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Egan Street Resources Ltd identifies near-mine gold targets

Egan is currently continuing multi-pronged exploration programs.

The Rothsay Gold Project has a resource of 262,000 ounces gold

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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