Silver Mines (ASX:SVL) has intersected high grade silver and base metals mineralisation at its Mole River project in New South Wales.
Intersections include 1 metre at 460 grams per tonne silver, 0.2%Cu, 9.6% Pb and 3.7% Zn from 24 metres; 1 metre at 251g/t silver, 0.9% Cu, 3.7% Pb and 2.4% Zn from 37 metres; and 1 metre at 200 g/t silver, 0.02% Cu, 5.9% Pb and 7.3% Zn from 48 metres, among others.
The shallow reconnaissance reverse circulation drilling comprised 31 holes for a total of 1,667 metres and was targeting the near surface expression of geochemical and geophysical anomalies near old workings.
Drilling was undertaken at the Burra- Ecquador, Mount Morgan, Torny and Hazeldean and Hazeldean West prospects.
Higher grades of mineralisation intersected are present as massive-semi massive sulphide +/- quartz veins in altered country rock.
These lode zones generally around 1-4m wide and carry up to 30% total sulphides as estimated from RC drill chips.
The style of mineralisation appears similar to that occurring at the Webb Silver deposit, which shows a higher grade silver base metal lodes enveloped by lower grade altered and mineralised country rock containing a geochemical halo of zinc, lead and silver.
The exploration licences 6771 and 6114 are located about 30-40 kilometres north east of the Webb's Silver project and are part of a contiguous group of tenements known as the Mole project.
The company will do more exploration to generate additional targets.
Analysis
This is a highly encouraging first pass at regional target Mole River project, some 30-40km north east of the Webb’s Silver project. Interestingly, the style of mineralisation in the area is similar to that occurring at the Webbs Silver deposit and opens up potential for futher regional Webbs style deposits.
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