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Egan Street's ore reserve estimate for Rothsay up 18% to 235,000 gold ounces

Egan Street Resources Ltd. said Aug. 1 that the probable ore reserve estimate for its Rothsay gold project in Western Australia was 235,000 ounces within 1.6 million tonnes grading 4.5 g/t gold, 18% higher than the previous estimate of 200,000 ounces within 1.4 million tonnes grading 4.4 g/t gold.

The new estimate builds on the updated definitive feasibility study in July that outlined a net present value, discounted at 5%, of A$80.4 million, a 57% internal rate of return and a 1.5-year payback period for Rothsay.

In November 2018, the company said Rothsay's indicated and inferred resource estimate increased 13% to 454,000 ounces.