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Highlights
- Diamond Drilling Commences: Over 2,000 metres of core drilling initiated.
- Potential for Reserve Growth: New findings suggest significant extensions of high-grade mineralization.
- Strategic Advancements: Enhanced mine design and potential for extended mine life.
Silver Mines Limited (ASX:SVL) has recently launched a significant diamond drilling program at its Bowdens Silver Project, aiming to advance approximately 2,000 metres of PQ and HQ core drilling. This initiative, part of the Geo-Met Program, is designed to collect essential samples that will be crucial for the first decade of production. The samples are expected to enhance processes in concentrate manufacturing, transportation certification, and tailings processing optimization.
The focus of the drilling is on the Main Zone, a key area with the potential to augment the current Ore Reserve Estimate, which stands impressively at 32.8Mt containing 71.7Moz of silver. Early interpretations from the ongoing efforts suggest that there might be substantial extensions to high-grade mineralization beneath the existing open pit design. This could potentially increase the ore reserve significantly, with some notable intercepts such as 3 meters at 286g/t silver, along with zinc and lead percentages in BGR050, and 5 meters at 60g/t silver with additional gold, zinc, and lead in BD24007.
Jo Battershill, Managing Director of Silver Mines, expressed enthusiasm about the new drilling campaign. He noted that the findings from the Mineral Resource and Ore Reserve Estimates released in December 2024, in conjunction with an Optimisation Study, are driving the company towards finalizing mine designs and product specifications. This program is crucial for gathering data that will be invaluable to potential off-take partners and for the analysis of final tailings.
The current efforts are not just about extending the life of the mine, which already boasts a robust 16½ years projection, but also about enhancing the quality and potential yield of the mine. Infill drilling in areas previously identified as having lower drill hole density has consistently improved data continuity and demonstrated potential for upgrading resource grades. The expanded drilling could potentially increase the depth of the open pit by an additional 50 metres across a strike length of approximately 500 metres.
Silver Mines Limited remains a standout entity in the global silver sector, particularly given its strategic position in a tier-one jurisdiction. With these expanded exploration and drilling efforts, the company solidifies its position as a leader in the development of silver resources, providing a compelling narrative for both current stakeholders and potential investors.
