The new targets were identified during an extensive regional mapping review of the company’s exploration tenements, which was undertaken to enhance the pipeline of high potential gold exploration opportunities at Rothsay.
EganStreet Resources managing director Marc Ducler said: “EganStreet has been conducting an extensive mapping review of our 100%-owned exploration tenements at Rothsay and results indicate the geological potential extends significantly beyond our current resource.
“We continue to expand our geological understanding of the Rothsay gold field, without taking our eye off the development proposition before us to redevelop Rothsay into a producing gold mine.
"This regional targeting exercise has expanded the strike of identified prospective shears at Rothsay from around 14 kilometres to well over 18 kilometres.”
The database review identified mineralised drill intersections on Karara Shear with best results including:
- 1 metre at 19.52 g/t gold from 9 metres; and
- 4 metres at 2.64 g/t from 4 metres.
EganStreet is now combining the assessment of the surrounding exploration leases, including geological mapping, and the identification of historical mining areas, which will lead to a full field data and prospectivity review.
Mapping of the exploration leases immediately to the north of the mining lease is now complete and two areas of historical mining activity have been identified:
- The Karara workings, which were historically described by Hunter Exploration in 1997 and drilled by Metana Minerals (10 holes in 1990); and
- A line of workings immediately north of the tailings storage facility, which have been previously mapped but not drilled.
Karara North Shear showing historical workings
The Karara Shear bears several similarities to the Woodley’s Shear including:
- Mafic/ultramafic host rocks;
- The Karara and Woodley Shear are coincident with linear magnetic highs; and
- Gold mineralisation, where has been identified is contained by quartz veins with a selvedge of intense tremolite alteration.
EganStreet will soon lodge relevant approval applications to begin exploration across the Karara Shear and is developing a target inventory across the entire landholding.
It is expected construction will begin immediately following project financing once all necessary approvals have been received.