Egan Street Resources Ltd (ASX:EGA) has received encouraging new results from drilling at the emerging Orient Shear satellite area, 200 metres from the main Woodley’s resource at its 100%-owned Rothsay Gold Project in Western Australia.
Significant results include:
• 1 metre at 29.6 g/t gold from 68 metres;
• 1 metre at 29.1 g/t gold from 61 metres; and
• 1 metre at 25 g/t gold from 57 metres.
A number of mineralised quartz veins have also been intersected within a hanging wall gabbro to the east of the Orient Shear including one intersection of 1 metre at 34.6 g/t gold from 24 metres.
Orient Shear cross section
The additional results, from a 60-hole program conducted in Q4, 2018, demonstrate that the mineralisation on the Orient Shear is more extensive than previously thought.
Egan Street managing director Marc Ducler said the pre-Christmas drilling program at Orient demonstrated the significant prospectivity of the Rothsay Project and the strong potential to define additional resources in satellite mining areas surrounding the proposed location of the main decline and processing plant.
Ducler added: “These results clearly show that there is an extensive mineralised position at Orient and Clyde East Shears which extend beneath the existing three Orient open pits, which we will follow up with in-fill and extensional drilling later this year.
“Drilling has now confirmed the presence of significant high-grade mineralisation on the historically mined Orient Shear which is considerably more extensive that we previously thought.
“The recent drilling also intersected additional mineralised quartz veins which had not been previously detected.
“We are now increasingly confident that there is a great opportunity to find more mineralisation in the vicinity of other historical workings, or the substantial parts of the field which have been poorly tested or not at all.
“Our focus for now remains on obtaining project development funding and then moving to make Rothsay a producing gold mine, but we clearly have a large number of targets for future investigation which are likely to be located close to mine access infrastructure.”