The Silver Mines Ltd (ASX: SVL) share price is falling today, down 4% at 24 cents in late morning trading.
This comes despite the ASX silver miner reporting some positive assay results from the diamond drilling program at its Bowdens Silver Project in New South Wales.
What drilling results did Silver Mines report?
In today’s ASX announcement, Silver Mines reported the assays from its Bowdens project had revealed “outstanding high-grade drill results”. According to the company, Bowdens is the largest undeveloped silver deposit in Australia.
Preliminary results returned from the drill hole include:
- 6 metres @ 471g/t silver equivalent (413g/t silver, 1.14% lead, 0.39% zinc) from 96 metres which includes:
- 0 metres @ 1090g/t silver equivalent (966g/t silver, 2.86% lead, 0.56% zinc) from 97 metres; and
- 1 metres @ 874g/t silver equivalent (789g/t silver, 1.67% lead, 0.59% zinc) from 122 metres
Commenting on the results, Silver Mines managing director Anthony McClure said:
We are delighted with the recent exploration from Bowdens Silver. Our team has been tenacious in its work in understanding the deposit and its extensions. This current hole BD21002 has produced some of the best intercepts ever returned at Bowdens further demonstrating the quality of the deposit.
McClure added that the company has 2 rigs on the site to continue with the exploration program to test other high-grade silver targets around the current resource and extensions at depth.
Silver Mines share price and company snapshot
As its name implies, Silver Mines is a silver exploration company. The company’s major NSW operations include projects at Bowdens, Barabolar, Webbs, Conrad, and Tuena.
With the price of silver recently hitting multi-year highs, long-term Silver Mines shareholders have been well rewarded. Over the past 12 months, the Silver Mines share price is up 120%. That compares to a 2% loss on the All Ordinaries Index (ASX: XAO).
Year-to-date, the Silver Mines share price is down 7%.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
More reading
- The NRW Holdings (ASX:NWH) share price has plunged 16%. Here’s why
- Why the Asaleo Care (ASX:AHY) share price is up 5% today
- The Rhipe (ASX:RHP) share price slides despite strong sales growth
- Will ASX silver shares ride the commodity super cycle to new highs?
- Why the Silver Mines (ASX:SVL) share price is sinking today
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post The Silver Mines (ASX:SVL) share price falls despite positive drill results appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/37qUIHx
Leave a Reply