Silver Mines Ltd (ASX:SVL) has intersected visible gold for the first time ever during an underground resource drilling program at the Bowdens Silver Project near Mudgee in Central West New South Wales
The company's diamond drilling has continued to test mineralised zones for potential underground mining scenarios at Bowdens, with a recent focus on the Bundarra Zone.
A broad gold intersection in hole BD21044 has provided plenty of encouragement with strong silver and zinc results as well. Results include:
- 116 metres at 0.31 g/t gold from 223 metres including 3.0 metres at 327 g/t silver equivalent (25 g/t silver, 1.43% zinc, 0.91% lead and 2.44 g/t gold) from 280 metres;
- 1.8 metres at 1,181 g/t silver equivalent (129 g/t silver, 9.46% zinc, 8.36% lead, 0.16% copper and 3.56 g/t gold) from 225 metres;
- 10 metres at 285 g/t silver equivalent (149 g/t silver, 2.18% zinc and 0.66% lead) from 168 metres;
- 1.1 metres at 613 g/t silver equivalent (53 g/t silver, 10.05% zinc, 1.10% lead and 0.18 g/t gold) from 292.2 metres; and
- 4.0 metres at 280 g/t silver equivalent (29 g/t silver, 0.72% zinc, 0.70% lead and 2.38 g/t gold) from 193 metres.
Notably, the Bundarra Zone continues to deliver high-grade mineralisation within both quartz-sulphide and semi-massive sulphide vein styles.
Looking ahead, drilling is nearing completion to deliver SVL’s maiden mineral resource estimate (MRE) to be finalised in the June quarter.
New visible gold
Importantly, visible gold has been identified for the first time at the Bowdens deposit at depth in hole BD21044.
If the continuity of these results is established from ongoing drilling, this presents a gold exploration target.
Notably, SVL has observed a greater tenor of gold in the system as drilling moves south and east at Bundarra.
Bundarra mineralisation
The Bundarra Zone is dominated by wide zones of high-grade zinc and lead mineralised lenses associated with gold, silver and more recently copper.
New drill results from BD22004 (partial results) establish the Bundarra Zone to have a strike extent of 500 metres north to south while results from BD21044 establish a width of 300 metres east to west while continuing down dip to the west for at least 475 metres to BD20001.
BD21048 was drilled to test for western extensions from BD21042 and results from the upper Bundarra lens have established at least a 75-metre continuation of high-grade mineralisation down dip.
Further assay results are pending in this hole, with the remainder of the hole intersecting mineralisation of quartz-sulphide veins.
Forward plan
SVL has four drilling rigs on site nearing completion of the 30,000-metre diamond drilling program targeting high-grade zones outside of the current open pit ore reserve of the Bowdens Silver Deposit.
Results from this drilling will form the basis for a mineral resource estimate as part of a scoping study of underground mining scenarios.
The program of drilling will complete in the March quarter of 2022 in line with the new results and extensions from the Bundarra Zone
Furthermore, the mineral resource assessment is expected to be completed during the June quarter of 2022.