JOHANNESBURG (miningweekly.com) – ASX-listed Silver Mines said on Friday that it was fully funded to restart activities at the Bowdens Silver mine, near Mudgee, in New South Wales, and that it would aim to fast-track mine development.
The company, which recently took full ownership of the project, said it was revising and evaluating components of the feasibility study to find a more capital cost effective solution with enhanced project economics.
Prefeasibility works were expected to be completed by the end of 2016.
Silver Mines had also completed comprehensive work on the environmental-impact statement (EIS), which would allow it to expedite lodgement. Previous work on the EIS would also be updated and revised and would comprise certain modifications to align with the feasibility study programme.
The EIS would be lodged in the first half of 2017.
A substantial drilling campaign would also be launched with the aim of increasing silver resources within and in the immediate vicinity of the current resource area and converting silver resources to higher levels of confidence as part of the feasibility study.
Bowdens Silver is the largest undeveloped silver deposit in Australia, with a resource of 182-million ounces of silver.
Silver Mines announced in March this year that it would buy 85% of the project for A$20-million in cash, but in June amended the transaction to pay an extra A$5-million for the remaining 15% shareholding in the project.