silver stock overview

The overview of Australia's silver focused producer...
The Rivertree project comprises an exploration licence (EL 5714) of 21 units, covering about 63 km2, located in north eastern NSW, 55 km northeast of Tenterfield. The licence incorporates numerous old mines and prospects. Historic production took place prior to 1925 and ceased due to ore processing difficulties with the technology of the day and lack of interest at the time in zinc.

In November 2004 Malachite entered into a joint venture agreement with Macmin Silver Limited under which Macmin purchased an initial 60% interest in Rivertree, together with a similar interest in Malachite's nearby Boonoo Boonoo project. Under that joint venture, Macmin has now earned a further 15% interest in Rivertree and Boonoo Boonoo by funding $500,000 of exploration expenditure on the two projects.

Sampling of dumps at Rivertree by Malachite tended to confirm the high grade, polymetallic nature of mineralisation, with substantial values in silver (100-2500 g/t Ag), gold (0.5-8.5 g/t Au) and zinc (up to 20% Zn), and accessory to significant values in lead, copper and tin.
This property comprises a single exploration licence (EL 6032) of 16 units (about 48km2) covering an old silver and gold field that has many of the characteristics of nearby Rivertree, although with a more notable gold component. It is located about 20 km northeast of Tenterfield in northern NSW and is subject to a joint venture with Macmin Silver Limited. Under that joint venture Macmin has purchased a 60% interest in Boonoo Boonoo, together with a similar interest in the Rivertree project, and has now earned a further 15% interest by funding $500,000 of exploration expenditure on the two projects.

Land tenure within the EL includes both freehold and State Forest. High grade fissure veins hosted by granite were mined around 100 years ago and some very rich grades are reported in the literature, although their significance is uncertain as little modern exploration has taken place.

Sampling of dumps and old workings at the Boonoo Boonoo gold-silver field in 2003 showed that most were highly anomalous in both gold and silver, with gold values in the range of 0.5 to 51.8 g/t Au, and silver values generally in the range of 10 to 345 g/t Ag. Significantly, these high gold and silver values are accompanied by only low to very low values of arsenic, antimony and base metals. A program of soil geochemistry and induced polarisation (gradient array) geophysics has helped define attractive drill targets at several of the old workings.
History
Tally Ho is located 45 kms south-west of Mackay in central coastal Queensland, and consists of two (2) Mining Leases (ML's 4770 and 4727), a surrounding Mineral Development Licence Application (MDL272) and a twenty-four (24) sub-block (76km²) Exploration Permit for Minerals EPM 15168 (Connors Range). Adjacent EPM 15775 (Dennison Creek) covers 78km² (23 sub-blocks).

In addition, a further exploration area (Mt Scott) for silver has been granted in the Mackay region. The historic Tally Ho workings consist of two short adits, a shaft and further afield, numerous shallow pits and trenches. The mine area was discovered around the turn of the century and selectively mined in a very small way from then until about 1915. The current mining leases have been privately held since 1974 and there has been no systematic surface exploration activity for silver, and no drilling has been carried out prior to that by Macmin.

The most comprehensive report on the property is that of Blanchard (Chief Geologist MIM, 1937), who examined and mapped some of the 'greisen' ('dogstooth' quartz vein) outcrops (Photo 1 & 2) in the area and carried out detailed channel sampling of the mineralisation along the 6 ft level (i.e. Adit No. 1), the 47 ft level (i.e. Adit No. 2) and the 64 ft level. Blanchard's best results came from Adit No. 2 where he recorded 13.1m at 273g/t silver, 2.69% zinc, 2.6% lead and 0.68% copper. He also recorded significant gold values but these could not be substantiated from re-sampling by the previous tenement holders.
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The Mt. Scott tenement (EPM 15854) covers approximately 260km², the centre of which is located approximately 50kms south of the Tally Ho workings.

The tenement covers a Cretaceous Age Granitoid intrusion (Mount Scott Granite) which is described by Queensland Government geologists as “a pink medium grained, slightly to moderately porphytic hornblende biotite granite.  A characteristic feature is the presence of numerous irregular miarolic cavities up to approx 20mm across.  These cavities are partially filled or filled with epidote, quartz and tourmaline and the granite is moderately altered.”

Exploration for porphyry copper and epithermal gold was carried out by a number of exploration companies in the 1970’s and 1980’s.  A number of low-order basemetal anomalies were established and investigated, but not drilled.   In light of our understanding of the geological and structural controls on the Tally Ho silver mineralisation we believe this tenement to be highly prospective from silver and base metal mineralisation.
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http://www.macmin.com.au/images/projects/texas-silver-project/twin-hills/crushing-10.03.08.gif

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Silver Spur
 
Between 1891 and 1925 some 2 million ounces of silver were produced at Silver Spur from 90,000 - 100,000 tonnes of ore. Average grades up to 1909 were recorded at Cu 1%, Pb 13%, Zn 25%, Ag 809g/t, Au 1.5g/t. The mineralisation at Silver Spur is massive sulphide.
Approximately 90,000t of slag remains on the surface of the lease and grades an average of 0.5g/t Au, 0.35% Cu, 3.17% Pb, 15.8% Zn, 158g/t Ag, (calculated by Rimfire Pacific Mining NL).
Drilling, in 1998, by Rimfire Pacific Mining NL under the historic Silver Spur workings resulted in an estimate of in-situ resources as follows:
7% Zn equivalent cut-off grade
Indicated Resources
109,000 t @ 12% zinc equivalent
Inferred Resources
260,000 t @ 11.85% zinc equivalent
Combined Indicated and Inferred Resources
369,000 t @ 11.9% zinc equivalent (5.79 oz silver, 6.47% zinc, 2.89% lead, 0.35% copper, 0.26 g/t gold)
 
2% Zn equivalent cut-off grade
Indicated Resources
255,000 t @ 6.0% zinc equivalent
Inferred Resources
553,000 t @ 5.87% zinc equivalent
Combined Indicated and Inferred Resources
808,000 t @ 5.93% zinc equivalent (2.25 oz/t silver, 3.56% zinc, 1.25% lead, 0.17% copper, 0.09 g/t gold)

The Mt Gunyan Project is situated 1.5km north-east of the Twin Hills Mining Lease. Drilling carried out by Macmin since 1994 (a total of approximately 260 drill holes) allowed the calculation of a resource. At a 30g/t silver equivalent cut-off, the Indicated Resource is 2.1 million tonnes at 68g/t silver equivalent. The shallow drilling demonstrated that the silver occurred as a near surface low grade envelope within which occurred sub-vertical high grade zones, e.g. 34m at 333g/t Ag (hole MGRC5).

The geology of the project area comprises a thick sequence of tuffaceous 'siltstones' cross cut by a series of sub-parallel zones of silicification and associated quartz veining from 2-15m wide and 100-300m in length The 'zones of silicification' are areas of abundant micro and macro quartz veining with moderately intense silicification of the host rock, but not pervasive silicification of host rocks as seen at the Twin Hills silver deposit.
ASSOCIATE COMPANY: NEW GUINEA GOLD CORPORATION
ANNOUNCES SINIVIT DRILLING INTERSECTS FURTHER OXIDE GOLD
RESULTS such as 20m at 17.2g/t GOLD
New Guinea Gold Corporation, in which Macmin Silver Ltd holds shares in and other Companies.


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http://www.newguineagold.ca/projects/sinivit/SinivitLatestPhotos.html

New Guinea Gold Corporation (TSX) www.newguineagold.ca
17,847,020
$8.4M
Malachite Resources NL www.malachite.com.au
1,500,000
$0.3M
Frontier Resources Ltd  www.frontierresources.com.au
5,425,000
$0.2M


http://www.macmin.com.au/media/2007/european-roadshow-jun07.pdf