Silver Mines (ASX:SVL) has announced promising results from bulk sampling and blast works at its Bowdens project in New South Wales (NSW), indicating significant upside potential for the company.
The high-grade results stem from blast hole drilling conducted as part of ongoing optimization work and ore-sorting trials. The Bowdens project already boasts the largest undeveloped silver deposit in Australia, with an existing resource of 396 million ounces of silver equivalent.
The blast hole drilling, carried out under a NSW Resources Regulator approved exploration program, was strategically designed within the framework of ongoing optimization work and ore-sorting trials. Samples were taken from both high and low-grade mineral resource estimate (MRE) blocks in the southern part of Bowden’s Main Zone, with high-grade assays averaging 43% higher than block model grades.
The current MRE was last updated in March 2023, and the recent assays highlight the potential for upside growth in the current MRE and Bowdens mining scenarios. Notably, one-meter assays of blast holes returned results of 671g/t silver equivalent and 549g/t silver equivalent, indicating significant mineralization potential.
Bulk samples totaling 21 tons were meticulously taken from three sites for optimization and mine development studies. Drilling and sampling were conducted at one-meter intervals on a grid of six-by-six holes, spaced 2 meters apart and drilled to a depth of 3 meters each.
Mineralization was observed to be associated with high concentrations of silver in small veins and fractures, consistent with the entire Bowdens deposit.
SVL’s Chief Executive, Jo Battershill, expressed satisfaction with the results, emphasizing the quality of Bowdens’ mineralized system and the potential for significant upside in mining scenarios. Battershill also hinted at the forthcoming feasibility study update, signaling progress towards the proposed development of the Bowdens silver mine.
The latest results complement previous exploration efforts, which have identified additional high-grade mineralization in the Southern Gold Zone and Bundarra Zone. Silver Mines is well-financed to pursue its development plans for Bowdens following an oversubscribed $8 million placement and a $2 million share purchase plan.
In addition to updating the MRE and completing the feasibility optimization study, SVL continues its exploration efforts across its NSW tenements and ensures adequate working capital for ongoing operations.
