Silver Mines (ASX: SVL) has discovered sulphide rich zones and broad alteration zones from a reconnaissance reverse circulation drilling program at the company's wholly owned Mole project in northern New South Wales.
Significantly, the Exploration Licences are located approximately 30‐40km north east of the Webb's Silver project.
Sulphide rich zones are associated with semi massive sphalerite and galena with lesser chalcopyrite, pyrite and arsenopyrite, similar to Webbs style mineralisation.
Highlighting the potential of the newly discovered zones, Webbs is the highest grade undeveloped silver project in Australia with a resource of 11.75 million ounces at 245g/t silver. The alteration and sulphides were observed over downhole widths from 5 metres to over 10 metres.
The drilling program recently commenced at Mole on silver targets delineated from geochemical sampling, geological mapping and geophysics. All targets are associated with old workings the vast majority of which have never been drill tested.
The Exploration Licences are part of a contiguous group of tenements.
Importantly - the project area can be considered highly prospective considering it hosts numerous documented metalliferous occurrences which occur along a broad northwest trend 11 kilometres long and 2 kilometres wide.
Silver Mines considers this area to have excellent potential to host Webb's style silver rich polymetallic deposits, with the geology dominated by Permian aged sediments which are intruded by the Mole Granite.
Future work program
Silver Mines plan to drill the Torny, Mt Morgan and Hazeldean prospects, which are associated
with old workings and associated anomalous geochemistry.
At the Hazeldean prospect a plus 30m wide zone of alteration and stockworking has been observed and is associated with elevated silver and base metals in rock chips and soils.
Silver Mines said that it is 'highly encouraged' by the results of this first pass reconnaissance drilling, with results currently pending.
Drilling has been completed at the Burra‐Ecquador prospect, which included six holes on sections 50‐60m apart and covered about 350m of strike length. Mineralisation intersected in all holes is present as massive‐semi massive sulphide zones over 1‐2m wide.
Importantly - these zones are commonly enveloped by silica‐sericite altered wallrock with accompanying veinlets and disseminations of sulphides occurring in the massive‐semi massive zones.
Many of these zones are up to several metres wide with alteration observed over downhole widths of greater than 10m, and the company believes this style of mineralisation is similar to that which occurs at the Webbs Silver deposit.
That is narrow zones of 'bonanza lode' enveloped in lower grade altered and mineralised country rock. Assays are pending.
The latest discovery by Silver Mines is significant as the sulphide rich zones are 35-40 kilometres away, indicating the regional exploration potential for the company.
It must raise the prospect of the area's potential to host Webb's style silver rich polymetallic deposits.
The Webbs Silver Project has a resource of 11.75 million ounces at 245g/t silver.
Although still early days, the initial sulphide intersections are very encouraging.