Taken a punt at 17.5/18 this morning. Mt Brown looks promising. Very choppy trading. Cash position is very healthy. Sentient and Platsearch are Top holders with the Top 20 owning 67%. Drill rig is secured & the options issue looked pre-emptive. One to watch IMO.
Sydney - Tuesday - April 3: (RWE Australian Business News) - Silver City Minerals Ltd (ASX:SCI) has completed a detailed geological mapping and rock chip sampling program at the Mt Brown project within its Exploration Licence 7319, 50km to the northeast of Broken Hill. The rock samples contain up to 34pc lead, 310g/t silver, 10.4pc copper and 0.95pc zinc. The work has identified and mapped out a number of lode rock horizons typical of Broken Hill type (BHT) mineralisation. A total of five separate zones have been identified, three of which were previously unknown. Cumulatively these extend over a strike length of about 3km. The Main Lode corridor is interpreted to extend for 1km and is 10m to 70m wide. It consists of a package of iron-stained, garnet-rich metasediments, which host iron and manganese-rich siliceous gossans and lode rocks. Within the corridor these range in thickness from a few centimetres to 4m. The mineral magnetite is associated with lode rocks and gossans. Work to date has been "encouraging" and suggests potential for mineralisation at depth. No drilling has taken place at Mt Brown. Silver City plans to conduct a magnetic survey to trace extensions to lode rocks and gossans beneath cover and assess the extent of the potential mineralisation as a prelude to drill testing.
SCI Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
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