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Silver Mines strikes 25.9 metres at 337g/t silver at Webbs Project

Silver Mines (ASX: SVL) has intersected broad, high grade mineralisation including 25.9 metres at 337 grams per tonne (g/t) silver, 0.29% copper, 0.17% lead and 2.93% zinc from 169.8 metres at the Webbs Silver Project.

Other highlights from the first of two diamond drill holes, DDH017, included:

- 9 metres at 686g/t silver, 0.52% copper, 0.16% lead and 5.56% zinc from 169.8 metres;
- 1 metre at 2560g/t silver, 0.8% copper, 0.3% lead and 10.8% zinc from 176.4 metres; and
- 1.05 metres at 1210g/t silver, 1.47% copper, 0.3% lead and 3.6% zinc from 187 metres.

Meanwhile the second hole, DDH018, intersected 3.65 metres at 624g/t silver, 0.5% copper, 0.27% lead and 2.97% zinc from 80.75 metres, including 1 metre at 1110g/t silver, 0.92% copper, 0.06% lead and 5.08% zinc.

Chief executive officer Charles Straw said the intersection in drill hole DDH017 in particular is some of the deepest mineralisation discovered at Webbs so far by Silver Mines and demonstrates the excellent potential in the deposit.

"The width and grade of this zone at Webbs South represents an excellent target for deeper drilling and the deposit still remains open at depth here and in many other locations," he said.

The two diamond drill holes were designed to infill the previous reverse circulation drill pattern, twin reverse circulation holes, to assist in geological interpretation and test deeper targets.

DDH017 was drilled towards the southern end of the Webbs South prospect. The hole was designed to test for depth extensions of mineralisation intersected in adjacent holes.

It intersected the lode about 15 metres down dip of the high grade intersection in RC076, which returned 25 metres at 1175g/t silver including 11 metres at 2264g/t silver.

DDH017 confirms the width of the mineralised‐altered zone intersected in RC076. The true thickness of the mineralised zone in this area is around 11 metres, with narrower zones of higher grade around 4‐5 metres wide.

DDH018 was drilled as an infill/confirmation hole at the northern end of the Webbs South prospect.

The hole intersected the mineralised lode very near RC135. Using a 40g/t silver lower cut‐off, the mineralised intersections in both holes indicate the lode to be about 3.2 metres wide with average grades of around 415g/t silver over that width.

Forward Plans

An updated Resource for the Webbs deposit is currently being prepared.

Silver Mines is awaiting further assay results for diamond drill holes to be included in the updated Resource, which will be released once the new results have been incorporated into the Resource database.

The company is also in the process of formulating metallurgical samples using drill core. Following the completion of this additional metallurgical testwork will be conducted to Pre‐Feasibility level.

This work will include flotation testwork and additional testwork on pre‐treatment of concentrate and cyanide leaching of silver.

Additional drilling at Webbs is planned in early 2012 to expand the Resource base. Drilling will test deeper high grade targets as well as several near surface gaps in the existing drill pattern.

Webbs Resource

The current Resource at Webbs stands at 1.23 million tonnes at 256g/t silver for 10.2 million ounces.

Recently released preliminary metallurgical results conducted into the cyanide solubility of silver at the Webbs deposit indicate that mineralisation at Webbs may be amenable to cyanide leaching.

While more testwork is required, this could lead to the possible production of silver doré, a significant positive impact for the project.

A doré bar is a semi-pure alloy of gold and silver, usually created at the site of a mine. It is then transported to a refinery for further purification. Doré bars weigh as much as 25 kilograms.