logo-loader
EganStreet Resources Ltd

Egan Street Resources bags $4M for its Rothsay Gold Project

The placement received significant institutional interest.

Western Australia highlighted on the map of Australia
The company’s diamond drilling is already underway

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.

Quick facts: EganStreet Resources Ltd

Price: $0.29

Market: ASX
Market Cap: $39.8 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of EganStreet Resources Ltd named herein, including the promotion by the Company of EganStreet Resources Ltd in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

2 min read