For thousands of other reports visit RSC's Mineral Intellingence Map
Egan Street Resources Ltd.
Summary
| Project: | Rothsay | |
|---|---|---|
| Deposit: | Rothsay | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/27/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 27-11-2018: Egan Street Resources Ltd. announces a Resource Estimation report for its Rothsay deposit at the Rothsay project. Updated mineral resource estimate at the project. Egan Street Resources Limited (ASX: EGA, EganStreet or the Company) is pleased | |
| Resources: | (Resource, I+I): 1.54Mt @ 9.2g/t Au for 454Koz Au contained | |
| CP/QP: | [Resources]: Mark Zammit (Cube Consulting Pty Ltd.) | |
| ABSTRACT: | Egan Street Resources Limited (ASX: EGA, EganStreet or the Company) 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, (Rothsay or the Project), with a substantial increase in the Mineral Resource to 454,000 ounces. The Mineral Resource Estimate has increased by 53,000 ounces, principally from shallow extensions to the main Woodley’s Lode into areas that have historically been poorly, or not at all, tested, as well as identification of additional mineralisation on the Woodley’s East hanging-wall lodes. This stems from a combination of successful infill and extensional drilling completed since the last Mineral Resource update announced on 14 May 2018. The increased Resource comprises 1.54 million tonnes at 9.2g/t Au for 454,000oz, 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. EganStreet Managing Director Marc Ducler said the expanded Resource further strengthened the economic outlook at Rothsay. “This latest increase in Resources paves the way for further growth in production and free cashflow at Rothsay,” Mr Ducler said. “This Resource upgrade came in at discovery cost of $30 per ounce and since the listing of EganStreet, our discovery cost has averaged $35/oz. The consistency of these metrics provides further confidence that the Rothsay Gold Project will deliver value well beyond our initial production target published in July 2018.” “With the main Woodley’s Shear increasing to 342,000 ounces at around 11g/t Au, these high-grades underpin the high margins we expect once in production.” NOVEMBER 2018 MINERAL RESOURCE UPDATE The November 2018 MRE, which was independently estimated by Cube Consulting Pty Ltd, incorporates the results of two reverse circulation (RC) and one diamond drilling programme completed between May and September 2018, consisting of 46 holes for 5,042m of RC and 16 holes for 4,631m of diamond core. The total Rothsay MRE has increased to 1.54 million tonnes at 9.2g/t Au for 454,000oz (an increase of 53,000 ounces from the previous MRE of 1.42Mt @ 8.8g/t Au for 401koz). Importantly, the Indicated portion of the Mineral Resource, which is available for conversion to Ore Reserves, has increased by 45.8koz to 0.95Mt at 9.6g/t Au for 292koz (from 0.82Mt @ 9.3g/t Au for 246koz). | |
Full Report
opaxe is a smart software platform that reconfigures and redistributes information and produces business insights to help mining professionals and investors make better decisions. We utilise technology and machine learning for data collection and human intelligence for the value-added services.
Full Report