- Silver Lake Resources (SLR) completes its Harte Gold acquisition for US$102 million (A$141 million)
- Now with the completed take-over, Silver Lake owns 100 per cent interest in the Sugar Zone mine in Northern Ontario, adding a third operation to its portfolio
- Notably, the company now owns one of the largest exploration properties within a prolific metals district in Canada
- Silver Lake has commenced a review of operations at the mine with the aim of material operational improvements and a low capital intensity growth strategy
- On the market, Silver Lake is up 1.39 per cent and trading at $1.83 per share
Silver Lake Resources (SLR) has completed its Harte Gold acquisition.
Last month, the company won its bid to purchase the TSX listed gold company for US$102 million (A$141 million).
Now with the completed take-over, Silver Lake owns 100 per cent interest in the Sugar Zone mine in Northern Ontario, adding a third operation to its portfolio.
Notably, the company now owns one of the largest exploration properties within a prolific metals district in Canada.
The Sugar Zone mine is in an established mining province and is close to transport corridors, grid power, established mining services and suppliers. The mine commenced production in 2019 and is one of Ontario’s most recent and highest grade gold mines.
The most recent mineral reserve is 797,000 ounces at 7.2 grams per tonne (g/t) of gold.
Throughout the 2021 calendar year, Sugar Zone produced 257,281 tonnes at 6.5g/t for 51,453 ounces.
Silver Lake has commenced a review of operations at the mine with the aim of material operational improvements and a low capital intensity growth strategy.
“The Sugar Zone acquisition complements Silver Lake’s strategy of delivering superior returns for shareholders by positioning Silver Lake as a leading old growth stock on the ASX with a balanced portfolio of operations and growth projects in tier 1 mining jurisdictions,” the company told the market.
On the market, Silver Lake was up 1.39 per cent and trading at $1.83 per share at 12:35 pm AEDT.