PERTH (miningweekly.com) – Gold miner Silver Lake Resources would acquire the outstanding 15% in the Mount Monger joint venture (JV) from partner Newcrest Operations for A$1.57-million.
The Mount Monger JV, in Western Australia, included the Majestic and Imperial projects, which jointly host a resource estimate of 2.81-million tonnes, grading between 2.1 g/t and 8.1 g/t gold, and a total reserve estimate of 887 200 t, grading between 2.3 g/t gold and 7.6 g/t gold.
Silver Lake said on Monday that the cash consideration for the 15% interest in the project would be payable in two tranches, with the first A$1-million payable in the first tranche.
The second tranche of A$500 000 would be payable on the completion of the transaction, expected by December 5, and subject to the receipt of all necessary approvals.
A plan was currently in place to drill test to the west of the Imperial deposit, and the re-interpretation of previous geophysical work suggested that there was the possibility for another mineralised structure in the hanging wall of the Imperial deposit.
Silver Lake was also performing mining method and optimisation studies at both Imperial and Majestic.