Silver Mines Ltd (ASX:SVL) has discovered multiple new caldera structures within the Bowdens District in New South Wales, believing them to have a geology analogous to that which hosts the company’s 396 million-ounce (in silver equivalent) Bowdens Silver deposit nearby.
The discovery was made through geological modelling of these structures located within the Rylstone Volcanics, with this work being based on a 2D seismic survey of the district last year.
Five calderas have now been modelled – three within the Bowdens Caldera (Bowdens Volcanic Complex) and two within the Coomber Volcanic Complex (including the Coomber Prospect and to the north of Rylstone), with two calderas being totally unexplored, while a third has experienced only limited exploration work.
Another – dubbed the ‘Coomber caldera’ is believed to have significant resource potential -holding silver-zinc-lead-gold mineralisation with dimensions of 3.3 kilometres by 3.3 kilometres- and was discovered by CRA Exploration in 1991.
Conducted last September, the seismic survey covered 96 kilometres across numerous areas believed to be prospective for epithermal systems associated with the Bowdens Silver Deposit as well as porphyry related systems.
Silver Mines was awarded $150,000 in exploration funding from the New South Wales government – under its New Frontiers Exploration Program – in the December quarter of 2022, with $50,000 of this being dedicated to the seismic surveying of the Bowdens Caldera structure.
Silver Mines has been trading at 15.7 cents.