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Rothsay Project- WA (Silver Lake 100%)

Background

The Rothsay gold deposit was first discovered in 1894 and several of the veins making up the deposit were mined up until 1994. It has been estimated that approximately 56,000 oz of gold was produced from the small scale open pit and underground mining operations.

Location

The Rothsay project is located 300 km north-northeast of Perth and 70 km east of the wheatbelt town of Perenjori. Access to the area is gained by gravel roads from Perenjori or Paynes Find. The project consists of eight granted tenements covering 25 km².  

Geology

Silver Lake’s project area is situated on the eastern margin of the Mount Gibson – Golden Grove greenstone belt. Gold mineralisation at Rothsay is hosted by quartz veins contained within four parallel northwest trending shear zones (referred to as A, B, C and D shears) within mafic and ultramafic rocks. “A” shear is the most easterly and “D” shear is the most westerly.

The “A” shear represents a discrete tabular zone of mineralisation within the serpentinite and is typically one metre to five metres thick with very little peripheral mineralisation. The shear zone maintains a consistent northwesterly strike with a dip of approximately 70^o to the northeast. 

Resources

	Measured Resources			Indicated Resources			Inferred Resources			Total Resources
Deposit	Ore t '000s	Grade g/t Au	Total Oz Au '000s	Ore t '000s	Grade g/t Au	Total Oz Au '000s	Ore t '000s	Grade g/t Au	Total Oz Au '000s	Ore t '000s	Grade g/t Au	Total Oz Au '000s
Rothsay	-	-	-	-	-	-	591.2	7.0	132.9	591.2	7.0	132.9

The resources at Rothsay are a well defined zone of often high grade gold mineralisation confined to the “A” shear. There has been limited drilling completed at depth or along strike of this resource. Some open pit production and drilling has been completed along the “B” shear, however there has been very limited exploration carried out along the other shear zones.

Silver Lake believes that the Rothsay project is also prospective for copper mineralisation. This belief is based on the fact that previous mine operators produced a copper concentrate on site. Malachite is also clearly evident in the spoil piles in the vicinity of the historic mine workings. 

    

Exploration Programme

The combined length of the shear systems within Silver Lake’s Rothsay project area is over 6 km and currently only one km of “A” shear has been tested to a depth of greater than 300 metres. The Company’s exploration plan is to systematically test the complete length of each of the four shear systems.

A total of $800,000 has been budgeted to test the immediate down dip and along strike extensions of the Rothsay resource on “A” shear (Phase 1) and the area north of the open pit on “B” shear (Phase 2). Phase 1 consists of 2,000 metres of diamond drilling and 870 metres of RC drilling (refer Figure 3). Phase 2 consists of 1,500 metres of shallow RC drill testing.

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