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Transaction Announcement Reports
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Project: | Yandal | |
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Deposit: | Julius, Orelia | |
Location: | Australia | |
Commodities: | Gold | |
Date: | 11/27/2017 | |
Report Code: | JORC | |
Report Type: | Resource Estimation | |
Project Stage: | Pursuing Resource Increase/Upgrade | |
Report details: | 27-11-2017: Echo Resources Ltd. announces a Resource Estimation report for its Julius, Orelia deposit at the Yandal project. Updated Ore Reserve for Julius and Orelia deposits. Echo Resources Limited (ASX: EAR) (‘Echo’ or ‘the Company’) is pleased to anno | |
Resources: | Reserve, P+P): 15.6Mt @ 1.7g/t Au for 856 Koz contained at Yandal | |
CP/QP: | [Overall Report]: Stuart Cruickshanks (Independent) | |
ABSTRACT: | Echo Resources Limited (ASX: EAR) (‘Echo’ or ‘the Company’) is pleased to announce that ongoing project studies have delivered a JORC 2012 compliant Ore Reserve for the Yandal Gold Project in Western Australia. The Ore Reserve is contained solely in the Julius and Orelia deposits and does not include any reserves from Echo’s other advanced prospects which include Wimbledon, Lowlands, Shady Well and potential extensions of the Lotus-Orelia system. The Ore Reserve follows the recent increase in the Yandal Global Resource base and is another positive step in Echo’s strategy to capitalise on its 1,600km2 landholding, in one of Australia’s most prolific gold producing greenstone belts, whilst leveraging its 100% ownership of the Bronzewing Processing Hub which only requires A$17 million to be fully refurbished and operational. Echo’s Chief Executive Officer, Simon Coxhell, said “Our ability to convert our growing resource base into quality mineable reserve ounces is a major step forward for Echo and provides the foundation for our bankable feasibility work, expected to be completed early next year ahead of a development decision. “Following our recent oversubscribed capital raising, we are well funded to accelerate our regional and near-mine exploration efforts to continue to grow our Yandal Gold Project. We have a unique opportunity to be able to quickly monetise the reserve base thanks to our 100% ownership of the Bronzewing Processing Hub.” | |
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