Silver Standard boosts Bowdens resource (October 29, 2001)

Following a 2-year, 32-hole drill program at its Bowdens deposit in New South Wales, Silver Standard Resources (SSO-V) has increased measured and indicated resources by 25%.

The measured and indicated figure now stands at 36.1 million tonnes grading 51.8 grams silver per tonne, plus 0.24% lead and 0.32% zinc. An additional inferred resource totals 22.9 million tonnes of 42.5 grams silver, 0.2% lead and 0.3% zinc.

Before the recalculation, the measured and indicated figure was 27.2 million tonnes grading 55.1 grams silver, 0.24% lead and 0.32% zinc, with the inferred portion pegged at 30.1 million tonnes running 38.7 grams silver, 0.25% lead and 0.34% zinc.

When Silver Standard purchased Bowdens in 1996, the project had an inferred resource of 19.9 million tonnes grading 99 grams silver, 0.32% lead and 0.37% zinc, equivalent to about 60 million oz. silver.

The new estimate employs a cutoff grade of 40 grams silver-equivalent per tonne.

Included in the overall resource is a higher-grade core of 22 million tonnes, in all categories, grading 80.2 grams silver, 0.21% lead and 0.26% zinc. The core is based on a cutoff grade of 50 grams silver per tonne.

The company recently expanded its land position and is confident the property can accommodate both an open pit mine and a mill. Bowdens is 200 km northwest of Sydney.

In other news, Silver Standard has completed drilling at the Bluey’s silver project in Australia’s Northern Territory. The holes tested a 125-by-115-metre area where 12 rock samples assayed between 490 and 11,900 grams silver per tonne. Also reported were copper values of up to 13.2%. Assays results are expected in late November.

Silver Standard can earn a 51% interest in the prospect by contributing up to A$10,000 of the staking costs incurred by Imperial Granite & Minerals and by spending A$750,000 on exploration. It can boost its interest to 90% by completing a bankable feasibility study.

Situated 93 km east of Alice Springs, the 53.5-sq.-km property encompasses the Bluey’s silver prospect, which has the potential to host a high-grade silver resource minable by open-pit methods.