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Silver City Minerals begins drilling near Broken Hill


Silver City Minerals (ASX: SCI) is continuing its hunt for Broken Hill-type deposits with the start of drilling at its Razorback West Project in New South Wales.

The company has outlined a program of about 1,000 metres of combined reverse circulation and diamond drilling at the project to test coincident geochemical and geophysical anomalies.

Razorback West, which lies to the north of Broken Hill, is interpreted to be underlain by the same rock sequence as the Broken Hill “line of lode” and is largely buried beneath soil and alluvial cover.

The project is represented by rotary air blast geochemical anomalies which are coincident with a distinctive, elongate gravity anomaly and a series of induced polarisation geophysical anomalies which extend over a strike length of 3 kilometres.

Preliminary drilling, completed in 2012, 500 metres north of induced polarisation Anomaly 1 encountered low concentrations of base metal sulphides in a sandstone unit.

Silver City plans to test Anomaly 1 to depths of up to 300 metres, with the company optimistic that it might encounter massive sulphide silver-lead-zinc mineralisation in these holes.

Broken Hill-type similarities

Geological interpretation suggests that the host rocks in the Razorback West area comprise both the Broken Hill and Thackaringa Groups – metamorphosed volcano-sedimentary sequences known to host Broken Hill type mineralisation.

The geochemical anomalies identified at Razorback West are believed to possibly represent the northern extension to the famous Broken Hill “line of lode” corridor offset westward by a fault structure known as the Stephens Creek Shear Zone.

Drilling progress

The company has recently completed about 1,700 metres of reverse circulation drilling at four projects – Mount Brown, Allendale, Native Dog and Parnell.

First stage drilling at Mt Brown, which is located about 50 kilometres northeast of Broken Hill, has confirmed the presence of a zone of low grade zinc-lead-silver mineralisation, known as the Main Lode Zone, which has an estimated true thickness of between 10 and 20 metres.

The lode zone has continuity along strike of over 100 metres and similarly extends to depths in excess of 100 metres.

The five holes drilled were designed to test the continuity and grade of lode horizons, with the first hole targeting a large magnetic anomaly and associated lead-bearing banded iron formations in the nose of a tight fold structure.

Silver City has also commissioned an airborne electromagnetic survey to start this week which will cover about 115 square kilometres of prospective ground to the northwest of Broken Hill.

This method is designed to detect buried massive sulphide deposits.

Silver City is trading at close to cash backing with about A$5.1 million, or $0.06 per share, in cash at the end of March 2013 against a market cap. of $5.85 million and share price of $0.07.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Silver City Minerals Ltd

Price: 0.018 AUD

Market: ASX
Market Cap: $6.64 m

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