https://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Sun, 21 Oct 2018 21:53:59 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - EganStreet Resources receives debt funding proposals for Rothsay gold development ]]> https://www.proactiveinvestors.com.au/companies/news/207125/eganstreet-resources-receives-debt-funding-proposals-for-rothsay-gold-development-207125.html EganStreet Resources Ltd (ASX:EGA) has taken another step towards development of the Rothsay Gold Project after receiving indicative funding proposals to underpin debt funding.

In conjunction with financial adviser PCF Capital Group, EganStreet has completed initial assessments of several indicative and non-binding offers received from a range of financing groups.

These offers provide financing solutions ranging up to $35 million of conventional debt alternatives and include attractive commercial terms consistent with a project financing of this nature.

READ: EganStreet Resources secures key approval on path to Rothsay gold development

EganStreet managing director Marc Ducler said the multiple indicative offers from a range of reputable financiers reflected the project’s robust nature and marked another step towards development.

Confident of securing funding package

“Based on the indicative terms received, we are confident of securing an attractive project funding package which will underpin development of the project, ensuring we remain on track to join the ranks of gold producers in 2019.”

EganStreet anticipates moving forward quickly with formal appointment of a preferred financier to secure development funding for Rothsay, which is in WA’s Mid-West.

READ: Egan Street Resources high-grade results likely to add to 401,000 ounce gold bounty at Rothsay

Last week, the company received high-grade results from drilling which indicate the potential to increase the 401,000-ounce gold resource.

Assays from a 16-hole diamond drilling program confirm that high-grade mineralisation extends to the south on Woodley’s Shear, which hosts the resource.

Ongoing exploration of targets near the resource, including drilling, is also returning encouraging results.

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Tue, 16 Oct 2018 09:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207125/eganstreet-resources-receives-debt-funding-proposals-for-rothsay-gold-development-207125.html
<![CDATA[News - Egan Street Resources high-grade results likely to add to 401,000 ounce gold bounty at Rothsay ]]> https://www.proactiveinvestors.com.au/companies/news/206846/egan-street-resources-high-grade-results-likely-to-add-to-401000-ounce-gold-bounty-at-rothsay-206846.html EganStreet Resources Ltd (ASX:EGA) has received high-grade results from drilling at the Rothsay Gold Project in WA’s Mid-West which indicate the potential to increase the 401,000-ounce resource.

Assays from a 16-hole diamond drilling program confirm that high-grade mineralisation extends to the south on Woodley’s Shear, which hosts the resource.

Best results were 1.02 metres at 23.96 g/t from 242.48 metres and 0.7 metres at 18.74 g/t from 149.8 metres.

READ: EganStreet Resources hits bonanza grades of up to 129.2 g/t gold in extensions to Rothsay project

This 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.

Fourteen holes were drilled for 3,840.7 metres with two further diamond holes completed - one infilling the Woodley’s central resource and a second testing the Clyde and Miners shears to the north.

Shares are up more than 7% today to 22 cents.

Results from five more holes

EganStreet has received results from a further five holes, meaning seven of the 14 southern extension holes have now been returned.

Other results include 0.6 metres at 2.87 g/t from 284 metres and 0.55 metres at 1.84 g/t from 167.1 metres.

Woodley’s Shear showing significant and recent intersections.

The results confirm that the Woodley’s Shear continues through the interpreted offset and is mineralised.

About 150 metres of strike added

Based on assays received and visual observations of gold in quartz, this drilling has added about 150 metres of strike to the south of the known extent of mineralisation.

The extent of the Woodley’s East Shear has also been confirmed with results of 0.3 metres at 9.9 g/t from 83.55 metres and 0.95 metres at 1.29 g/t from 75.75 metres.

Woodley’s East Shear showing significant and recent intersections.

RC holes also completed

A 15-hole reverse circulation (RC) drill program has also been completed to test the southern extensions to Woodley’s and Woodley’s East, 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.

Regional drilling

During the June quarter, 31 RC holes were completed for 3,294 metres at the Clyde and Miners shears with results recently received.

At Clyde North Shear 22 holes were completed with a number of intersections of moderate gold grades indicating the system has potential to carry gold-bearing fluids.

Assays of 1.0 metre at 3.80 g/t from 113 metres and 3.0 metres at 2.04 g/t from 34 metres strongly underpin the prospectivity of the Clyde shears.

READ: EganStreet Resources’ feasibility study confirms high-margin gold mine plan for Rothsay

A further six holes for 459 metres were completed on Miners Shear to follow-up a diamond intersection of 0.95 metres at 7.6 g/t from 237.3 metres and to test down dip of previous historical shallow drilling.

The best result was 1-metre at 11.07 g/t from 46 metres in quartz on Miners Shear while further south assays of 1-metre at 2.2 g/t from 84 metres and 1-metre at 3.7 g/t from 45 metres were returned.

This area will be reviewed with follow-up drilling planned for the first quarter of 2019.

Rothsay is 300 kilometres northeast of Perth and hosts an indicated resource of 820,000 tonnes at 9.3 g/t and an inferred resource of 600,000 tonnes at 8.0 g/t.

READ: EganStreet Resources secures key approval on path to Rothsay gold development

A definitive feasibility study in July 2018 outlined a production target of 2.1 million tonnes mined and 1.4 million tonnes processed at 6.9 g/t for 250,000 ounces of gold produced.

The company recently received WA Government approval of the Rothsay Project Management Plan.

This is the first of three key government approvals required to allow construction activities and operations to begin.

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Thu, 11 Oct 2018 14:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206846/egan-street-resources-high-grade-results-likely-to-add-to-401000-ounce-gold-bounty-at-rothsay-206846.html
<![CDATA[News - EganStreet Resources secures key approval on path to Rothsay gold development ]]> https://www.proactiveinvestors.com.au/companies/news/206253/eganstreet-resources-secures-key-approval-on-path-to-rothsay-gold-development-206253.html EganStreet Resources Ltd (ASX:EGA) has secured a key approval as it moves towards the start of development at the Rothsay Gold Project in Western Australia’s Mid-West.

The WA Department of Mines, Industry Regulation and Safety (DMIRS) has approved the Rothsay Project Management Plan (PMP).

This is the first of three key government approvals required to allow construction activities and operations to begin.

READ: EganStreet Resources hits bonanza grades of up to 129.2 g/t gold in extensions to Rothsay project

EganStreet managing director Marc Ducler said the PMP approval was a pivotal step in the company’s strategy to become an Australian gold producer.

Shares were up 7% in early trade to 23 cents.

Mining Proposal submitted

The company has also submitted its Mining Proposal to the DMIRS.

Once approval is received, key works will be able to start, including construction of the camp and other key infrastructure such as site offices and power station.

Third permit being prepared

Preparation of documentation for the third permit, the Works Approval and Licence Application, is in its final stages.

This will be submitted shortly to the Department of Water and Environmental Regulation (DWER).

Ducler said, “We are well advanced in project funding discussions and we are continuing our exploration program with the aim of growing our resource, reserve and mine life.”

READ: EganStreet Resources’ feasibility study confirms high-margin gold mine plan for Rothsay

A recent definitive feasibility study (DFS) found that the project would be a low-cost, high-margin producer capable of delivering strong financial returns for shareholders.

The DFS is based on the production of 250,000 ounces over an initial 6.5-year mine life, with increased average annual production of 53,000 ounces over the first four years.

Forecast life of mine cash costs C1 are $941 per ounce and all-in sustaining costs (AISC) are $1,083/ounce.

First gold from the project is targeted for quarter four of 2019.

Rothsay hosts high-grade mineral resources of 401,000 ounces at an average grade of 8.8 g/t.

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Wed, 03 Oct 2018 15:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206253/eganstreet-resources-secures-key-approval-on-path-to-rothsay-gold-development-206253.html
<![CDATA[News - EganStreet Resources hits bonanza grades of up to 129.2 g/t gold in extensions to Rothsay project ]]> https://www.proactiveinvestors.com.au/companies/news/204397/eganstreet-resources-hits-bonanza-grades-of-up-to-1292-gt-gold-in-extensions-to-rothsay-project-204397.html EganStreet Resources Ltd (ASX:EGA) has received bonanza grade hits of up to 129.2 g/t gold from drilling of southern extensions to the Rothsay project in Western Australia’s mid-west.

There have been 10 holes completed in a 16-hole, 4000-metre diamond drill program targeting potential southern extensions of the Woodley’s and Woodley’s East Shears.

This program is well advanced and already generating highly encouraging initial results, which point to extending the resource south in both extensions.

Strong first assays

First assays include 0.97 metres at 129.2 g/t gold from 73.0 metres; 2.58 metres at 22.6 g/t from 150.55 metres; and 0.4 metres at 14.8 g/t from 131.7 metres.

Given the results, infill drilling in the area has potential to increase the Rothsay resource of 1.42 million tonnes at 8.8 g/t for 401,000 ounces of contained gold.

A geological cross-section showing intersections.

Advancing Rothsay towards development

The drilling is one of a number of work programs underway aimed at advancing Rothsay towards commencement of construction and development.

Initial site-based civil works are scheduled to begin as early as next month, with major construction activities scheduled for the first quarter of 2019.

First gold from the project, which is 300 kilometres northeast of Perth, is targeted for quarter four of 2019.

READ: EganStreet Resources’ feasibility study confirms high-margin gold mine plan for Rothsay

This work follows the recent completion of a positive definitive feasibility study (DFS), which confirmed the potential for a low-cost, high-margin project capable of delivering strong financial returns.

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.

This program began at the start of August and a further four holes have visible gold logged within the shear quartz veins, with these assays still pending.

READ: EganStreet Resources to continue gold exploration at Rothsay project after high-grade finds

Initial visual results from the drill core have so far been encouraging, with the Woodley’s Shear intersected with quartz veins in six of the holes.

The visual observations are consistent with the geological model for the Woodley’s and Woodley’s East Shears.

EganStreet also hopes it will also aid in resolving the southern stratigraphy as restricted drilling and lateritic cover limit the geological interpretation.

Woodley’s Shear showing significant and recent intersections.

Once diamond drilling is complete a reverse circulation program of around 2,000 metres has been designed and to test the shallower up-dip positions of the shears in the southern portion of the tenement.

Project development

Procurement of major packages for the development of the project is progressing well.

Contract proposals for civils, camp accommodation & NPI, water & wastewater, power generation, communications and process plant have been received and are being reviewed.

Underground mining contract procurement will start in the December quarter.

EganStreet’s project team has appointed an experienced construction manager as the project continues to ramp up.

Approvals process

The updated mining proposal, mine closure plan and project management plan have been submitted to the DMIRS for approval consideration.

Major works approval and licence application is in the final stages of completion with submission expected in mid-September.

Finance engagement

PCF Capital Group, the company’s financial advisor, has started engagement with a range of financing groups.

A Financing Information Memorandum outlining the Rothsay opportunity has been provided to assist these groups with understanding the project in more detail.

An agreed financing solution is anticipated to be completed over the coming months.

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Fri, 07 Sep 2018 13:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204397/eganstreet-resources-hits-bonanza-grades-of-up-to-1292-gt-gold-in-extensions-to-rothsay-project-204397.html
<![CDATA[News - EganStreet Resources’ feasibility study confirms high-margin gold mine plan for Rothsay ]]> https://www.proactiveinvestors.com.au/companies/news/201202/eganstreet-resources-feasibility-study-confirms-high-margin-gold-mine-plan-for-rothsay-201202.html EganStreet Resources Ltd’s (ASX:EGA) definitive feasibility study (DFS) has confirmed the economic and technical viability of the Rothsay Gold Project in Western Australia.

The DFS determines that a maiden ore reserve of 200,000 ounces would allow an initial 6.5-year mine life where production could be ramped up to 60,000 ounces a year.

The company estimated the project could generate strong cashflows, tipping its ramp-up could be achieved with a $1,083 an ounce all-in sustaining cost.

READ: EganStreet Resources to continue gold exploration at Rothsay project after high-grade finds

EganStreet’s DFS is based on processing 1.2 million tonnes at an average grade of 6.94 g/t gold for about 250,000 ounces of production, where both indicated and inferred resources are mined.

Managing director Marc Ducler said the study demonstrated the gold project was of a high quality.

“The DFS outlines a robust project characterised by a modest capital cost, low forecast operating costs and strong margins.

‘Robust economics’

“This underpins robust economics including an undiscounted pre-tax project cash-flow of $100 million, $80 million net present value and rapid capital payback of less than 1.5 years using a gold price of $1,700 per ounce.

“Given Rothsay’s Tier-1 location and robust economics, we are confident of being able to secure a very attractive financing package in the second half of this year, paving the way for construction to begin before year-end.”

Ducler tipped the project was suited to production target increases, with growth opportunities to the southern end of the project at Woodley’s and Woodley’s East Shear to be explored will drilling later this quarter.

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Fri, 20 Jul 2018 01:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201202/eganstreet-resources-feasibility-study-confirms-high-margin-gold-mine-plan-for-rothsay-201202.html
<![CDATA[News - EganStreet Resources to continue gold exploration at Rothsay project after high-grade finds ]]> https://www.proactiveinvestors.com.au/companies/news/200536/eganstreet-resources-to-continue-gold-exploration-at-rothsay-project-after-high-grade-finds-200536.html EganStreet Resources Ltd (ASX: EGA) believes new high-grade gold intersections from its Rothsay project in Western Australia will help deliver on its strategy to increase its 401,000-ounce resource.

A 30-hole reverse circulation (RC) drilling campaign delivered up to 12.3 g/t gold during testing of the upper zone of the Woodley’s northern extension and the Clyde North and Miners Shear gold mineralisation.

Shear effort

EganStreet’s 1-metre at 12.3 g/t gold result was found in one of six intersections taken from Miners Shear.

The 12.3 g/t intersection was in a similar position to a previous 1-metre intersection from 237 metres that graded 7 g/t gold but drillers did not intersect the same shear.

Five RC holes were also drilled on the Clyde Shear but did not intersect significant mineralisation.

EganStreet said it believed additional geological interpretation of this shear was required.

Drilling to continue

Drillers will continue their efforts at Clyde Shear near northern Proterozoic dykes that have historically been home to significant shallow intersections.

Another 28 holes are being drilled at the two shears, with the company saying a significant 42-hole, 6,700-metre campaign would start next month and also take in the southern portion of Woodley’s Shear.

Positive Woodley’s results

Nineteen RC holes were drilled under the Woodley’s northern extension program, as the Perth-based company set out to extend the main Woodley’s Shear resource to the north.

EganStreet said the drilling had delivered positive results and indicated there was a potential moderate north plunging trend that extended 200 metres past the current resource.

Highlight intersections include 2 metres at 26.3g/t gold from 33 metres; 1 metre at 5.2g/t from 67 metres; 1 metre at 4.5g/t from 96 metres; and 1 metre at 4.2g/t from 61 metres.

EganStreet said an infill drilling program was needed to confirm the “positive trend”.

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Tue, 10 Jul 2018 23:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200536/eganstreet-resources-to-continue-gold-exploration-at-rothsay-project-after-high-grade-finds-200536.html
<![CDATA[News - Egan Street Resources upgrades Rothsay gold resource to 400,000+ ounces ]]> https://www.proactiveinvestors.com.au/companies/news/196876/egan-street-resources-upgrades-rothsay-gold-resource-to-400000-ounces-196876.html Egan Street Resources Ltd (ASX:EGA) has increased the gold resource at its 100%-owned Rothsay Gold Project in Western Australia’s Midwest region to 401,000 ounces.

The 31% increase stems from a combination of successful infill and extensional drilling completed since the last resource update in December 2017 and a reduction of the cut-off grade.

The increased resource comprises 1.42 million tonnes at 8.8 g/t gold, reflecting the high-grade nature of the Rothsay Project and its strong potential to be a low-cost, high-margin project.

Importantly, the key Woodley’s Shear resource has increased to 296,000 ounces of gold, representing 74% of the total resource.

READ: Egan Street Resources attracts $11.9 million to fast-track Rothsay Gold Project

The Rothsay Project has a rich mining history dating back to the discovery of gold in 1894 and includes several phases of mining, most recently by Metana Minerals in the early 1990s.

In May 2017, EganStreet published a pre-feasibility study (PFS) estimating a production of 201,000 ounces over an initial 5.5-year mine life at an all-in sustaining cost (AISC) of A$1,020 per ounce.

Definite feasibility study due this quarter

The latest resource update is currently being incorporated into a new mine design and schedule, which anticipates larger ore drive development and associated larger mining equipment.

This is expected to have the effect of increased mine productivity with a lower unit cost.

EganStreet’s increased resource estimate will feed into the Rothsay Definitive Feasibility Study (DFS), which is targeted for completion in the current quarter.

Regional exploration program continues

With the increase in the resource, EganStreet is confident that the DFS will deliver a larger mining inventory, with multiple mining zones providing greater operational flexibility and ore throughput.

The company is also continuing its regional exploration program in parallel with work on the DFS.

This work consists of regional assessment of targets to prioritise areas for further work and will involve following up recently completed and historic drilling intersections.

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Mon, 14 May 2018 16:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196876/egan-street-resources-upgrades-rothsay-gold-resource-to-400000-ounces-196876.html
<![CDATA[News - Egan Street Resources identifies further high-grade gold at Rothsay project ]]> https://www.proactiveinvestors.com.au/companies/news/193831/egan-street-resources-identifies-further-high-grade-gold-at-rothsay-project-193831.html Egan Street Resources Ltd (ASX:EGA) has released additional high-grade drilling results from its Rothsay Gold Project in Western Australia.

The results will be part of a resource update expected in April and will be followed by a definitive feasibility study due for completion in the second quarter of 2018.

Inferred zone of current resource targeted

The results are from four diamond holes drilled as part of an infill and extension program.

This was at the key Woodley’s and Woodley’s East Shears where infill drilling included deeper holes targeting the inferred zone of the current resource.

The Rothsay resource stands at 307,000 ounces at 10.9 g/t gold.

High-grade hits continue

Some of the better drilling results included 1.5 metres at 11 g/t gold and 1.2 metres at 11.2 g/t gold.

The production target based on a pre-feasibility study released in May 2017 is 200,000 ounces from 936,000 ounces at 7.0 g/t gold.

Low capital cost project envisaged

However, recent drilling has increased confidence around the geological features of the mineral resource.

Based on these developments, the company is looking to model a potential near-term, low capital intensity opportunity to start mine development and gold production.

Share price target implies upside of 130%

Taylor Collison analyst Lachlan Rutherford is bullish on Egan Street with his price target of 62 cents implying upside of 130% to its current trading range.

When Taylor Collison initiated coverage in March, he said: “Rothsay has the potential to deliver a +1Moz resource in due course which along with the high grade makes it an outstanding project.”

Multiple share price drivers

Rutherford sees upcoming potential share price catalysts as exploration results, an updated mineral resource, completion of the definitive feasibility study and financing discussions.

He expects all of these developments to occur before September 2018. 

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Tue, 27 Mar 2018 11:36:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193831/egan-street-resources-identifies-further-high-grade-gold-at-rothsay-project-193831.html
<![CDATA[News - Egan Street Resources attracts $11.9 million to fast-track Rothsay Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/192813/egan-street-resources-attracts-119-million-to-fast-track-rothsay-gold-project-192813.html Egan Street Resources Ltd (ASX:EGA) has secured total funding of $11.9 million through the exercise of its listed options, both from existing shareholders and through an oversubscribed underwriting agreement.

The funds will enable the company to maintain its exploration and development momentum at the Rothsay Gold Project in Western Australia.

Egan Street is on track to deliver an updated resource estimate and a definitive feasibility study for the project in Q2 2018.

READ: Egan Street Resources hits bonanza grade gold at Rothsay project

The Rothsay resource currently stands at 307,000 ounces at 10.9 g/t gold.

Recent results from the infill and extensional diamond drill campaign at the key Woodley’s and Woodley’s East Shears include:

• 1.8 metres at 31 g/t gold from 179.2 metres (including 0.3 metres at 159 g/t gold) at Woodley’s East;
• 2.55 metres at 32.9 g/t gold from 325.3 metres (including 1.1 metres at 68.5 g/t gold) at Woodley’s Shear; and
• 0.3 metres at 21.34 g/t gold from 371.6 metres Woodley’s Shear.

Potential for resource extension at depth

The recent result at Rothsay are significant because it demonstrates that the resource continues down dip and remains open at depth.

Egan’s in-fill and extensional diamond drilling is continuing on Woodley’s East and Woodley’s Shears, with more assay results expected in the coming weeks.

Meanwhile, the first substantial regional drilling undertaken at Rothsay in more than 25 years has successfully intersected mineralisation in two other shears which are geologically similar to the Woodley’s and Woodley’s East Shear systems.

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Thu, 08 Mar 2018 15:22:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192813/egan-street-resources-attracts-119-million-to-fast-track-rothsay-gold-project-192813.html
<![CDATA[News - Egan Street Resources hits bonanza grade gold at Rothsay project ]]> https://www.proactiveinvestors.com.au/companies/news/188853/egan-street-resources-hits-bonanza-grade-gold-at-rothsay-project-188853.html Egan Street Resources Ltd (ASX:EGA) will include results from recent drilling in a resource update for the Rothsay Gold Project in Western Australia.

Assays of up to 110 g/t gold over 0.42 metres from 418.7 metres have been returned from the first five holes of a nine-hole diamond drilling program.

The company aims to complete an update to the existing Rothsay 307,000 ounce resource at 10.8 g/t gold early in 2018.

Other results include 0.55 metres at 96.97 g/t gold from 328.7 metres, 1.97 metres at 20.4 g/t from 247.5 metres and 0.40 metres at 12.2 g/t from 239.7 metres.

The holes have targeted southern portions of the Woodley’s and Woodley’s East Shear resource with remaining results expected in January.

Diamond drilling to test the Clyde and Miners Shears targets is underway.

It will be the first regional exploration drilling at depth of any substance in the history of Rothsay.

A reverse circulation program is also being carried out designed to extend the Woodley’s northern extension and to infill and extend the Woodley’s East Shear resource.

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Mon, 18 Dec 2017 10:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188853/egan-street-resources-hits-bonanza-grade-gold-at-rothsay-project-188853.html
<![CDATA[News - Egan Street Resources bags $4M for its Rothsay Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/184033/egan-street-resources-bags-4m-for-its-rothsay-gold-project-184033.html Egan Street Resources Ltd (ASX:EGA) has raised $4 million from a heavily oversubscribed share placement to institutional investors, at $0.25 per share.

The proceeds will be used to accelerate the ongoing exploration programme aimed at growing the high-grade gold inventory at the Rothsay Gold Project in Western Australia.

The project is located 300 kilometres northeast of Perth in Western Australia’s Midwest region.

Importantly, the Rothsay Gold Project has a rich history of high-grade gold production, and hosts a resource of 701,000 tonnes at 11.6g/t gold for 262,000 gold ounces.

The placement received significant institutional interest, with several prominent Australian institutional investors expected to be introduced into EganStreet’s register.

The company’s diamond drilling is already underway at Rothsay targeting down-dip extensions of the main Woodley’s Shear, with assay results imminent.

EganStreet is also planning to drill the footwall and hanging-wall contacts of the three ultramafic units that host the gold mineralisation, to ensure strong news-flow over the coming months.

The objective is to prepare an updated resource estimate to be used as the basis for an expanded definitive feasibility study and confirm a rapid pathway to production at Rothsay next year.

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Fri, 15 Sep 2017 11:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184033/egan-street-resources-bags-4m-for-its-rothsay-gold-project-184033.html
<![CDATA[News - Egan Street Resources lifting funds for one of Australia's highest grade gold projects ]]> https://www.proactiveinvestors.com.au/companies/news/183871/egan-street-resources-lifting-funds-for-one-of-australia-s-highest-grade-gold-projects-183871.html Egan Street Resources Ltd (ASX:EGR) floated this time last year at $0.20, and the last traded price of $0.275 provides a 38% premium.

The company is developing the wholly-owned Rothsay Gold Project, which is located on granted mining leases in Western Australia.

The project has a rich history of high-grade gold production, and hosts a resource of: 701,000 tonnes at 11.6g/t gold for 262,000 gold ounces.

A Definitive Feasibility Study is targeted for the March quarter 2018.

The halt will remain in place until the opening of trade on Friday 15th September 2017, or earlier if an announcement is made to the market.

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Wed, 13 Sep 2017 10:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183871/egan-street-resources-lifting-funds-for-one-of-australia-s-highest-grade-gold-projects-183871.html
<![CDATA[News - Egan Street Resources Ltd identifies near-mine gold targets ]]> https://www.proactiveinvestors.com.au/companies/news/180658/egan-street-resources-ltd-identifies-near-mine-gold-targets-180658.html Egan Street Resources Ltd (ASX:EGA) is continuing to demonstrate significant potential to grow the gold inventory at its Rothsay Gold Project located 300 kilometres northeast of Perth in Western Australia.

A recent review of the broader exploration potential of the Rothsay Gold Project has identified a number of new near-mine targets.

Meanwhile, reverse circulation drilling targeting shallow mineralised positions, including extensions to the north of the existing 262,000 ounces high-grade gold resource, is ongoing.

Logging to date is encouraging, showing the presence of quartz.

The drilling targeting extensions of the current resource at Rothsay has also intersected the lode position, with an intersection confirming the continuation of mineralisation.

Egan’s recent PFS has shown a life-of-mine production target of 936,000 tonnes grading 7 g/t gold for 211,000 ounces of gold – double the production target compared to the December 2016 scoping study.

The Rothsay Gold Project is expected to deliver a net present value of $58.1 million (at an 8% discount rate) and an estimated capital payback period of just 23 months.

The high quality PFS results will feed directly into the current definitive feasibility study, which is well advanced and is expected to be completed by late Q3 2017.

The latest near-mine exploration review has demonstrated the potential to increase Rothsay’s existing 262,000 ounces high-grade gold resource and projected 5.5-year mine life.

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Tue, 11 Jul 2017 15:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180658/egan-street-resources-ltd-identifies-near-mine-gold-targets-180658.html
<![CDATA[News - Egan Street Resources reveals robust economics for Rothsay Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/177832/egan-street-resources-reveals-robust-economics-for-rothsay-gold-project-177832.html Egan Street Resources’ (ASX:EGA) pre-feasibility study has confirmed the potential for its Rothsay Gold Project in Western Australia to be developed as a new high-grade gold project.

Importantly, the relatively low funding requirement of $33.9 million underpins strong economics and a potentially rapid pathway to production.

The estimated Initial mine life is 5.5 years, with a significant opportunity for further resource growth.

The project has a life-of-mine production target of 936,000 tonnes grading 7 g/t gold for 211,000 ounces of gold – double the production target compared to the December 2016 scoping study.

Egan has assumed a gold price of US$1,200 per ounce (A$1600) for the pre-feasibility study, with an estimated all-in sustaining cost of A$1,020 per ounce.

Based on these parameters, the Rothsay Gold Project delivers a net present value of $58.1 million (at 8% discount rate) and an estimated capital payback period of just 23 months.

The high quality PFS results will feed directly into the current definitive feasibility study, which is well advanced and is expected to be completed by late Q3 2017.

Egan is currently continuing its multi-pronged exploration programs aimed at growing the 262,000 ounces of gold resource inventory at Rothsay.

This aggressive development timetable is expected to allow Egan to secure financing and commence project development and construction early next year.

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Tue, 16 May 2017 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177832/egan-street-resources-reveals-robust-economics-for-rothsay-gold-project-177832.html
<![CDATA[News - Egan Street Resources delivers major gold resource upgrade ]]> https://www.proactiveinvestors.com.au/companies/news/174733/egan-street-resources-delivers-major-gold-resource-upgrade-174733.html Egan Street Resources (ASX:EGA) is preparing a revised scoping study after reporting a 27% increase in the indicated resource at its Rothsay Gold Project in Western Australia’s Midwest region.

The upgrade includes a 16% increase in the total resource to 701,000 tonnes at 11.6 g/t gold for 262,000 ounces of gold.

Importantly, Rothsay Gold Project’s indicated resource has increased 27% to 399,000 tonnes at 11.9 g/t gold for 152,000 ounces of gold.

The resource upgrade follows the recent 3,600 metre in-fill drilling program, where all 10 holes intersected a structure which hosts high-grade mineralisation, with best intercepts including:

- 5.1 metres at 14.8 g/t gold from 211.4 metres;

- 1.7 metres at 60.7 g/t gold from 401.0 metres; and

- 1.15 metres at 37.6 g/t gold from 317.2 metres.

The results demonstrate the upside potential for the deposit and supports Egan’s strategy to target the area below the historical workings as part of its redevelopment strategy.

Egan’s December 2016 scoping study has shown a technically and financially viable project with a net present value of $18.6 million and a short payback period of 1.8 years.

The upgraded high-grade resource will form the basis of an updated scoping study for the Rothsay Project, which is due for completion next quarter.

Based on the significant extensions of the high-grade block model delineated by the recent drilling, the updated study is expected to deliver increased mining inventory and improved project value.

Egan’s share price was last trading 6.67% higher intra-day on Tuesday, at $0.24.

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Tue, 14 Mar 2017 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174733/egan-street-resources-delivers-major-gold-resource-upgrade-174733.html