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Silver Lake Resources (ASX:SLR) - Managing Director, Luke Tonkin - The Market Herald
Managing Director, Luke Tonkin
Source: Business News
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  • Silver Lake Resources (SLR) has updated the market on its exploration and corporate activities for the December 2020 quarter
  • Overall, projects remain on time and budget, with the Deflector copper-gold mine set to close FY21 with an upgraded processing facility, but down slightly in production for the quarter
  • Production at Mount Monger also crept up slightly along with its stockpiles
  • The company spent approximately $23.1 million at its growth and exploration projects but managed to maintain a relatively strong cash position
  • Silver Lake shares are off slightly on the back of the announcement, trading down 1.19 per cent at $1.66

Silver Lake Resources (SLR) has updated the market on its exploration and corporate activities for the December 2020 quarter.

The gold producer and explorer described its performance over the quarter as "steady" in terms of production and sales, mostly owed to the progress at its Deflector Gold Copper Mine in West Australia.

All up, production at Deflector was down slightly for the quarter at 143,139 tonnes at 5 g/t gold and 0.3 per cent copper.

Deflector produced 23,790 ounces gold and 410 tonnes copper (25,082 ounces of gold equivalent) for the quarter, with gold sales of 27,424 ounces gold and 492 tonnes copper.

Onsite activity for the Deflector plant upgrade was well underway for the period according to SLR, including earthworks, civil works and tank installation.

As a result, the project remains on schedule, with 50 metres of development advance now completed and on track for first ore development in Q1 FY22.

As it stands, according to SLR, projects remain on time and budget, with Deflector set to close FY21 with an upgraded processing facility and significant opportunity to deliver, produce and increase cash flow.

At the company's Mount Monger project in Kalgoorlie, production crept slightly higher on the previous quarter, yielding 234,712 tonnes at 4.2g/t for 31,631 ounces.

Mount Monger stockpiles also increased by roughly 10,700 ounces during the quarter, sitting at roughly two million tonnes containing 85,600 ounces.

Despite some hefty investment into its growth and exploration projects — roughly $21.3 million — SLR's cash seemed to hold strong for the quarter, increasing by $12 million to $315 million at the end of the quarter, with Silver Lake reporting no debt on its books.

Silver Lake shares are off slightly on the back of the announcement, trading down 1.19 per cent at $1.66 at 12:09 pm AEDT.

SLR by the numbers
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