Silver Mines has released a Maiden Mineral Resource for Bowdens Silver Underground totalling 42.9 million ounces silver equivalent in its latest major step in advancing the globally significant silver deposit.
The estimate lies directly underneath Silver Mines’ (ASX:SVL) Bowdens Silver Open Cut Mineral Resource of 275 million ounces silver equivalent. The deposit is the largest undeveloped silver deposit in Australia, one of the largest in the world and is still growing.
The open cut project is currently in the final development approvals stage and includes 97 million ounces silver equivalent Ore Reserve.
Of the underground resources, an impressive 56% of tonnes are in the higher-confidence measured and indicated categories.
And still growing
Silver Mines additionally has outstanding prospects for future mine development across approximately 2,000 km2 of 100% held titles at its 100% owned Bowdens Silver Project, which is about 26km from the regional centre of Mudgee in NSW.
Silver Mines Limited Managing Director, Anthony McClure commented:
“Since the discovery of the three zones directly under the planned open pit, the drill-out has been hugely successful.”
That success has included an eye-popping 1,769 grams per tonne (g/t) silver equivalent intercept from 414m in the Bundarra Zone. Step-out drilling has also revealed a much greater presence of gold and zinc, including visible gold.
Drilling has also been testing high priority targets in the Aegean and Northwest zones, while seismic data returned last month identified the “Bowdens Caldera”. This data clearly defined potential system extensions and confirmed Silver Mines’ belief the Bowdens has the potential to be an operation that’s likely to run for at least 50 years.
The Northwest Zone starts only about 30m below the base of the existing open pit Ore Reserve and is a high-grade target open at depth that connects to the Aegean Zone.
McClure added: “The potential for a contiguous underground operation, in addition to the planned open pit operation, has firmed significantly as we further prove this large mineral system.
“In addition, it is very encouraging to now see a higher tenor of gold in the system as we move south and east.”
“We will now move to the completion of the underground mining scoping study.”
The Underground Mineral Resource Estimate is the result of diamond drilling of 34,942 metres and Silver Mines is keeping up its aggressive drilling campaign.
“Although Mineral Resources at Bowdens now totals over 315 million ounces of silver equivalent, both the open pit and underground resource areas remain open” McClure said.
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.
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.
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Author: Special Report
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