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Egan Street Resources Ltd.
Summary
| Project: | Rothsay | |
|---|---|---|
| Deposit: | Rothsay | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/14/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 14-5-2018: Egan Street Resources Ltd. announces a Resource Estimation report for its Rothsay deposit at the Rothsay project. Updated mineral resource estimate at Rothsay. EganStreet Resources (ASX: EGA) is pleased to announce that it has taken another key | |
| Resources: | (Resource, I+I): 1.42Mt @ 8.8g/t Au for 401Koz contained | |
| CP/QP: | [Resources]: Mark Zammit (Cube Consulting Pty Ltd.) | |
| ABSTRACT: | EganStreet Resources (ASX: EGA) is pleased to announce that it has taken another key step towards developing a high-grade gold operation at its 100%-owned Rothsay Gold Project in WA’s Midwest region, with a substantial increase in the Mineral Resource to 401koz. The 31% increase stems from a combination of successful infill and extensional drilling completed since the last Mineral Resource update announced on 4 December 2017 and a reduction of the cut-off grade for reporting the Mineral Resource estimate (MRE) on the basis of studies undertaken by the company into Ore Sorting and a commensurate reconfiguration of the proposed underground mining method. The increased MRE comprises 1.42 million tonnes at 8.8g/t Au, reflecting the outstanding high-grade nature of the Rothsay Project and therefore its strong potential to be a low-cost, high-margin project which can deliver robust financial returns. The May 2018 MRE, which was independently estimated by Cube Consulting Pty Ltd, incorporates the results of the reverse circulation (RC) and diamond drilling programmes completed between October 2017 and March 2018, which consisted of 62 holes for 6,411m of RC and 26 holes for 9,159m of diamond core. The total Rothsay MRE has increased to 1.42Mt @ 8.8g/t Au for 401koz (an increase of 31% from the previous MRE of 880kt @ 10.9g/t Au for 307koz). Importantly, the Indicated portion of the Mineral Resource, which is available for conversion to Ore Reserves, has increased 76koz or 45% to 0.82Mt @ 9.3g/t Au for 246koz (from 0.46Mt @ 11.5g/t Au for 170koz). The Inferred portion of the Mineral Resource has increased by 13% to 0.60Mt @ 8.0g/t Au for 155koz (from 0.42Mt @ 10.2g/t Au for 137koz). Exploration drilling programmes executed by EganStreet have intersected two zones of mineralisation which now form part of the MRE, these being in the hanging wall of Woodley’s East (Woodley’s East HW), totaling 160kt at 4.3g/t Au for 22koz. These two lenses are parallel to Woodley’s and Woodley’s East Shears, are located in close proximity to the Woodley’s East Shear and will be accessible by the underground mine development being contemplated in the DFS. The new zones sit approximately 10m and 20m (respectively) east of the Woodley’s East Shear. | |
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