Echo controls 1,600 square kilometres of the highly prospective Yandal belt with brownfields and greenfields targets in two distinct districts.
The bankable feasibility study on the Julius gold deposit delivered an initial ore reserve of 63,965 recoverable gold ounces at a cash cost of A$832 per ounce, delivering an EBITDA of $41mln.
Echo’s activities are now focused on extending the existing resource at Julius, as well as drilling out a number of high-priority targets including Orelia and the broader Empire District.
The latest reverse circulation drilling results have defined and confirmed the continuity of extensive gold mineralisation over more than 240 metres of strike at the base of the Orelia open pit.
Drilling at the Orelia gold deposit has concluded with assays from the last 14 holes returning significant results including:
- 48 metres at 2.46 g/t gold from 49 metres (including 5 metres at 10.78 g/t gold;
- 38 metres at 2.43 g/t gold from 55 metres; and
- 6 metres at 14.28 g/t gold from 30 metres.
Based on the drilling results and the increased understanding of the geometry of the high grade zones, the potential to build a substantial gold resource is apparent.
The Orelia, Calista and Cumberland gold zones are now developing into a large mineralised gold system.
Echo’s shares were last trading 13% higher intra-day on Monday, at $0.13.