Silver Lake Resources boosts gold inventory 10% to 3.3 million ounces

Silver Lake Resources (ASX: SLR) continues to deliver a string of class announcements from the Mount Monger and the Murchison operations - with the latest a 10% boost in gold resource inventory to 3.3 million ounces.
An extra tick for the result is the upgrade was calculated after allowing for the previous six months’ mining depletion of 40,500 ounces.
The current JORC Resource now comprises; 24.1 million tonnes at 4.2 grams per tonne (g/t) gold for 3.3 million ounces.
Adding some extra spice to the news, Silver Lake said that mining reserves for Mount Monger and the Murchison will be announced at the end of 2011.
The company also pencilled in another resource upgrade forecast to be announced in January 2012, which will include expanded resources at Haoma, Daisy Deeps and other resources as defined by ongoing drilling campaigns over the next six months.
Les Davis, managing director, told Proactive Investors today that Mount Monger hosts four independent mines with a total resource of over 1 million ounces accessible from the same decline infrastructure.
"Over time and once sufficient mine development is in place, we plan to mine 180,000 ounces from these mines that will be all trucked out of the same decline which reduces our capital cost per ounce.
"In the Murchison we now have 850,000 ounces in the Measured and Indicated resource status which will determine the base case reserve for the project."
Silver Lake is now looking to expand production at Mount Monger and to commence development at the Murchison.
In the next six months at Mount Monger the company will conduct surface drilling programs targeting the ultramafic belt for Daisy Milano style deposits and step out drilling around Wombola.
At Murchison - strike and depth extensions will be targeted in the short term to the planned underground mines at Caustons, Tuckabianna West and Comet.
Drilling will also commence at Eelya complex prospective for copper over four large electromagnetic conductors at Hollandaire, Colonel, Mount Eelya, and Eelya South.



Originally published at: http://www.proactiveinvestors.com.au/companies/news/18305/silver-lake-resources-boosts-gold-inventory-10-to-33-million-ounces-18305.html