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Tagged with: Silver Lake Resources

May 2008 - Silver Lake Res

Silver Lake Resources Limited (SLR) –Building up to >70,000ozpa Gold Production by the end of 2009

  • Silver Lake Resources (SLR) has four project areas in WA, being Mount Monger (which includes Daisy-Milano : a high grade underground mine that has started production at an expected ~35,000ozpa), Murchison (being Comet, Tuckabianna & Moyagee), Rothsay (a small copper-gold mine) and the grass roots Copper Lakes.
  • SLR has a target of producing at 150,000ozpa within 3 years (2011), which could be achievable, based on possibly 50,000ozpa to 70,000ozpa from Mount Monger and a mining operation at Comet/Tuckabianna (although Mount Monger could be capable of achieving 100,000ozpa in its own right).
  • SLR appears to have significant upside potential with both of its current main project areas of Mount Monger’s Daisy-Milano, and Comet/Tuckabianna apparently capable of exceeding expectations in production and grade. Also on a market cap comparison basis to its peers, SLR appears to be well undervalued and capable of achieving a market cap > A$120m.
  • SLR poured their first gold bar on 30 April 2008, at their own 300,000tpa Lakewood plant near Kalgoorlie as part of an initial expected treatment rate of 75,000tpa at 15g/t (35,000oz to 40,000ozpa) from the Daisy-Milano lode. The remainder of the mill capacity is expected to be fed from possible open cuts followed by underground mining one of the >10 other lodes that have shallow workings.
  • At Comet and Tuckabianna, SLR are evaluating re-opening the mines as underground operations, which was considered prior to their closure in 1997, but not undertaken due to the weakening gold price and other distractions. SLR has started a PFS on its Murchison assets (Comet, Tuckabianna and Moyagee) which it expects to complete in the December Quarter 2008.
  • SLR are also evaluating the old Rothsay copper-gold mine that closed in 1991, after limited underground operation, and their Copper Lakes prospect.

May 2009 - Silver Lake Res

Silver Lake Resources Limited (SLR) –Taking the next step to producing >70,000ozpa

  • Silver Lake Resources (SLR) has achieved its production target of 50,000ozpa at its Daisy-Milano operation at Mount Monger in WA, currently producing a steady ~1,000oz per week with the occasional 1,500oz week. With the Christmas Flats open-cut expected to start in July 2009 and the probable expansion with an additional 300,000tpa mill at its Lakewood plant, SLR’s gold production appears to be moving into the next phase, taking production beyond 70,000ozpa.
  • SLR still appears to be on-track to achieve its 2011 production target of 150,000ozpa, possibly by 70,000ozpa to 100,000ozpa (or so) from Mount Monger & 50,000ozpa from its Murchison Project at Moyagee/Comet/Tuckabianna. Currently SLR is examining its milling opportunities at Murchison, ranging from toll-treating to having its own initially 500,000tpa to 600,000tpa mill (doubling to 1.2mtpa later).
  • Due to SLR’s current total cash costs of ~A$600/oz to A$700/oz, Silver Lake is generating significant cashflow at current gold prices >A$1,000/oz of ~A$1m to A$2m per month (its best week so far was selling 1,550oz at A$1,550/oz). This is increasingly enabling SLR to build up a war-chest capable of financing a mill expansion at Lakewood, start its Murchison operation & remain debt & hedge-free.
  • In fact in the June Qtr of 2009, SLR may have recouped its ~A$13m acquisition cost of Daisy-Milano from Perilya and the acquisition of the Lakewood plant, just over a year since first production in April 2008 (which itself was only ~6 months from the acquisition from Perilya & subsequent listing of SLR in November 2007).
  • The Daisy-Milano orebody is shaping up to be a dream orebody, with ~400m on strike of almost continuous gold mineralisation. The recent delineation of Daisy-Milano on strike at the 8 Level infers a significant increase in resources, and visible nuggetty gold is becoming common with grades in oz/t or even kg/t.

Jul 2011 - Silver Lake Res

Silver Lake Resources Limited (SLR) – Unravelling the Secrets behind the Formation of the Gold Mineralisation at SLR's Mount Monger as Production heads towards ~250,000ozpa by 2014.

Oct 2013 - Silver Lake Res

Silver Lake Resources Limited (SLR) – Targeting Gold Production of >200,000ozpa in a lower gold price environment

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