Silver Lake Resources

Silver Lake announced the surprise takeover of struggling mining minnow Phillips River Mining (formerly Tectonic Resources) last week. In exchange for $20m in equity (0.0882 shares for every Phillips River share to be precise), Silver Lake will acquire two advanced projects within a giant 2,500km of tenements rich with historic mines. The new assets themselves appear modest; Phillips River has outlined a small reserve of 440,000 ounces of gold. About a million ounces of gold resources have been identified, suggesting more drilling will likely increase reserves. Miserly grades of 1.9g per tonne (g/t) are offset by the presence of...

Silver Lake announced the surprise takeover of struggling mining minnow Phillips River Mining (formerly Tectonic Resources) last week. In exchange for $20m in equity (0.0882 shares for every Phillips River share to be precise), Silver Lake will acquire two advanced projects within a giant 2,500km of tenements rich with historic mines.

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