EganStreet’s latest gold results highlight potential for Resource increase
Published 11-OCT-2018 11:53 A.M.
|
2 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Emerging gold junior, EganStreet Resources (ASX:EGA), this morning announced more in the way of strong assays from outside the current Resource at its flagship Rothsay Gold Project in WA.
These are coupled with encouraging results from regional drilling on the Clyde and Miners Shears at Rothsay.
The Rothsay Project sits 300 kilometres north-east of Perth’s midwest region. A recently completed Definitive Feasibility Study (DFS) confirmed the project’s technical and economic viability.
Rothsay currently hosts high-grade Mineral Resources of 401koz at an average grade of 8.8g/t gold (Indicated 820kt at 9.3g/t gold and Inferred 600kt at 8.0g/t gold) and a production target of 2.1Mt mined and 1.4Mt processed at 6.9g/t gold for 250koz of gold produced.
These assays, which come from the recently completed 16-hole diamond drilling program, confirm extensions to the high-grade mineralisation beyond the current Resource on the Woodley’s and Woodley’s East Shears.
The high-grade mineralisation extends to the south on the Woodley’s Shear, which hosts the 401,000 ounce JORC Resource at Rothsay.
The results include:
- 1.02m at 23.96g/t gold from 242.48m
- 0.7m at 18.74g/t gold from 149.8m
These assays follow previously reported results from the same program, including:
- 0.97m at 129.2g/t gold from 73m
- 2.58m at 22.6g/t gold from 150.5m
The diamond drilling program was designed to test the extension of the Woodley’s Shear position to the south of an offset of the lode position that was interpreted from magnetics. Here, a total of 14 holes were drilled for 3,840.7 metres. Two further diamond holes have been completed — one infilling the Woodley’s central Resource and a second testing the Clyde and Miners Shears to the north.
The company has also completed a 15-hole RC program testing the southern extensions to Woodley’s and Woodley’s East Shears, and samples have been submitted for assay — these holes were designed to infill the diamond drill hole data, in order to enable a Resource estimation in this area.
Encouraging assays from the previous quarter 2 for RC drilling at Clyde and Miners Shears at Rothsay have now also been received, confirming the field’s potential to host further high-grade Resources. Results include:
- 1.0m at 11.07g/t gold from 46.0m – Miners Shear
This area will be reviewed with follow up drilling planned for first quarter next year.
Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
