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Silver Lake’s golden boost

Gold explorer Silver Lake Resources has released its mineral resource and ore reserves statement as of June 30 2023.

The company’s group ore reserves now equal to 1.44 million ounces of gold and 2768 tonnes of copper. It noted that this is a nine per cent increase net compared to the 2023 financial year (FY23) mine depletion of 267,199 ounces.

Its group mineral resources are now 6.19 million ounces gold and 14,400 tonnes of copper, which is nine per cent lower in absolute terms or five per cent lower net of FY23 mine depletion.

Silver Lake noted that its updated mineral resource and ore reserves serve as a strong platform for further ore reserve conversion and mineral resource growth at all operations, with a FY24 exploration budget of $43 million.

The company also announced the updated mineral resource and ore reserves for its two key Western Australian projects.

Its Mount Monger gold operation is located 50 kilometres southeast of Kalgoorlie.

Its ore reserves of 640,000 ounces is a 33 per cent increase net of FY23 mine and stockpile depletion of 110,000 ounces. This growth driven by conversion at the Daisy Mining Centre and the increases at the Santa Complex.

Mount Monger’s mineral resources of 3.5 million ounces are consistent year on year, net of mine and stockpile depletion – according to Silver Lake Resources.

Silver Lake’s Deflector gold-copper project is located in the southern Murchison region, 450 kilometres north of Perth. 

Its ore reserves of 295,000 ounces of gold is a decrease of 11 per cent net of record FY23 mine depletion of 159,109 ounces, and its mineral resources total to 1.1 million gold ounces, which is a ten per cent decrease net of mine depletion.

Last week, Silver Lake acquired 11 per cent of Red 5’s issued capital after it failed to acquire St Barbara’s Leonora gold assets in June.

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