Update on exploration drilling activities and recent assays

Silver Mines Limited (ASX: $SVL) has reported significant grades and thicknesses of mineralisation from infill drilling at the Bowdens Silver Project in Central NSW. The drilling aimed to improve grade continuity in under sampled zones of the deposit, particularly in areas surrounding the Proposed Open Cut. A total of 14 holes for 2,228.4 metres were completed between March and May 2024. Additionally, deep drilling from late 2023 to February 2024 targeted extensions to the mineral system nearly 700 metres down dip from the 2023 Mineral Resource Estimate.

Executive Commentary on Infill Drilling and Deep Drilling Results

The infill drilling results have demonstrated the presence of significant high-grade mineralisation in under sampled areas, particularly around the 'nose' of the deposit and above the Southern Gold Zone. These results are expected to simplify future pit designs and lower the strip ratio. The deep drilling has provided valuable insights into the extension of mineralisation down dip, with observations of sphalerite dominance and the presence of pyrrhotite, indicative of hotter temperatures. The Company is now focusing on achieving access to regional targets, including the Bara Creek Prospect and the Coomber Prospect, while finalising the update to the Mineral Resource Estimate and Ore Reserves, both scheduled for Q3 2024.

Summary of Infill and Deep Drilling Results and Future Outlook

The infill drilling at the Bowdens Silver Project has yielded significant grades and thicknesses of mineralisation, particularly in under sampled zones, which are likely to simplify future pit designs and lower the strip ratio. The deep drilling has provided valuable insights into the extension of mineralisation down dip, with observations of sphalerite dominance and the presence of pyrrhotite, indicative of hotter temperatures. The Company's focus on achieving access to regional targets and the upcoming update to the Mineral Resource Estimate and Ore Reserves in Q3 2024 reflects its commitment to further exploration and development. With the Bowdens Silver Project being the largest undeveloped silver deposit in Australia, the Company's efforts to optimize the project and update its resource estimates demonstrate its ambitions for continued growth and development in the mining sector.