Silver Mines (ASX: SVL) has identified numerous new targets associated with silver rich polymetallic mineralisation from recent rock chip sampling and induced polarization survey results at its New South Wales exploration licenses.
Silver values in rock chips up to 2,950 grams per tonne (g/t), copper to 1.7%, lead to 15.1% and zinc to 28.9% were revealed and the results highlight the potential for Webbs style targets in the region to the north of the company's wholly-owned Webbs Silver project, and are in a similar geological setting.
The company would be highly encouraged by the new results and considers the area to be a high priority target. Silver Mines is looking to delineating additional high grade silver rich polymetallic mineralisation within possible trucking distance to the Webbs project.
165 rock chip samples were collected and about 10.6 line kilometres of Dipole‐Dipole Induced Polarization (IP) was completed.
The company said silver rich mineralised zones potentially up to 20 metres wide have been identified along with narrow bonanza lode type mineralisation commonly associated with old workings.
The results are from Silver Mines' 100% owned exploration licenses 6771 and 6114. Exploration license 6771 is located about 30 kilometres north east of Webbs and is part of a contiguous group of tenements known as the Mole Project.
The company is planning additional follow up work to extend or close off mineralized trends associated with IP and/or geochemical anomalies, involving more detailed rockchip and possible soil sampling along with geological mapping. Extensions and possible infill to the IP survey may also be undertaken.
Silver Mines plans to drill the highest priority targets at Torny, Burra and Ecuador in the coming months after the existing program is complete, utilising the rig currently drilling at Webbs.
On July 1 Silver Mines intersected more high grade silver rich polymetallic mineralisation over considerable widths from reverse circulation (RC) drilling at Webbs, potentially boosting the current Resource in line with the exploration target.
The Webbs Silver Project Global Inferred Resource estimate is 1.23 million tonnes at 256g/t silver (8.2 ounces per tonne silver) for 10.19 million ounces of silver.