Explorations and Machinery

Silver Lake boosts Deflector copper guidance

Silver Lake boosts Deflector copper guidance
Silver Lake Resources has upgraded its copper guidance while remaining on track to hit its gold production targets following a positive March quarter at the company’s Western Australian operations.

Gold sales guidance remained at 240,000-250,000 ounces, while copper sales guidance was upgraded by 500 tonnes to 1600.

Silver Lake produced 3000 ounces more gold in the March quarter than the previous period, at 60,502 ounces. Copper, however, was just one tonne higher with 411.

These figures brought the company’s 2021 financial year production for gold and copper to 180,330 ounces and 1245 tonnes, respectively.

Silver Lake was pleased with production rates at the Deflector gold mine in Western Australia as the company continued to develop the operations to extend the mine life.

“Growth projects in the Deflector region progressed to schedule during the quarter. These projects will see Deflector exit financial year 2021 with an upgraded processing facility and significant opportunity to deliver production, mine life and cashflow growth,” the company stated in its March quarter report.

Silver Lake is confident in the longevity of the Mount Monger gold project in Western Australia, despite predicting a tightening in labour market conditions and associated skills shortage.

“Closing ore stockpile of 99,000 ounces provides significant project scheduling optionality for (the 2022 financial year),” Silver Lake stated.

The company managed to reach a gold sales price of $2180 per ounce as the industry benefitted from a six-week price high of $2298.06 per ounce, earlier in April.

On exploration, Silver Lake spent $3.4 million over the quarter, bringing the total for the 2021 financial year to $16.8 million.

Results on this investment were positive with the company developing the Easter Hollows zone at the Daisy Complex, returning 412 grams of gold per tonne at depths of just half a metre.

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