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Egan Street posts 17% increase in Rothsay gold resources

Egan Street Resources Ltd. said Dec. 4 that resources at its feasibility-stage Rothsay gold project in Western Australia increased by 17% to 307,028 ounces of gold contained within 880,000 tonnes at 10.9 g/t of gold.

The previous resource estimate, completed in March, outlined 701,000 tonnes at 11.6 g/t of gold for 262,000 ounces of gold.

The update comprises a 12% increase in indicated resources to 170,000 ounces of gold within 460,000 tonnes at 11.5 g/t and a 25% increase in inferred resources to 137,000 ounces of gold within 420,000 tonnes at 10.2 g/t of gold.

The new estimate uses a cutoff grade of 5.0 g/t and incorporates results of three drill programs completed between February and September.

Egan Street also reported that new reverse circulation drilling is underway at Woodley's East and the northern extension of the Woodley's Shear in a bid to upgrade resources, while diamond drilling is ongoing at the Woodley's Shear.

Reverse circulation and diamond drilling are scheduled to continue at Rothsay into 2018. Efforts will include infill drilling at Woodley's and Woodley's East, regional drilling on the Clyde and Miners Shears and confirmation drilling related to infrastructure.

The company will also update mine designs and schedules to reflect updated resources as part of an ongoing definitive feasibility study, which remains on track for completion in the second quarter of 2018.

A pre-feasibility study completed on Rothsay in May estimated a net present value, at an 8% discount, of A$58.1 million and an internal rate of return of 57%.