Mount Monger Operation: 28.2 Mt @ 3.56 g/t Au for 3.23 Moz of contained gold
Murchison Operation: 10.6 Mt @ 2.01 g/t Au for 0.69 Moz of contained gold
Great Southern Project: 16.0 Mt @ 1.95 g/t Au for 1.00 Moz of contained gold
Total Ore Reserves are estimated at: 11.2 Mt @ 2.3 g/t Au for 0.83 Moz of contained gold, comprising:Mount Monger Operation: 3.73 Mt @ 3.24 g/t Au for 0.39 Moz of contained gold
Great Southern Project: 7.44 Mt @ 1.85 g/t Au for 0.44 Moz of contained gold
Silver Lake Resources Limited ("Silver Lake" or the "Company") presents its Mineral Resources and Ore Reserves statements for 2016.
MINERAL RESOURCE STATEMENT AS AT 30 JUNE 2016The Company's total Measured, Indicated and Inferred Mineral Resources as at 30 June 2016 are 54.8 million tonnes (Mt) @ 2.8 grams per tonne of gold (g/t Au) containing 4.92 million ounces of gold (Moz) (refer Tables 1, 2, 3, 4). The previous publicly reported estimate of Mineral Resources was 58.0 Mt @ 2.7 g/t Au containing 5.03 Moz of gold as at 30 June 2015, announced on 28th August 2015. The Mineral Resources as at 30 June 2016 are estimated after allowing for mining depletion from the Mount Monger Operation and the sale of the Comet mining tenements during the 2016 financial year.
June 2015 | June 2016 | |||||
Ore tonnes | Grade g/t | Total Oz Au | Ore tonnes | Grade g/t | Total Oz Au | |
Measured Resources | 939,000 | 4.8 | 146,000 | 1,068,000 | 3.9 | 135,000 |
Indicated Resources | 31,749,000 | 2.4 | 2,407,000 | 29,724,000 | 2.4 | 2,301,000 |
Inferred Resources | 25,356,000 | 3.0 | 2,477,000 | 23,993,000 | 3.2 | 2,482,000 |
Total Resources | 58,044,000 | 2.7 | 5,031,000 | 54,785,000 | 2.8 | 4,919,000 |
Table 1: Total Silver Lake Gold Mineral Resource as of June 2016
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The key changes to the Mineral Resource statement during the 2016 financial year are:
- Maxwells - A total of 16,713 metres infill and extensional resource definition drilling at Maxwells led to a 400% Mineral Resource increase to 307,000 oz (see announcement "Maxwells Mineral Resource Increases 400% to 307,000 Ounces" on 29 April 2016). Silver Lake commenced underground development at Maxwells in August 2016.
- Harry's Hill - During the 2016 financial year updated geological modelling based on drilling completed in FY15 resulted in a reinterpretation of the Harry's Hill deposit and the addition of 29,000 oz to the Mineral Resource.
- Santa Area, Rumbles and Lucky Bay - Open pit mining activities occurred at Santa Area, Rumbles and Lucky Bay during the 2016 financial year. As a result of mining, the Santa Area Mineral Resource was depleted by 34,000 oz, Rumbles depleted by 29,000 oz, and Lucky Bay depleted by 13,000 oz.
- Comet - On 4 February 2016 the Company completed the sale of the Comet mining tenements and assets (refer ASX announcement "Murchison Asset Transactions" dated 25 November 2015), resulting in the removal of the Comet Mineral Resources total of 353,000 oz.
Apart from the changes detailed above, there were no other material changes to the Mineral Resource statement for the period 1 July 2015 to 30 June 2016 at Mount Monger Operation.
There were no other material changes to the Mineral Resource statement for the Great Southern Project or Murchison Operation for the period 1 July 2015 to 30 June 2016.
Subsequent to the end of FY16, the Company announced the sale of the Great Southern mining tenements and assets to ACH Minerals Pty Ltd (refer ASX announcement "Sale of Great Southern Project for A$5 million" dated 15 July 2016). When completed, this sale will result in the removal of the Kundip, Trilogy and Queen Sheba Mineral Resources.
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June 2016 | Measured Resources | Indicated Resources | Inferred Resources | Total Resources | |||||||||
Deposit | Ownership | Ore tonnes '000s | Grade g/t | Total Oz Au '000s | Ore tonnes '000s | Grade g/t | Total Oz Au '000s | Ore tonnes '000s | Grade g/t | Total Oz Au '000s | Ore tonnes '000s | Grade g/t | Total Oz Au '000s |
Daisy Milano Complex | 100% | 38 | 52.5 | 64 | 349 | 16.3 | 183 | 1,092 | 18.2 | 638 | 1,479 | 18.62 | 885 |
Majestic | 100% | - | - | - | 2,301 | 2.3 | 168 | 712 | 1.4 | 32 | 3,013 | 2.06 | 200 |
Imperial | 100% | - | - | - | 439 | 3.8 | 54 | 340 | 1.5 | 16 | 779 | 2.79 | 70 |
Fingals | 100% | - | - | - | 131 | 2.7 | 11 | 1,043 | 2.3 | 77 | 1,174 | 2.33 | 88 |
Costello | 100% | - | - | - | - | - | - | 111 | 4.0 | 14 | 111 | 4.01 | 14 |
Lorna Doone | 100% | - | - | - | 686 | 2.0 | 44 | 641 | 3.5 | 72 | 1,327 | 2.72 | 116 |
Magic/Mirror | 100% | 171 | 2.7 | 15 | 313 | 3.1 | 32 | 1,428 | 4.6 | 210 | 1,913 | 4.18 | 257 |
Wombola Pit | 100% | - | - | - | 47 | 3.1 | 5 | 20 | 4.0 | 3 | 67 | 3.32 | 7 |
Wombola Dam | 100% | 13 | 3.2 | 1 | 164 | 2.6 | 14 | 120 | 3.0 | 12 | 297 | 2.81 | 27 |
Hammer & Tap | 100% | - | - | - | - | - | - | 350 | 2.4 | 27 | 350 | 2.43 | 27 |
Total Mount Monger | 222 | 11.2 | 80 | 4,429 | 3.6 | 510 | 5,857 | 5.8 | 1,101 | 10,509 | 5.01 | 1,692 | |
Stockpiles | 100% | 410 | 1.4 | 18 | - | - | - | - | - | - | 410 | 1.38 | 18 |
Maxwells | 100% | - | - | - | 891 | 6.0 | 172 | 794 | 5.3 | 135 | 1,685 | 5.67 | 307 |
Santa Area | 100% | - | - | - | 3,185 | 2.3 | 233 | 1,696 | 2.5 | 136 | 4,882 | 2.35 | 369 |
Cock-eyed Bob | 100% | 112 | 3.1 | 11 | 606 | 2.8 | 54 | 1,302 | 3.8 | 160 | 2,021 | 3.46 | 225 |
Lucky Bay | 100% | 13 | 4.6 | 2 | 34 | 4.8 | 5 | 8 | 7.2 | 2 | 55 | 5.10 | 9 |
Rumbles | 100% | - | - | - | 351 | 2.2 | 24 | 851 | 2.2 | 59 | 1,202 | 2.16 | 83 |
Anomaly A | 100% | - | - | - | 158 | 2.7 | 14 | 73 | 1.7 | 4 | 231 | 2.40 | 18 |
Randalls Dam | 100% | - | - | - | 107 | 2.1 | 7 | 6 | 1.2 | 0.2 | 113 | 2.05 | 7 |
Total Randalls | 535 | 1.8 | 31 | 5,333 | 3.0 | 509 | 4,730 | 3.3 | 496 | 10,598 | 3.04 | 1,037 | |
Main Zone | 100% | - | - | - | 1,888 | 2.4 | 145 | 26 | 2.1 | 2 | 1,914 | 2.39 | 147 |
Harry's Hill | 100% | - | - | - | 1,690 | 2.5 | 136 | 367 | 2.4 | 29 | 2,057 | 2.49 | 165 |
French Kiss | 100% | - | - | - | 1,906 | 1.9 | 116 | 39 | 2.1 | 3 | 1,945 | 1.89 | 118 |
Spice | 100% | - | - | - | - | - | - | 104 | 4.0 | 14 | 104 | 4.05 | 14 |
Tank/Atriedes | 100% | - | - | - | 622 | 1.9 | 37 | 60 | 1.9 | 4 | 682 | 1.86 | 41 |
Italia/Argonaut | 100% | - | - | - | 409 | 1.4 | 19 | - | - | - | 409 | 1.43 | 19 |
Total Aldiss | - | - | - | 6,515 | 2.2 | 453 | 596 | 2.6 | 50 | 7,111 | 2.20 | 503 | |
Total Mount Monger Operation | 758 | 4.6 | 111 | 16,277 | 2.8 | 1,472 | 11,183 | 4.6 | 1,648 | 28,218 | 3.56 | 3,231 |
Table 2: Mount Monger Operation Gold Mineral Resource as at 30 June 2016
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June 2016 | Measured Resources | Indicated Resources | Inferred Resources | Total Resources | |||||||||
Deposit | Ownership | Ore tonnes '000s | Grade g/t | Total Oz Au '000s | Ore tonnes '000s | Grade g/t | Total Oz Au '000s | Ore tonnes '000s | Grade g/t | Total Oz Au '000s | Ore tonnes '000s | Grade g/t | Total Oz Au '000s |
Caustons | 100% | - | - | - | 886 | 2.2 | 63 | 1,765 | 2.2 | 123 | 2,651 | 2.18 | 186 |
Tuckabianna | 100% | - | - | - | 1,216 | 1.9 | 76 | 1,487 | 1.8 | 85 | 2,703 | 1.85 | 161 |
TMC/Katies | 100% | - | - | - | 299 | 2.5 | 24 | 316 | 2.5 | 25 | 615 | 2.48 | 49 |
Jasper Queen | 100% | - | - | - | - | - | - | 175 | 2.6 | 15 | 175 | 2.60 | 15 |
Gilt Edge | 100% | - | - | - | - | - | - | 96 | 3.1 | 9 | 96 | 3.06 | 9 |
Sherwood | 100% | - | - | - | - | - | - | 527 | 2.1 | 35 | 527 | 2.07 | 35 |
Little John | 100% | - | - | - | - | - | - | 1,201 | 1.8 | 69 | 1,201 | 1.78 | 69 |
Total Tuckabianna | - | - | - | 2,400 | 2.1 | 162 | 5,567 | 2.0 | 361 | 7,967 | 2.04 | 524 | |
Comet | 0% | - | - | - | - | - | - | - | - | - | - | - | - |
Lunar/Solar | 0% | - | - | - | - | - | - | - | - | - | - | - | - |
Pinnacles | 0% | - | - | - | - | - | - | - | - | - | - | - | - |
Total Comet | - | - | - | - | - | - | - | - | - | - | - | - | |
Lena | 100% | - | - | - | 433 | 2.0 | 28 | 839 | 1.8 | 49 | 1,273 | 1.86 | 76 |
Leviticus | 100% | - | - | - | - | - | - | 42 | 6.0 | 8 | 42 | 6.00 | 8 |
Numbers | 100% | - | - | - | - | - | - | 278 | 2.5 | 22 | 278 | 2.46 | 22 |
Break of Day | 100% | - | - | - | - | - | - | 336 | 1.9 | 21 | 336 | 1.91 | 21 |
Total Moyagee | - | 433 | 2.0 | 28 | 1,495 | 2.1 | 99 | 1,928 | 2.05 | 127 | |||
Hollandaire | 100% | - | - | - | 473 | 1.4 | 21 | 45 | 1.1 | 2 | 518 | 1.35 | 22 |
Rapier South | 100% | - | - | - | - | - | - | 171 | 2.2 | 12 | 171 | 2.15 | 12 |
Total Eelya | - | 473 | 1.4 | 21 | 216 | 1.9 | 13 | 689 | 1.55 | 34 | |||
Total Murchison Operation | - | - | - | 3,307 | 2.0 | 211 | 7,278 | 2.0 | 474 | 10,585 | 2.01 | 685 |
Table 3: Murchison Operation Gold Mineral Resources as at 30 June 2016
June 2016 | Measured Resources | Indicated Resources | Inferred Resources | Total Resources | |||||||||
Deposit | Ownership | Ore tonnes '000s | Grade g/t | Total Oz Au '000s | Ore tonnes '000s | Grade g/t | Total Oz Au '000s | Ore tonnes '000s | Grade g/t | Total Oz Au '000s | Ore tonnes '000s | Grade g/t | Total Oz Au '000s |
Kundip | 100% | - | - | - | 4,390 | 3.4 | 481 | 4,550 | 2.1 | 307 | 8,940 | 2.74 | 789 |
Trilogy | 100% | 310 | 2.4 | 24 | 5,750 | 0.7 | 136 | 180 | 0.8 | 4 | 6,240 | 0.82 | 165 |
Queen Sheba | 100% | - | - | - | - | - | - | 802 | 1.9 | 49 | 802 | 1.90 | 49 |
Total Great Southern Project | 310 | 2.4 | 24 | 10,140 | 1.9 | 618 | 5,532 | 2.0 | 361 | 15,982 | 1.95 | 1,002 |
Table 4: Great Southern Project Gold Mineral Resources as at 30 June 2016
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Silver Lake Resources Limited published this content on 26 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 August 2016 08:19:01 UTC.
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