Silver Lake in mine acquisition

Gold and copper explorer Silver Lake Resources has reached agreement with Newcrest Mining for acquisition of its share of the Mount Monger joint venture, for about $1.5 million.

The venture includes two projects located 35 kilometres south-east of Kalgoorlie, and the deal raises Silver Lake’s share from 85 to 100 per cent of the venture.

Consideration will be paid in two tranches, with the first tranche of just over $1 million paid and second, of $500,000, to be paid on completion.

The company is performing mining method and optimisation studies for both deposits, and will be conducting further tests in the tenement.

Silver Lake projects the sites have 6.4 million ounces of gold, 10.5m oz of silver and 134,000 tonnes of copper.

Silver Lake traded up 5.5 per cent to 48 cents per share at the time of writing, well below the 85 cent issue price of its 2013 capital raising.