Silver Mines Ltd is set to begin drilling at the Elsienora Project in New South Wales, targeting gold and silver mineralisation at the Cuddyong, Pickers Prospect, Nobbs Reef and the Elsienora prospects.
Historical drilling results have generated grades of up to 29 metres at 1.53 g/t gold from surface, 8 metres at 3.14 g/t gold from 30 metres of depth and 21 metres at 0.89 g/t gold from 207 metres.
A review of previously completed exploration data has highlighted the Picker Prospect as a particularly promising target, with “McPhillamys” style gold mineralisation.
The McPhillamys Gold Project is one of the largest undeveloped open-pit gold resources in Australia, situated in the same Lachlan Fold Belt of New South Wales as Elsienora.
Multi-element prospect
Alkane Resources identified the Picker Prospect as a gold-arsenic-silver-molybdenum-lead-antimony soil anomaly with a strike length of over 1.4 kilometres and a peak grade of more than 20 parts per billion gold.
The target zone sits within the Godolphin-Copperhania Fault Corridor, about 60 kilometres to the south of the McPhillamys Gold Project, owned by Regis Resources (OTC:RGRNF).
Shallow reverse circulation (RC) drilling at Picker in 2015 returned results of:
- 18 metres at 0.44 g/t gold, 5.4 g/t silver and 0.18% barium from 27 metres of depth, and
- 8 metres at 0.55 g/t gold, 23.2 g/t silver and 0.24% barium from 26 metres.
SVL expects to complete between 2,000 and 3,000 metres of diamond drilling to target silver and gold mineralisation during the upcoming drilling program.