- Silver Mines (SVL) announces a maiden mineral resource estimate (MRE) for the Bowdens silver underground mine in NSW
- The underground mine’s MRE is 6.37 million tonnes at 209 g/t silver equivalent for 42.9 million ounces with 56 per cent in the measured and indicated categories
- The estimate is based on nearly 35,000 metres of drilling completed in the last two years as well as earlier drilling completed by other companies
- Silver Mines is using the maiden MRE for a scoping study which will evaluate potential underground mining scenarios beneath the planned open-pit development
- SVL shares are trading 3.03 per cent higher at 17 cents at 2:02 pm AEST
Silver Mines (SVL) has announced a maiden mineral resource estimate (MRE) for the Bowdens silver underground mine in New South Wales.
The underground portion of the Bowden’s project has an initial MRE of 6.37 million tonnes at 209 grams per tonne (g/t) silver equivalent for 42.9 million ounces of silver equivalent. Of this, 56 per cent is in the measured and indicated categories.
Silver equivalent comprises silver, zinc, lead and gold.
The Underground MRE is based on nearly 35,000 metres of drilling completed in the last two years as well as earlier drilling completed by other companies.
The estimate lies just below the Open Cut MRE which stands at 275 million ounces of silver equivalent, including an ore reserve of 97 million ounces silver equivalent.
“Since the discovery of the three zones directly under the planned open pit, the drill-out has been hugely successful,” 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.
“Although mineral resources at Bowdens now totals over 315 million ounces of silver equivalent, both the open pit and underground resource areas remain open.”
Silver Mines will use the maiden MRE for a scoping study for potential underground mining scenarios beneath the proposed open-pit development, currently in the final stages of being approved.
The company is also conducting drilling at mineralised zones to potentially convert higher-grade portions of the deposit, extend existing resources and discover new deposits.
SVL shares were trading 3.03 per cent higher at 17 cents at 2:02 pm AEST.