Sign up Australia
Proactive Investors - Run By Investors For Investors

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

The company's drilling is continuing, with more assay results expected in the coming weeks.
Australian dollar notes
Current resource of 307,000 ounces at 10.9 g/t gold.

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.

View full EGA profile View Profile

Egan Street Resources Ltd Timeline

Related Articles

February 07 2018
Zeleznik is one of the four licenses being sole funded under the option agreement between Mundoro and JOGMEC
September 04 2018
Regency’s partner LHC (Legacy Hill Coal) is the operator of MET and has a 53% stake, with the UK business owning the rest
Underground mine development at Syama
July 03 2018
The DFS update has also delivered longer life at the Mali project and increased underground reserves by 38%.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use