Silver Mines (ASX: SVL) boasts 42M ounces

Silver Mines Limited has stated a Maiden Mineral Resource of 42.9 million tonnes (equivalent) for Australia’s largest undeveloped project at Bowden’s silver underground mine near Mudgee in central New South Wales.

The MRE, coming on the back of almost 35,00 metres of diamond drilling, estimated silver, zinc-lead,
gold and other elements along with dry bulk density.

The detailed four-pass study modelled 12.5 x 12.5 x 2.0m resource blocks, which is half the nominal drill hole spacing of 25 x 25m in the closer drilled areas of the deposit.

Underground Mineral Resource Estimate at 150 g/t Eq Ag Cut-off Grade

• 56% of tonnes in Measured and Indicated categories.
• The estimate lies directly underneath the Open Cut Mineral Resource, itself standing at 275 million ounces silver equivalent (including 97 million ounces silver equivalent Ore Reserve) currently undergoing final development approvals.

“Since the discovery of the three zones directly under the planned open pit, the drill-out has been

hugely successful. The potential for a contiguous underground operation, in addition to

the planned open pit operation, has firmed significantly as we further prove this large

mineral system. We will now move to the completion of the underground mining scoping

study,” Managing Director Anthony McClure said.

“Although Mineral Resources at Bowdens now totals over 315 million

ounces of silver equivalent, both the open pit and underground resource areas remain

open. In addition, it is very encouraging to now see a higher tenor of gold in the system

as we move south and east.”

The Company’s ASX listed shares are up 1.52 per cent to 16.8c in early trade.

About Silver Mines Limited

Silver Mines Limited is an Australian public resource company listed on the Australian Securities Exchange.

The Company has recently purchased the Bowdens Silver Project located near Mudgee in New South Wales. The Project holds substantial resources as the largest undeveloped silver project in Australia and one of the largest globally.

The recently consolidated Project area comprises 2,007 square kilometres (490,000 acres) of titles covering approximately 80 kilometres of strike of the highly mineralised Rylstone Volcanics.

The Company also holds a significant land position in the Orange/Blayney district covering 747 square kilometres (185,000 acres).

The Silver Mines strategy has been to consolidate quality silver deposits in New South Wales and to form Australia’s pre-eminent silver company.

The Company’s goal is to provide exceptional returns to shareholders through the acquisition, exploration and development of quality silver projects maximising leverage to an accretive silver price.

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