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Echo Resources Ltd.
Summary
| Project: | Julius | |
|---|---|---|
| Deposit: | Julius | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/16/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 16-9-2016: Echo Resources Ltd. announces an Exploration/Drilling Update report for its Julius deposit at the Julius project. Drilling results incl. 19m @ 20.98g/t Au from 34m at the proposed Stage 1 open pit. Echo Resources Limited (“Echo” or “the Company | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Simon Coxhell (Internal) | |
| ABSTRACT: | Echo Resources Limited (“Echo” or “the Company”) is pleased to announce it has increased the probability of a resource upgrade for the Julius Gold Project located in the Yandal Greenstone Belt of the north-eastern goldfields of Western Australia, following a series of outstanding high grade drill results. The latest 20 aircore holes, following on from the first 10 holes which returned a number of high grade intersections (refer to ASX Announcement dated 22 August 2016), were drilled in the northern sector of the proposed Stage 1 open pit at Julius and confirmed and extended previous known high grade results. Echo Chief Executive Officer Mr Simon Coxhell said the results will allow an updated Mineral Resource estimate to be completed, converting a significant proportion of existing Mineral Resources from Indicated to Measured. “These are some of the best drill results from Julius to date and underscore the value of the Stage 1 open pit,” Mr Coxhell said. The additional high grade results in the northern sector of the proposed pit confirm a strong and consistent supergene, high grade gold zone. “Based on information to date this zone extends over at least 100 metres of strike, is open to the south, extends to over 30 metres of width and up to 20 metres of vertical extent. The zone typically starts at 30 metres depth and is characterised by a strong shear fabric within highly oxidised ultramafic and granitic rocks, and contains appreciable quantities of free gold. This material is highly oxidised and from a processing perspective is very friable. Mining costs will be minimised due to the free digging nature of the mineralisation and this will also translate into attractive milling and processing costs.” | |
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