"This is the second consecutive year we have added ~1 million ounces to our resource base. Over the last six months we have been focusing on infill drilling to convert inferred resources into measured and indicated status to determine mining reserves at Mount Monger and the Murchison", said Silver Lake's Managing Director, Les Davis."
But still... after the excitement of today's trading halt, personally it's a bit of a let down... there hasn't been any update at Magic and it's too soon for the new Daisy Deeps structures to be included yet.
Haoma is the highlight, drooling at the ore drive photo in the presentation, accounting for most of the increase at MM. Still early days, with all of its resource in the inferred category, but already Haoma is more than 1/3 the size of Daisy Milano, wider and almost twice the grade.
A bit disappointing is Daisy East. Its resource has fallen from 110kt @ 38 g/t (135,000 oz) to 88kt @ 28 g/t (79,000 oz). 79k oz 'ready to go' is less than the 100-120k I'd been expecting after the ventilation upgrade.
Yes, 80% of the Daisy Milano resource now lies in the measured and indicated categories (489,000 oz). Total ounces are slightly higher (618,000 oz) with tonnage up ~50% but average grade 30% lower to 18 g/t.
850,000oz at the Murchison is now in the indicated category too, with an average grade of 2.9 g/t. Moyagee (Lena) accounts for most of the increase in total resources (from 250k to 350koz)... tonnage has more than tripled but overall grade at Moyagee is down from 7.0 g/t to 4.4 (UG) and 2.2 (OP).
Interesting to see how the market reacts tomorrow after the presentation. Gold is playing its part... just broken out to new all-time highs tonight, currently $US 1635.
Rowingboat
SLR Price at posting:
$2.08 Sentiment: LT Buy Disclosure: Held
