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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (66641)	8/31/2010 9:44:08 AM
From: LoneClone	Read Replies (1) \| Respond to of 194794

Silver Lake Resources' drilling results add to Murchison gold resource proactiveinvestors.com.au Gold production and exploration company Silver Lake Resouces' (ASX: SLR) latest drilling has delivered further robust results in the Caustons Main, Caustons South, Genesis and Exodus deposits located within Tuckiabanna, one of its Murchison projects. The strong results are from a combination of infill and extensional drilling and support the company's Murchison strategy to delineate sufficient resources to sustain a 100,000 oz per annum operation. Silver Lake’s exploration programme is targeting 5 million oz Au in resource. Highlights include: Caustons South: - 3.0 metres at 9.5 g/t Au from 153 metres - 2.0 metres at 6.1 g/t Au from 156 metres - 2.0 metres at 5.5 g/t Au from 134 metres - 4.0 metres at 3.8 g/t Au from 144 metres Genesis: - 5.0 metres at 1.8 g/t Au from 9 metres - 3.0 metres at 7.7 g/t Au from 17 metres - 9.0 metres at 2.8 g/t Au from 35 metres Mineralised zone between Genesis & Exodus: - 5.0 metres at 5.3 g/t Au from 97 metres Mineralisation remains open to the south and at depth and there is potential for further high grade mineralisation along and parallel to the 13 km long Tuckabianna main zone. Les Davis, managing director, said “every drilling programme is adding strength and upside to the current resource and Definitive Feasibility Study." “We have a large highly prospective project area in the Murchison that already has a resource of 1.3 million oz. We look forward to making this our next production centre producing from multiple ore sources for many years to come, ” Davis added. The Tuckabianna Project is based around the 13 km long main and parallel zones that are subject to an ongoing drill programme. Tuckabianna already has a resource of 8.9 million tonnes at 2.4 g/t Au for 680,000 oz and has previously produced 375,000 oz of gold from open pit mines. The Caustons Main, Caustons South, Genesis and Exodus deposits currently have a combined resource of 2.7 million tonnes at 2.8 g/t Au for 248,000 ounces. Drill hole 10TURC019 intersected 5.0 metres at 5.3 g/t Au in a mineralised zone located between Genesis and Exodus. Silver Lake has a resource base of 2.5 million oz in highly prospective regions including the Mount Monger goldfield and the Murchison (Tuckabianna, Comet, and Moyagee) and its strategy is to develop large production centres at Mount Monger and at the Murchison with multiple mines at each centre. The Mount Monger Operation contains the Daisy Milano and Daisy East underground mines located 50 km south east of Kalgoorlie. Mount Monger has additional multi mine potential underpinned by emerging open pit production from Costello, Wombola Dam and Wombola Pit deposits. Furthermore the discoveries of Emma and the extension of the Rosemary lode show potential as near term production sources. Gold ore from Mount Monger is transported to Silver Lake’s 600,000 tpa Lakewood Gold Processing Facility located 5 km south east of Kalgoorlie and 45 km from the Daisy Milano mine. In the Murchison ongoing exploration is focusing on extending current resources that have previously been constrained by limited drilling particularly below 100 metres depth.