Silver and base metals explorer Thomson Resources (ASX: TMZ) says its Webbs deposit in New South Wales now contains 14 million ounces of silver equivalent and is another “robust” mineral resource estimate from the company.
That Webbs silver equivalent figure breaks down into a contained 9.7Moz of silver, 3,300 tonnes of copper, 12,000t of lead and 24,000t of zinc.
Webbs is Thomson’s fifth mineral resource estimate to be released since August last year covering its projects in the New England Fold Belt.
In addition to Webbs, it owns the historical Conrad project south of Inverell (20.7Moz silver equivalent), the Hortons gold project east of Tenterfield, the Mt Carrington gold-silver-base metals ground and, in Queensland, the Texas silver, gold and base metals project (19.Moz silver equivalent).
54.4Moz silver equivalent in New England
The New England projects together have a total indicated and inferred resource of 54.4Moz silver equivalent.
Thomson executive chairman David Williams said the production of five mineral resource estimates in less than 12 months is an extraordinary effort by its team, led by consultants Global Ore Discovery.
“It must be remembered [that] these are not rubber stampings — these are new mineral resource estimates prepared from scratch,” he added.
Investors can now compare TMZ with other silver plays
“Investors can now properly compare Thomson’s project record with other silver-focused companies, with a set of what we know are robust mineral resource estimates.”
“It makes for interesting consideration of Thomson’s market capitalisation,” Mr Williams said.
Mineralisation at Webbs was first discovered in 1884 and the deposit was mined in several phases through to 1964.
Between 1884 and 1901 the main shoot was mined over nine levels down to a depth of 210m with about 55,000t of ore extracted at an average 710g/t of silver.
However, Thomson says the South Shoot, which hosts a “substantial” part of the Webbs resource, was not historically mined and remains undeveloped.
Pressing ahead on other projects
Thomson Resources states that it is now in the process of re-stating the polymetallic resource at the Mt Cannington project.
At Texas, drilling is planned to resume this month to drill test and explore extensions of targets identified in a recent survey.
In the third quarter, Webbs will see a new resource and exploration drill program get under way.