An exploration company looking for gold north of Orange has now discovered silver.
Impact Minerals, which is exploring several sites near Wellington, told the Australian Stock Exchange on Wednesday of its find.
Managing director Dr Mike Jones said magnetic data and the results of testing of rock chips had revealed 'high grade gold-silver mineralisation" as well as gold and copper across the company's 900 square kilometre search site.
This is a new style of mineralisation for this area.Dr Mike Jones, managing director Impact Minerals
He said one sample had returned "an exceptional" silver result.
"[It is] associated with a significant two kilometre-long fault newly identified in the magnetic data which has never been explored," he said.
"This is a new style of mineralisation for this area. There has been no exploration of significance for this style of mineralisation on Impact's tenements."
Dr Jones said the results would now be assessed ahead of preparing for drilling on the site later this year.
"The new magnetic data and previous exploration results by Impact and others strongly support the potential for the Commonwealth Project to host not only significant porphyry copper-gold deposits but also intrusion-related epithermal gold-silver deposits and volcanogenic massive sulphide deposits," he said.
"Further work is now required to refine and rank these target areas for drilling."
Meanwhile, a NSW Mineral Councils report showing five mine projects in the Central West had the potential to create about 2500 jobs has been backed by a business group.
Regional Development Australia Orana director for regional development Megan Dixon said the report aligned with the group's vision for jobs growth in the region.
"Mining is a key economic driver for NSW and the projects outlined by this report have the potential to bring both employment opportunities and financial benefits to the region," she said.
"RDA Orana's Export Hub aims to support the development of businesses across the region into exports, which will in turn improve sustainability, connect businesses, increase investment and expose potential collaborations," she said.
Mrs Dixon said the economic pressures associated with COVID-19 will have an impact for some time to come, but with industries such as mining, there was future potential.
"Under these challenging circumstances, it's imperative that industries with a proven track record of providing thousands of jobs and billions in investment, such as the NSW mining industry, are encouraged to thrive under a reasonable and certain regulatory environment," she said.
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