Silver Mines Ltd (ASX:SVL) has fielded a maiden mineral resource of 42.9 million ounces of silver equivalent for Bowdens Underground Zone of the Bowdens Silver Project in New South Wales, bringing the total project resource to 315 million silver equivalent ounces.
Of the 42.9 million ounces, 56% sits in the measured and indicated categories, a strong indication of confidence in the resource.
The new estimate comes from an area directly beneath the Open Cut mineral resource, itself a 275-million-ounce endowment, holding 97 million ounces of silver equivalent in the ore reserve category.
Potential for more ounces
“Since the discovery of the three zones directly under the planned open pit, the drill-out has been hugely successful,” Silver Mines managing director Anthony McClure said.
“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.
“We will now move to the completion of the underground mining scoping study.
“Although mineral resources at Bowdens now total over 315 million ounces of silver equivalent, both the open pit and underground resource areas remain open.
“In addition, it is very encouraging to now see a higher tenor of gold in the system as we move south and east.”
The underground scoping study will assess potential underground mining scenarios beneath the planned open-pit development, which is currently in the final stages of the approval process.
SVL will also continue to drill mineralised zones, intending to convert higher grade portions of the deposit, extend existing resources and discover new deposits near proposed operations.
The scoping study will be undertaken by:
- GR Engineering Services Limited - project lead and engineering;
- Entech Pty Ltd - mine design;
- KYSPYmet - metallurgy; and
- Neville Bergin - project management.