Silver Mines Ltd lifts work rate at Bowdens Silver Project
(MENAFN- ProactiveInvestors - Australia)
Silver Mines Ltd (ASX:SVL) is aiming to fast-track mine development of its Bowdens Silver Project located near Mudgee, New South Wales.
Part of the reassessment of the project is to find a more capital cost effective development with enhanced project economics.
A feasibility study is in the offing, which is the largest undeveloped silver deposit in Australia with a Measured Resource of 23.6 million tonnes at 74.5 g/t silver equivalent, containing 57 million ounces of silver equivalent.
The total resource base is 88 million tonnes containing 182 million ounces of silver equivalent.
Silver Mines acquired an 85% interest in the Bowdens Silver Project from Kingsgate Consolidated Ltd (ASX:KCN) last month by paying $20 million cash.
The company will pay a further $5 million by 30 September 2016 to fully own the 408,000-acre project.
The Bowdens Silver Project has had a large amount of work already completed covering all aspects of mine development.
The components of the feasibility study are currently being evaluated and revised by Silver Mines in conjunction with consultants.
Part of the reassessment of the project is to examine a more capital cost effective development with enhanced project economics.
The pre-feasibility works are expected to be completed by the end of the current half year.
Silver Mines is also targeting to lodge the Environmental Impact Statement in the first half of 2017.
The acquisition of Bowdens has made Silver Mines the largest pure play silver company on the ASX.
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