Silver Mines has hit the highest grade silver drilled in the Aegean Zone at the 100% owned Bowdens Silver Project in NSW so far, with six metres at a whopping 1,251g/t silver and 0.18% lead from 335 metres. That is over 40 ounces silver per tonne!
Within that hit, an individual one metre intercept was returned at an eye-watering 6,264g/t silver (over 200 ounce silver per tonne). The drill result is on the very edge of Silver Mines’s Underground Mineral Resource Estimate (MRE), updated in March to 42.9 million ounces silver equivalent. The latest results add to the company’s confidence that the high-grade mineralisation extends beyond the already substantial current Ore Reserve.
SVL is now looking forward to receiving other assays still pending from the drill program, while also undertaking a significant optimisation program to update the Feasibility Study on the recently approved Bowdens open-cut project. At a massive 396 million ounces of silver equivalent Mineral Resource, the project is Australia’s largest undeveloped silver deposit and one of the largest in the world.
The Underground MRE Update showed clearly that the other two zones beneath the open-cut project – Northwest and Bundarra – also remain open in various orientations and all three zones continue to be targets for diamond drilling.
The latest batch of promising assays additionally included, from the Bundarra Zone, 156 metres at 75g/t silver equivalent (34g/t silver, 0.27% zinc, 0.34% lead and 0.19g/t gold) from 169m, including 2m at 926g/t silver equivalent (850g/t silver, 0.24% zinc, 1.70% lead and 0.06g/t gold) from 189m.
The results announced today were from continued exploration drilling during the second half of 2022 testing for extensions to higher-grade mineralisation outside the current planned open-cut pit design as well as for extensions to the Southern Gold Zone.
More discoveries likely
Now the open-cut Bowdens Silver Project has received its final development approvals, the company is expanding its regional exploration programs, with two diamond drill rigs on site testing for further extensions.
Targets currently include extensions to the Underground Mineral Resource estimate (below 200 metres) where it remains open, including the highly prospective Southern Gold Zone, and regional exploration targets as defined by the 2022 seismic survey. Bowdens Silver is well-funded for its extensional exploration with over $20 million in the can.
The drilling program continues while the expanded seismic survey is in the planning stage. Previous seismic work identified the “Bowdens Caldera” which identified significant drill targets and greatly improved the company’s understanding of the deposit. Further discoveries are likely.