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.
Silver Lake Resources makes strategic bolt-on acquisition
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.
Other Silver Lake Resources articles
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29/07/10 Silver Lake Resources boosts high grade gold resource by 70% to 2.5m ounces
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27/05/10 Silver Lake Resources joins 100,000 ounces a year club
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05/01/10 Silver Lake Resources shares spike 11c as high-grade results unveiled at Daisy Milano
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06/11/09 Silver Lake Resources sets sail for 100,000oz pa gold production
Other Silver Lake Resources news
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31/08/10 Silver Lake Resources' drilling results add to Murchison gold resource
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23/08/10 Silver Lake Resources' Moyagee drill results point to gold resource upgrade
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04/08/10 Silver Lake Resources acquires 2.5mtpa milling infrastructure in WA
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15/06/10 UK fund manager acquires 2.9m Silver Lake Resources shares
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01/06/10 Silver Lake Resources drilling results to boost Costello gold resource
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25/05/10 Silver Lake Resources intersects significant gold at Magic deposit
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19/05/10 Baker Steel Capital acquires 9.6m shares in Silver Lake Resources
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09/04/10 Silver Lake Resources expects significant gold upgrade at Daisy Deeps
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31/03/10 Silver Lake Resources intersects High Grade Gold at Lena Deposit
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29/03/10 Silver Lake Resources intersects high grade gold south of Lena Deposit
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