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Egan Street Resources Ltd.
Summary
| Project: | Rothsay | |
|---|---|---|
| Deposit: | Rothsay | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/6/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 6-9-2018: Egan Street Resources Ltd. announces an Exploration/Drilling Update report for its Rothsay deposit at the Rothsay project. Drilling results incl. 0.97m @ 129.2g/t Au from 73.0m. Egan Street Resources Limited (ASX: EGA) (EganStreet or the Company | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Julie Reid (Internal) | |
| ABSTRACT: | Egan Street Resources Limited (ASX: EGA) (EganStreet or the Company) is pleased to advise that it continues to make excellent progress with pre-development, permitting and ongoing resource development activities at its 100%-owned Rothsay Gold Project (Project), located 300km north-east of Perth in WA’s Midwest region. Following the recent completion of a positive Definitive Feasibility Study (DFS) for Rothsay, which confirmed the potential for a low-cost, high-margin project capable of delivering strong financial returns for shareholders (see ASX Announcement 20 July 2018), a number of work programmes are now underway aimed at advancing Rothsay towards commencement of construction and development of the Project. Initial site-based civil works are scheduled to commence as early as next month, with major construction activities scheduled for Q1, 2019 and first gold targeted for Q4, 2019 In parallel with project development activities, the Company is undertaking a 16-hole, ~4,000m diamond drilling programme targeting potential southern extensions of the Woodley’s and Woodley’s East Shears. This programme is well advanced and already generating highly encouraging initial results, which point to extending the Mineral Resource south in both the Woodley’s and Woodley’s East Shears. Resource Extension Drilling The Company has only recently been granted permission to drill in the southern portion of the tenement, due to mining tenement conditions that previously restricted drilling. Diamond drilling commenced at the beginning of August, with a ~4,000m programme targeting the southern extension of the Woodley’s and Woodley’s East Shears, where the Company believes there is excellent potential to extend the current Indicated and Inferred Resource of 1.42 million tonnes grading 8.8g/t Au for 401,000oz. This drilling also will aid in resolving the southern stratigraphy as restricted drilling and lateritic cover limit the geological interpretation. Once diamond drilling is complete a ~2,000m RC programme has been designed and | |
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