20/12/24 – Bowdens Silver Project Optimisation Study and Ore Reserve Updates

December 19, 20240

Silver Mines Limited have released two exciting announcements today in relation to the Bowdens Silver Project.

The Bowdens Silver Project Optimisation Study can be found here.

Our Managing Director, Jo Battershill stated that:

“The Board of Silver Mines is very pleased to have finalised the optimisation study of the Bowdens Silver Project. Bowdens looks set to deliver a robust economic outcome with significantly improved environmental and community outcomes. The basis for the study was to both improve on the financial metrics of the 2018 Feasibility Study while also incorporating changes to the overall development footprint that would improve areas of concern highlighted by the local community during the submission period.

The optimisation demonstrates a project that would support the creation of approximately 220 full-time, direct, high paid jobs during operations, a robust financial outcome for shareholders while also delivering a substantial reduction to the overall disturbance footprint with the open pit, tailings storage facility and waste rock emplacement all being smaller than in the 2018 study. Other optimisation highlights include not having to move the existing 500kV power line, the removal of cyanide from the processing of ore and a move to a dayshift only mining roster.

As we have previously shared, the Development Application for the Bowdens Silver Project remains live, and with recent amendments to the Environmental Planning and Assessment Act 1979 (NSW), the Company has a clear pathway to work through to seek reinstatement of the Development Consent.

We look forward to sharing updates on the Project with all community members as we progress.”

The Ore Reserve Update can be found here.

Highlights include:

  • Contained silver ounces in reserves increased by 7.5% to 71.7Moz.
  • Silver now forecast to contribute more than 85% of revenue in the mine plan.
  • Overall resource to reserve conversion of silver increased to 44% (up from 39%).
  • A gold dominant zone containing 19.4Mt at 0.32 g/t Au for over 200koz gold has been modelled in the resource estimate.