Silver Mines (ASX:SVL) is looking to update the resource estimate at its Bowdens silver deposit in New South Wales, as recent drilling results show improved grade continuity leading into open pit optimisation activities.
An infill drilling program, consisting of 14 holes for 2,228.4m of diamond drilling, was conducted focusing on zones of silver mineralisation in under-sampled areas of the Bowdens 2023 resource estimate.
Silver Mines, which has a market capitalisation of $248.82 million, says several areas were identified where possible improvements could be made, with the aim to convert greater tonnage and grade mineral resources to ore reserves.
Some of the drilling results include 14m @ 105 grams per tonne (g/t) silver-equivalent from 11m; and 70m @ 68g/t silver-equivalent from 98m.
During the fourth quarter of 2023 and first quarter of 2024, deep drilling was conducted at the Bowdens silver deposit to test for down dip extensions to the mineralised system.
The results show that mineralisation extends over 1.5km down dip from the base of the planned open cut.
In total, the company says mineralised intersections are more than 650m from the extent of the current resource estimate and more than 800m below ground level.
An updated resource estimate is progressing and is scheduled to be completed during the third quarter of 2024. Once complete, Silver Mines will update the ore reserves, which is also due to be completed in the third quarter.
The Bowdens silver deposit sits within the Bowdens Silver Project, which lies 26km east of Mudgee in central New South Wales.
Silver Mines will be presenting at the upcoming Vertical Events 2024 Gold Coast Investment Showcase, being held on 19 and 20 June at the JW Marriott Gold Coast Resort & Spa, Queensland.
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Write to Aaliyah Rogan at Mining.com.au
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