The Silver Mines (ASX:SVL) share price falls despite positive drill results

The Silver Mines share price is falling today, despite the company delivering positive drill results. We take a closer look.

| More on:
Thomson Resources share price Silver mining

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Silver Mines Ltd (ASX: SVL) share price is falling today, down 4% at 24 cents in late morning trading.

This comes despite the ASX silver miner reporting some positive assay results from the diamond drilling program at its Bowdens Silver Project in New South Wales.

What drilling results did Silver Mines report?

In today's ASX announcement, Silver Mines reported the assays from its Bowdens project had revealed "outstanding high-grade drill results". According to the company, Bowdens is the largest undeveloped silver deposit in Australia.

Preliminary results returned from the drill hole include:

  • 6 metres @ 471g/t silver equivalent (413g/t silver, 1.14% lead, 0.39% zinc) from 96 metres which includes:
  • 0 metres @ 1090g/t silver equivalent (966g/t silver, 2.86% lead, 0.56% zinc) from 97 metres; and
  • 1 metres @ 874g/t silver equivalent (789g/t silver, 1.67% lead, 0.59% zinc) from 122 metres

Commenting on the results, Silver Mines managing director Anthony McClure said:

We are delighted with the recent exploration from Bowdens Silver. Our team has been tenacious in its work in understanding the deposit and its extensions. This current hole BD21002 has produced some of the best intercepts ever returned at Bowdens further demonstrating the quality of the deposit.

McClure added that the company has 2 rigs on the site to continue with the exploration program to test other high-grade silver targets around the current resource and extensions at depth.

Silver Mines share price and company snapshot

As its name implies, Silver Mines is a silver exploration company. The company's major NSW operations include projects at Bowdens, Barabolar, Webbs, Conrad, and Tuena.

With the price of silver recently hitting multi-year highs, long-term Silver Mines shareholders have been well rewarded. Over the past 12 months, the Silver Mines share price is up 120%. That compares to a 2% loss on the All Ordinaries Index (ASX: XAO).

Year-to-date, the Silver Mines share price is down 7%.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing end to the trading week for investors this Friday.

Read more »

A young boy points and smiles as he eats fried chicken.
Share Gainers

3 ASX All Ords shares smashing the benchmark this week

Investors are sending these three ASX All Ords shares rocketing 18% to more than 29% this week. But why?

Read more »

watch
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

Disappointed man with his head on his hand looking at a falling share price his a laptop.
Share Fallers

Why APA, Flight Centre, Reece, and Transurban shares are falling today

These shares are having a tough finish to the week. But why?

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Alliance Aviation, BHP, Boss Energy, and Orthocell shares are racing higher

These shares are ending the week on a positive note. But why?

Read more »

Mum playing with her baby boy holding him on her tummy as she lays down while smiling about the Bubs share price going up today
Broker Notes

Following two unfortunate incidents, what's Macquarie's price target on Monash IVF shares?

Is Monash IVF a buying opportunity?

Read more »

A happy male investor turns around on his chair to look at a friend while a laptop runs on his desk showing share price movements
Broker Notes

Macquarie tips 18% return for this ASX 200 stock

The broker thinks this blue chip's profits are going to rebound in FY 2026.

Read more »

Three happy office workers cheer as they read about good financial news on a laptop.
Broker Notes

Bell Potter names more of the best ASX 200 shares to buy in FY26

These shares are among the best to buy in the new financial year according to its analysts.

Read more »