Silver Lake drills have gold success

SILVER Lake Resources has reported gold drilling success from it two mine operating theatres in Western Australia.
Silver Lake drills have gold success Silver Lake drills have gold success Silver Lake drills have gold success Silver Lake drills have gold success Silver Lake drills have gold success

At Deflector, north east of Perth, high-grade gold and copper hits were headlined by 1.3m grading 389 grams per tonne gold and 4.7% copper, while at First Tank, located 1km from the Mt Monger operation, 4m at 10gpt gold was hit "within a lithological unit not previously targeted by exploration on the Aldiss land package". 

Exploration is continuing with A$21 million being expended by its geologists in 2012 and Silver Lake of the belief a "step change" in Deflector's size and quality is in the offing.

Silver Lake has an estimated $300 million in cash.

Shares in Silver Lake were down 1.5% to $2.46 in morning trade, capitalising the miner at nearly $2.2 billion.