Silver Lake is an all Australian, ASX listed gold producing and exploration company operating in the Eastern Goldfields district of Western Australia.
Silver Lake's land position in Western Australia covers highly prospective under explored tenements containing gold, silver and copper.
Silver Lake has JORC Resources and JORC Ore Reserves (as at 30 June 2015) containing:
- 5.0 million ounces of gold inclusive of 0.8 million ounces of reserve;
- 10.5 million ounces of silver, and
- 133,650 tonnes of copper.
Mount Monger Operation
- Located 50 km southeast of Kalgoorlie, Western Australia
Flagship Daisy Complex mine has produced 511 koz since its purchase by Silver Lake in 2007
- Average ounces per vertical metre of 1,658 from 500mRL to the 700mRL
- The Daisy Complex provides stable baseload feed (65-70koz pa recovered gold)
- In FY16 mining operations will include the Daisy Complex and Cock-eyed Bob underground mines and a number of open pit mines including Lucky Bay and Santa Area
- Further supplementary open pit mines are planned for FY17 and beyond
- The focus for the Company is on head grade and margin optimisation
- Operating under a single mill strategy - the 1.2Mtpa Randalls Processing Facility
- High gold recoveries from free milling ores (93-95%)
- Located southeast of the town of Cue, 600km northeast of Perth
- Silver Lake constructed the Murchison Operation during 2012-2013 having consolidated the project from various entities between 2007 and 2011 and having undertaken extensive resource definition and associated work, including making new discoveries. This work led to the definition of Resources and Reserves associated with a potential 14 open pits and 4 underground mines spread across the Tuckabianna, Comet and Moyagee mining centres
- The 1.2Mtpa CIL processing plant was constructed at the historic Tuckabianna mill site
- The Murchison Operation was placed on Care and Maintenance in June 2014 following a fall in the gold price and a strategic review of the operations
- In December 2015 the company entered into a Farm-in and Joint Venture Agreement with Musgrave Minerals Limited (ASX:MGV) under which MGV may earn up to 80% joint venture interest in tenements comprising the Moyagee Gold and Hollandaire Copper Projects. The Tuckabianna Mill and associated core tenements do not form part of the transaction and continue to be retained by the company. Further details of the transaction are set out in the Company's ASX announcement dated 25 November 2015.
- Located in the Ravensthorpe region of Western Austalia, approximately 200km west of the Port of Esperance
- The Great Southern Project comprises a package of tenements, substantial gold and base metal Mineral Resources and Ore Reserves, accompanying data and related infrastructure
- In December 2015 Silver Lake entered into a conditional Farm-in and Joint Venture Agreement with ACH Minerals Pty Ltd ("ACH") in respect of the Company's tenure in the Great Southern
- Under the Agreement, ACH may earn a 51% joint venture interest in the Project by spending a minimum of $3 million on exploration within three years from the Agreement becoming unconditional ("Stage 1"). Upon earning a 51% joint venture interest, ACH may elect to increase its joint venture interest in the Project to 80% by spending a further $3 million within a further three year period ("Stage 2"). Further details of the transaction are set out in the Company's ASX announcement dated 17 December 2015.