THE BOURSE WHISPERER: Silver Mines has announced a 400 per cent upgrade to the Indicated and Measured JORC resource at its fully‐owned Webbs silver project in north‐eastern New South Wales.
Silver Mines has increased its Resource to 969,000 tonnes averaging 269 grams per tonne silver for a contained resource of 8.4 million ounces of silver.
The company said additional Inferred resources of 3.4 million ounces also exist.
Silver Mines claims the average grade of the resource provides further confirmation that Webbs is currently one of the highest grade undeveloped silver projects in Australia.
The company anticipates upgrades and increases in overall tonnage and contained silver ounces once it has completed additional deeper and extensional drilling as the deposit still remains open along strike to the south and down plunge at Webbs Main and Webbs South.
Long Section Looking west of Webbs silver deposit showing resource grade. Source: Company announcement
“We have achieved another key milestone with a 400 per cent increase in JORC Indicated and Measured resources at the Webbs project.
“As well as the significant upgrade in resource category, we are particularly pleased in maintaining an excellent high grade of over eight ounces of silver per tonne.
“Much of this resource is contained at relatively shallow depths, which augurs well for potential initial open pit development.
“With a high proportion of the current resource in the higher confidence JORC category, the Webbs silver project can now move to a more advanced stage of evaluation.
“We now look forward to our next drilling program and hope to significantly expand the resource base at Webbs.”