The Independent Planning Commission of New South Wales (IPC) has given final approval for Silver Mines (ASX:SVL)’s Bowdens Silver Project, allowing the Australia’s largest undeveloped silver deposit to proceed to development and production.
Highlights
- The approval for the open-pit project comes just days after the significant upgrade to Bowden’s Mineral Resource to 200Mt at 62g/t silver equivalent – a 56% increase in total tonnes and a 44% lift in total silver equivalent ounces on the 2017 MRE.
- SVL is now undertaking a significant optimization program to update the Bowdens Silver Feasibility Study.
- As Australia’s largest undeveloped silver deposit and one of the largest globally, the mine currently has a 23-year life, with substantial potential expansion opportunities enhanced by by-products zinc and lead.
- The deposit is still open with further increases likely.
Additionally, in three zones beneath the open pit, there is a maiden underground Mineral Resource estimate totalling 42.9Moz silver equivalent which, like the open pit, has significant potential to grow.
“The IPC’s decision is the most significant milestone for the company since we took over the Project in mid-2016,” Managing Director, Anthony McClure, said.
“Our team has delivered a technically reliable and environmentally responsible project. This decision recognizes the significant long-term economic and social benefits the Project will deliver for our shareholders, the State of New South Wales and also the local communities across the Mid-Western Regional Government area.
“We now look forward to getting on with delivering the Project. After the significant upgrade to our Mineral Resources as announced last week, the company is undertaking a significant optimization program updating the Bowdens Silver Feasibility Study.”
The Bowdens Silver Project is located in central New South Wales, approximately 26km east of Mudgee and is Australia’s largest undeveloped silver deposit and one of the largest globally.
The mine’s 23-year life, including 16.5 years of silver production and by- products of zinc and lead, underpins significant value potential for Bowdens Silver. The project has substantial potential expansion opportunities.
For further information please visit: https://www.silvermines.com.au/
