11/10/2019 - 15:03

Silver Lake shares surge on quarterly update

11/10/2019 - 15:03

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Silver Lake Resources was the best performer on the ASX 200 today, after it released strong September quarterly results and told investors it anticipates more good news for the financial year ahead.

Silver Lake shares surge on quarterly update
Silver Lake reported exploration success near its Deflector mine during the quarter.

Silver Lake Resources was the best performer on the ASX 200 today, after it released strong September quarterly results and told investors it anticipates more good news for the financial year ahead.

Shares in the gold miner were up 12.5 per cent to close trade at $1.035 each.

Silver Lake recorded production for the quarter of 59,288 ounces of gold and 734 tonnes of copper, which in total equates to 61,929oz of gold equivalent.

Its all-in sustaining costs for gold production was $1,260/oz.

The average grade of its underground operations per tonne increased to six grams from five grams in the previous quarter.

The company said these results have put it on target to achieve the upper end of its 2020 fiscal year sales guidance of between 215,000oz and 230,000oz of gold.

It also reported exploration success near its Deflector mine during the quarter, with the company set to advance a drilling campaign at the operation to take advantage of the high-grade finds.

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