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Silver City Minerals chairman shows faith in company by acquiring further shares on-market

Bob Besley has increased his indirect holding of ordinary shares to more than 3.157 million.
Australian notes
The explorer is focused on a number of prospects around Broken Hill

Silver City Minerals Ltd (ASX:SCI) chairman Bob Besley has shown faith in the company’s Broken Hill region exploration program through further on-market share purchases.

The chairman increased his indirect interest by acquiring almost 190,000 shares at an average price of 3.6 cents a share.

This takes his overall holding of ordinary shares to more than 3.157 million.

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

The most recent acquisition follows other purchases of more than 310,000 shares at an average price of almost 3 cents a share..

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.

Induced polarisation (IP) and soil geochemical surveys were recently completed at Copper Blow with the intention of determining drill targets.

The surveys 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.

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