Thomson Resources (ASX: TMZ, OTCQB: TMZRF) has delivered a 14Moz silver-equivalent Indicated and Inferred Mineral Resource Estimate for its Webbs Deposit, which forms part of its New England Fold Belt Hub & Spoke operation.
The JORC-2012-compliant resource, which is the fifth delivered by the company over the past 10 months, brings the total resource for the combined operation to 54.4Moz @ 101g/t AgEq, including a higher-grade portion of the resource (from the Webbs, Conrad and Silver Spur deposits) totalling 6.2Mt @ 192g/t AgEq for 38.2Moz AgEq.
Speaking on the news, Thomson Resources Executive Chairman David Williams said: “Another JORC 2012 Mineral Resource Estimate, the fifth we have produced in under 12 months. This has been an extraordinary effort by the Team, led by our key consultants, Global Ore Discovery. It must be remembered, these are not rubber stampings, these are new MREs prepared from scratch.
Investors can now properly compare Thomson’s project resources with other silver focused companies, with a set of what we know are robust MREs. It makes for interesting consideration of Thomson’s market capitalization.
“Investors can now properly compare Thomson’s project resources with other silver focused companies”
54.4 Moz AgEq at 101 g/t AgEq is a great base to now add the Mt Carrington polymetallic resources to, given the recent revision of the earn-in terms for that project. Our 100 Moz AgEq target is looking well achieved.
Again the new understanding of Webbs points to a lot of potential upside and we will be keen to get after that with the planned drill program.”
The Webbs Silver Project, located 65km northeast of Inverell in northern New South Wales, is described by Thomson as a ‘very high-grade’ silver-bearing lode system, and is regarded one of Australia’s most significant undeveloped silver projects.
Mineralisation at the project was first discovered in 1884, with mining undertaken in a number of phases through until 1964. During its first 17 years of operation, the Webbs Main shoot was mined to a depth of 210m, delivering approximately 55,000 tonnes of ore with grades of around 710g/t Ag.
Moving forward, the company reports that it will be continuing a number of work projects across its New England Fold Belt projects. This includes re-statements of polymetallic resources at Mt Carrington, resources extension drilling and DDIP target drilling at Texas, resource and exploration drilling at Webbs, and a metallurgical and process pathway study for the broader hub and spoke concept.
Images: Thomson Resources Ltd