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Additional information
Additional Information
Market: ASX
Sector: Gold Mining
Epic: SLR
News: Latest news
Web Site: Silver Lake Resources
Other Articles: 23-08-201004-08-201029-07-2010

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Saturday September 04, 06:00Serving up support at Babcock

Support services have been among the worst performing sectors over the past month as revenue fears from the government’s austerity measures weigh heavily on the sector.

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Friday September 03, 11:40 Goldcorp snatches Andean Resources in $3.6bn deal, trumping Eldorado`s earlier bid

Both companies are vying for Andean`s Cerro Negro gold project, which is an advanced-stage, high-grade vein system, comprising 215 square kilometers. It currently has indicated resources of 2.54 million ounces of gold and 23.56 million ounces of silver, while inferred resources total 523,000 ounces of gold and 3.12 million ounces of silver.

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Wednesday September 01, 10:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Silver Lake Resources

Silver Lake Resources

Silver Lake is a gold producer and explorer with a resource base of 1.5 million oz in highly prospective regions including the Mount Monger and the Murchison goldfields located in Western Australia.  Silver Lake's exploration programme is targeting 5 million oz Au in resource by the end of 2011.

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Monday, July 05, 2010

Silver Lake Resources makes strategic bolt-on acquisition

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Silver Lake Resources (ASX: SLR) has negotiated a deal with Cortona Resources Limited’s (ASX: CRC) 90% interest and Peter van der Borgh’s 10% interest in the North Monger Project, with a resource of 860,000 tonnes at 2.9 g/t Au for 80,300 ounces of gold, within trucking distance of the Lakewood Gold Processing Facility.

Consideration for the acquisition is a cash payment of A$3 million which will be funded from Silver Lake's cash reserves.

The Project hosts both gold and nickel resources compiled in accordance with JORC guidelines. The Wombola Pit and Wombola Dam deposits have a combined gold resource of 860,000 tonnes at 2.9 g/t for 80,300 ounces. The Black Hills project has a nickel laterite resource of 30 million tonnes grading 0.64 % Ni for 192,800 tonnes of contained nickel metal.

With the acquisition Silver Lake gains a gold asset with near term production ability in trucking proximity to the company's processing facility. In addition, there is scope to expand current JORC resources given exploration potential.

Widespread surface and subsurface mineralisation indicates that the North Monger Project is highly prospective for additional near surface, open pitable gold deposits. Deeper drilling has the potential to discover much larger deposits as the stratigraphy includes differentiated dolerite and porphyry, which are host rocks for many of the multi million ounce deposits throughout the Eastern Goldfields (eg Kalgoorlie, Kambalda,
Kanowna Belle, Coolgardie and Paddington).

“This acquisition is a strategic fit with 80,300 ounces of resource located within trucking distance of our Lakewood Gold Processing Facility.  Wombola Pit and Wombola Dam have near term production potential and the project has exploration upside adjoining our Mount Monger Operations” said Silver Lake’s managing director Les Davis.

“We will immediately commence mining studies on Wombola Pit and Wombola Dam with the view of commencing production in the near term. Exploration targets will be ranked and drilling will commence next quarter” Mr Davis said.

Previous exploration was targeted at an average depth of 60 metres with only 10% of holes drilled deeper than 100 metres.

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