Silver Mines drilling to upgrade estimate

THE DRILL SERGEANT: New South Wales-focused silver exploration play Silver Mines has received the first results from a recently commenced RC drilling program at its 100% owned Webbs silver project.

The Webbs silver project is located in the New England region of northern NSW.

Last October Silver Mines released a global inferred resource estimate for the project of 1.23 million tonnes at 256 grams per tonne silver (8.2 ounces per tonne silver) for 10.19 million ounces of silver.

The current drilling program, which started in June, has intersected high-grade silver rich polymetallic mineralisation over considerable widths.

Silver Mines is confident the results will support extensions to the current Webbs resource and should confirm, as well as potentially upgrade and increase, the existing resource.

Notable intersections from the first batch of drilling results include:

3 metres at 1530 grams per tonne silver, 1.42% copper, 0.1% lead and 2.98% zinc from 174m.

4m at 650g/t silver, 0.54% copper, 0.33% lead and 2.58% zinc from 56m

6m at 274g/t silver, 0.35% copper, 1.18% lead and 2.95% zinc from 20m

11m at 414g/t silver, 0.30% copper, 0.30% lead and 2.00% zinc from 51m, including 2m at 1623g/t silver, 1.10% copper, 0.10% lead and 4.04% zinc from 56m

The current drilling at Webbs has been designed to increase tonnage and upgrade the JORC classification of the existing high grade silver resource.

Silver Mines also hopes to increase the resource by drilling previously untested parts of the mineralised system.

The company will continue drilling at Webbs for another 4-6 weeks, after which the drill rig will be moved to its Mole River prospects located to the north of Emmaville NSW.

A 3,000m to 4,000m RC drilling campaign has been designed for the Mole River prospects.