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Jun 2010 - Silver Lake Res

Silver Lake Resources Limited (SLR) –Establishing Daisy East as the next Daisy MilanoLode to take Production beyond 100,000ozpa for 5 to 10 years, while evaluating its Murchison Project

  • Silver Lake Resources (SLR) has established that its flagship Daisy Milano orebody at Mt Monger extends to at least 800m below surface and has been partly missed by previous operators at higher levels, and hence appears capable of producing 50,000ozpa to 60,000ozpa for at least the next 10 years.
  • SLR’s second 50,000ozpa to 70,000ozpa orebody appears to be Daisy East (or variations of it) located ~ 30m to 40m into the hangingwall of Daisy Milano. At this stage, SLR’s third 30,000ozpa to 60,000ozpa unit at Mt Monger may come from a combination of sources such as open-cuts followed by underground at Costello and Magic, and the numerous other possible lodes within the Mt Monger goldfield.
  • SLR’s evaluation of its second gold mining operation in the Murchison near Cue along the Tuckabianna to Moyagee line of strike appears to be initially focusing on the Caustons and Lena areas delineating a number of new orebodies adjacent to older open-cuts at both of those prospects.
  • Caustons appears to consist of a clump of at least 5 separate orebodies being the 3 old Caustons pits and SLR’s new discoveries of Genesis and Exodus immediately adjacent and up to ~200m east of Caustons. The Caustons mineralisation consists of a series of east dipping lodes, and hence may pass under the old camp, mill and ROM pad – all of which have yet to be drilled.
  • When combined with a number of historic parallel lodes at Lena, and SLR’s nearby new discoveries there, SLR is working towards re-establishing a 1.2mtpa operation near the old Tuckabianna plant area at Caustons within about 2 years. The aim is to produce ~100,000ozpa from open-cuts grading ~3g/t from DH 2012 at all inclusive capex of ~A$30m to A$50m (which can be financed from cashflow).
  • SLR appears to be evolving into one of those rare companies that is successful in exploration and yet has the capability to efficiently mine what they find, with a track record so far of achieving more than what they say they expect to do.
  • Written by: Keith Goode
  • Saturday, 12 June 2010

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