Silver Mines (ASX:SVL) has drilled high grade silver expanding the northeast flank and the depth of the Bowdens Silver project in central New South Wales.
The latest result of 4 metres at 924 g/t silver demonstrates that high grade silver mineralisation continues very strongly at depth and well below the current resource.
This intersection extends high grade mineralisation a further 90 metres down dip from the current resource.
Silver Mines is currently working on assessing the significance of this deeper mineralisation.
Last month, Silver Mines made the final payment to Kingsgate Consolidated (ASX:KCN) to complete the purchase of the Bowdens Silver Project.
Bowdens is the largest undeveloped silver deposit in Australia, and one of the largest globally, with a resource of 134 million silver ounces.
The project is located in central New South Wales, about 26 kilometres east of Mudgee, comprising 408,000 acres of titles.
The company’s drilling is on-going with two rigs operating.
Importantly, results continue to surpass expectations and is expected to expand the existing resource of the deposit.
The total program, consisting of 178 holes for 38,000 metres of drilling will be a combination of diamond core and reverse circulation drilling.
Silver Mines is well funded with a cash balance of about $7.3 million as at 31 December 2016.