JOHANNESBURG (miningweekly.com) – Western Australian gold mining company Silver Lakes announced on Wednesday that development of the new Maxwells mine would start in August – 18 months after its exploration team identified high-grade lodes.
The new underground mine was expected to contribute 15 000 oz to Silver Lake’s production in the 2017 financial year, increasing to between 30 000 oz and 40 000 oz in the 2018 financial year.
“It is very rare in the industry today to have a geological concept, test that concept and deliver an underground mine in less than 18 months,” commented MD Luke Tonkin, who said that it reinforced the company’s strategy of delivering higher margin ore sources proximal to existing mines and infrastructure.
The underground lodes would be accessed through three portal locations.
The Maxwells mineral resource of 1.685-million tonnes at 5.67 g/t of gold for a total of 307 000 oz of gold included indicated resources of 891 000 t at 6.01 g/t for 172 000 oz of gold and inferred resources of 794 000 t at 5.28 g/t for 135 000 oz of gold.
Silver Lakes production guidance for the 2016 financial year was between 125 000 oz and 135 000 oz.