- Silver Mines owns and explores critical gold and silver projects within Australia, generating strong value for its shareholders. It registered a 6-Month return of ~123.5% as on 27 October 2020
- 4,000 metres RC drilling program commenced at Tuena Gold Project and will target historic hard-rock gold workings
- Ongoing diamond drilling program at Northwest High-Grade Zone in the Bowdens Silver Project intersects high-grade Silver mineralisation
The owner of the largest Australian silver project Silver Mines Limited (ASX:SVL) has caught the eyes of the investors on the bourses. The increased interest in the share is backed by the accelerated exploration activities at the Bowden Silver project, the Tuena project and the rising silver prices. The company aspires to emerge as the next silver and gold mining firm operating premium mineral projects across Australia.
SVL share price benefited from the strong rally in the commodity prices as well the major exploration milestone achieved at its premium projects. Silver Mines Limited traded at $0.200 a share on 27 October, registering a 6-month return of almost 123.5%, with a market capitalisation of $210.42 million.
Silver mines portfolio includes a strong arsenal of highly prospective mineral projects in Tier-1 mining jurisdictions. Here are the mineral projects-
- Bowdens Silver Project
- Barabolar Cu-Au-Ag Project
- Tuena Au-Ag Project
- Webbs Ag Project
- Conrad Ag Project
Source: Silver Mines Annual Report FY20
SVL(ASX) is focussed on creating strong values for its shareholders underpinned by pursuing compelling acquisition opportunities, exploration, and development of premium silver projects. Silver Mines has already submitted the Development Application and associated Environmental Impact Statement for the Bowdens Silver project.
4,000 metres Drilling at the Tuena Gold project
Silver Mines on 12 October announced the commencement of a Reverse Circulation (RC) drilling program at the Tuena Gold Project, located 80 kilometres from Orange in New South Wales. The drilling program was proceeded by approval by the government and the land holders for the 20-hole maiden drilling program at the highly prospective underexplored targets at Tuena. The additional deeper diamond drilling program will follow up on receiving positive results at the deposit.
Regional Setting of the Tuena Gold Project Source: Silver Mines ASX 12 October 2020
The drilling program will test the historic hard-rock gold workings and associated geochemical anomalies along with the major 5.4X1.5 kilometres shear complex.
A reconnaissance mapping, rock sampling, geochemical program and an extensive magnetic survey has already been completed at Tuena. More than 15 individual zones have already been identified with gold anomalies associated with historical workings. The rock sampling program returned gold grades up to 76.4 g/t gold at Peeks Reef complemented by high grade results at Cooper & McKenzie and the Eastern Prospects.
High Grade Silver Mineralisation intercepted at Bowdens
On 8 October, Silver Mines had announced high grade assay results from the on-going diamond drilling program at the Bowdens Silver Project. The drilling program targeted the Northwest High-grade Zone down plunge and tested the extensions of the existing mineral resource.
Source: Silver Mines ASX 12 October 2020
The assay results highlighted the discovery of broad high-grade gold assays in the Northwest High-Grade Zone. The drilling results feature extensions of the Northwest High-Grade Zone with 1 to 15 metres thickness and 200 metres width continuing down dip for at least 250 metres. The zone presents an opportunity for further expansion in future.
Suggested Reading: Silver Winds to Follow The Gold Rush Ahead?
The diamond drilling program had commenced in July with the objective to test high-grade infill and extension silver mineralisation at Bowdens Silver Project.
All financial information pertains to Australian Dollar unless stated otherwise.