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Silver City Minerals chairman acquires further shares in on-market trades

Bob Besley has increased his holding of ordinary shares to more than 2.967 million.
Broken Hill sculptures
The company is focused on exploration around Broken Hill

Silver City Minerals Ltd (ASX:SCI) chairman Bob Besley has demonstrated his confidence in the company’s exploration program around Broken Hill through a series of share purchases.

The chairman has increased his indirect interest in the company by the recent on-market trades of more than 310,000 shares at an average price of almost 3 cents a share.

This takes his overall holding of ordinary shares to more than 2.967 million.

READ: Silver City Minerals surveys reveal new large copper-gold target at Copper Blow

Silver City is focused on its flagship Copper Blow copper, gold and cobalt project around 20 kilometres south of the traditional mining centre in far western New South Wales.

The company also has other precious and base metals prospects around the region.

At Copper Blow, it has recently completed induced polarisation (IP) and soil geochemical surveys with the intention of determining drill targets.

These indicate that sulphide mineralisation occurs in a magnetic ironstone horizon, where drilling has been focused, as well as in non-magnetic rocks east and southeast of Copper Blow.

 

Results indicate a much larger target and potentially much more copper, gold and cobalt, than that solely hosted in the magnetic ironstone complex.

IP and geochemical anomalies hosted in non-magnetic rocks extend in a sinuous fashion for more than 1 kilometre in strike.

The strongest IP anomaly is over 600 metres long and 200 metres wide and is coincident with consistent barium, molybdenum and potassium anomalies in soils.

Geophysical modelling suggests that the top of this anomaly lies 80 metres below surface.

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