 drill holes for 53,190 metres) over the past five and a half years. This additional information comprises 123 diamond core holes for 49,150 metres, 8 reverse circulation drill holes with diamond tails for 3,867 metres and one reverse circulation drill hole for 173 metres.
In comparison to the 2017 Mineral Resource estimate, the updated Mineral Resource estimate is a 56 per cent increase in total tonnes, a 16 per cent increase in silver ounces and a 44 per cent increase in silver equivalent ounces, with an 8 per cent decrease in silver equivalent grade.
The 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.
The updated Mineral Resource estimate will be used to optimise open-cut mine studies and drive Mineral Resource to Ore Reserve conversion.
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.”