Silver City Minerals Ltd (ASX:SCI) is restructuring its board and management as it seeks to advance its flagship Copper Blow project near Broken Hill towards development.
The restructure has this month seen Bob Besley step down as chairman and managing director Chris Torrey tender his resignation.
Besley to assist with transition
Besley relinquished the non-executive role today but will remain on the board as a non-executive director for a further four weeks to assist in the transition.
A geologist with more than 40 years’ experience in mining and exploration, particularly in the Broken Hill area, he has been a long-serving member of the company’s board.
Links with CBH Resources
Besley was founder and original managing director of CBH Resources Limited, taking that company from inception as a junior explorer to a large zinc, lead and silver producer with a peak market cap of $600 million.
CBH, a joint venture partner of Silver City at Copper Blow, has western NSW base metals operations near Cobar and at the Rasp mine in Broken Hill.
Managing director tenders resignation
Earlier this month managing director Torrey tendered his resignation, effective on March 31, 2019.
In doing so, he has agreed to provide ongoing technical services, including exploration management work as required, after March 31.
In a statement, Silver City said: “The company would like to thank Mr Torrey for his services and contribution over the past nine years.”
Torrey is a geologist with 35 years’ experience in international mineral exploration.
He has held senior management and consulting roles with CyprusAmax, ASX-listed Golden Cross Resources Ltd (ASX:GCR), US-listed Golden Minerals and Apex Silver.
These roles include past technical director and chairman of Golden Cross.
This week, Silver City gained a new substantial holder with Gavin Wates & Upsky Equity Pty Ltd now holding 5.01%.
The new holder has accumulated more than 14.5 million fully paid ordinary shares in the company.
Since November 21, 2018, there have been more than 4.916 million shares purchased with a value of $59,000.
Silver City has an extensive geochemical sampling program planned at Copper Blow, which is south of Broken Hill.
Silver City tenements around Broken Hill.
This will be carried out in conjunction with further ground geophysical surveys, including gravity and induced polarisation, to generate new drill targets.
Resource assessment and drilling at the main Copper Blow prospect is ongoing and aims to study the potential of toll-treating high-grade mineralisation at treatment plants in Broken Hill.