Silver Lake makes copper discovery

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THE DRILL SERGEANT: Silver Lake Resources has claimed a high-grade copper discovery has been made at its Hollandaire project, situated within the Eelya Complex, part of the company’s Murchison project located 600 kilometres North of Perth.

Silver Lake has received assay results for seven holes of a recently completed nine drill hole program, which demonstrated the Hollandaire deposit to contain copper, gold and silver with grades up to 45 per cent copper, 5.5 grams per tonne gold and 256 grams per tonne silver.

Results from the drilling include:

9.3 metres at 15.4per cent copper, 2.0 g/t gold & 29.0 g/t silver from 61 metres, including 1.0 metre at 45.5 per cent copper, 2.8 g/t gold & 51 g/t silver and 0.8 metres at 41.2 per cent copper, 5.5 g/t gold and 62 g/t silver;

14.3m at 7.8 per cent copper, 1.0 g/t gold & 20.1 g/t silver from 109m, including 1.7m at 23.0 per cent copper, 1.8 g/t gold and 77.3 g/t silver;

1.9m at 5.2per cent copper, 0.5 g/t gold and 10.7 g/t silver from 97m;

1m at 7.1 per cent copper, 1.3 g/t gold and 17.5 g/t silver from 111m; and

6.3m at 1.9 per cent copper, 0.9 g/t gold and 23.7 g/t silver from 64m.

Silver Lake said the assay results confirm Hollandaire as a high-grade copper deposit that also contains gold and silver.

Another phase of drilling to be conducted will include step out drilling to target the high-grade massive sulphide zones containing supergene chalcocite.

 Drill core showing supergene chalcocite. Source: Company announcement

Drilling currently in progress is targeting the remaining eight electromagnetic conductors the company had previously identified within a 50 square kilometre area at the Eelya Complex.

“The implications of this high grade copper discovery are significant,” Silver Lake Resources managing director Les Davis said in the company’s announcement to the Australian Securities Exchange.

“If the deposit proves to be economic, it can be processed at a marginal capital and operating cost at the nearby planned gold mill.

“In addition, the overall economics at the gold mill are also improved on the back of expanded gold production and a copper credit.

“We have a read on the high grade nature of Hollandaire and look forward to further exploration results to understand the potential size of deposit.”