Rapid Critical Metals has initiated a 2,000m diamond drilling campaign at its Webbs Silver Project in NSW, aiming to upgrade its resource to 2025 JORC standards and explore new high-potential silver targets.
- 2,000m diamond drilling program underway at Webbs Silver Project
- Dual drill rigs deployed to accelerate exploration results
- Focus on upgrading resource to 2025 JORC compliance and expanding silver inventory
- Targets include southern extensions and parallel lodes identified by recent surveys
- Part of broader strategy following consolidation of silver assets in New England Fold Belt
Drilling Commences at Webbs Silver Project
Rapid Critical Metals Limited (ASX – RCM) has commenced a significant 2,000-metre diamond drilling program at its flagship Webbs Silver Project in northern New South Wales. This marks the first stage of a comprehensive exploration strategy following the company's recent consolidation of silver assets within the prolific New England Fold Belt.
The drilling campaign is designed to upgrade the existing mineral resource to meet the 2025 JORC Code standards, improve geological confidence, and test promising extensions along strike to the south, as well as investigate potential parallel lodes to the west identified through recent microgravity surveys and LiDAR imaging.
Strategic Exploration and Resource Growth
Rapid has deployed two drill rigs on site to expedite results, underscoring the urgency and scale of this program. Managing Director Byron Miles highlighted the dual objectives of the campaign – "Our focus is on upgrading and expanding the existing resource while also testing new discovery opportunities within this highly prospective silver corridor." This approach aims to unlock the full potential of the Webbs project, which already boasts a substantial polymetallic resource.
The Webbs Silver Project's 2022 mineral resource estimate reported nearly 10 million ounces of silver equivalent across measured, indicated, and inferred categories, with encouraging grades of silver, copper, lead, and zinc. The upcoming drilling results are expected to refine these estimates, potentially increasing the resource base and enhancing the project's economic viability.
Broader Implications for Rapid’s NSW Portfolio
This drilling campaign is the first phase of Rapid's broader exploration ambitions across its newly acquired New South Wales silver portfolio, which includes other significant assets like the Conrad Silver Project. The company recently raised $10.5 million to fully fund these activities, positioning itself to accelerate exploration and development with multiple near-term catalysts ahead.
Notably, the Webbs project benefits from improved geological understanding, with recent mapping revealing complex vein structures that could facilitate efficient mining methods, including open-cut operations initially. Metallurgical testing has also been positive, indicating the potential for producing saleable concentrates.
Looking Ahead
While the drilling program is underway, investors and analysts will be watching closely for assay results and updated resource statements that could materially impact Rapid’s valuation and strategic direction. The company’s ability to convert exploration success into a robust, JORC-compliant resource upgrade will be critical in defining the next phase of development at Webbs and its broader silver portfolio.
Bottom Line?
Rapid’s drilling campaign at Webbs could redefine its silver resource profile and set the stage for accelerated development.
Questions in the middle?
- What initial assay results will reveal about the size and grade of extensions at Webbs?
- How will updated JORC-compliant resource estimates impact Rapid’s project economics?
- Could discoveries of parallel lodes lead to a significant resource re-rating?