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Egan Street Resources Ltd.
Summary
| Project: | Rothsay | |
|---|---|---|
| Deposit: | Rothsay | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/11/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 11-7-2017: Egan Street Resources Ltd. announces an Exploration/Drilling Update report for its Rothsay deposit at the Rothsay project. Drilling results incl. 0.75m @ 11.6g/t Au from 204.55m. Egan Street Resources (ASX:EGA) (“EganStreet” or the “Company”) i | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Julie Reid (Internal) | |
| ABSTRACT: | Egan Street Resources (ASX:EGA) (“EganStreet” or the “Company”) is pleased to advise that ongoing exploration at its 100% owned Rothsay Gold Project located 300km north-east of Perth in WA has continued to demonstrate significant potential to grow the gold inventory. A recent review of the broader exploration potential of the Rothsay Gold Project has identified a number of exciting new near-mine targets. At the same time, RC drilling targeting shallow mineralised positions, including extensions to the north of the existing 262,000oz high-grade gold resource, is ongoing. Logging to date is encouraging, showing the presence of quartz. Diamond drilling targeting extensions of the “A” Shear, the structure which hosts the current Mineral Resource at Rothsay, has also intersected the lode position, with an intersection that confirms the continuation of mineralisation down-plunge. Weakly mineralised intersections have also confirmed a structural interruption to the mineralisation at the northern margin of the existing “A” Shear Resource. Historical workings and anomalous drill-hole results indicate that mineralisation is present further to the north, beyond this structural break, representing a target for further drilling. EganStreet’s Managing Director, Marc Ducler, said the near-mine exploration review demonstrated the potential to increase Rothsay’s existing 262,000oz high-grade gold resource and currently projected 5.5-year mine life. “The exploration review, which included a comprehensive study of the drill core and high-grade trends, has identified three high-priority near-mine targets. These targets are considered highly prospective and are in addition to the exploration upside we could expect regionally within the multiple parallel shear zones. This regional review is expected to be completed shortly. “We look forward to receiving the assay results from the recent RC drilling and the diamond rig will be mobilised to site later this month to commence testing these near-mine targets. “Our strategy is to establish a clear pathway to production and cash-flow while also demonstrating the longerterm growth potential and upside of the Rothsay Project. With the DFS now well underway and exploration activities ramping up, we are in a great position to meet both these objectives.” | |
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