EganStreet Resources Limited (ASX: EGA) (EganStreet) is pleased to advise that it has completed an updated Ore Reserve estimate for its 100%-owned Rothsay Gold Project (Project), located 300km north-east of Perth in WA’s Midwest region.
The updated Ore Reserve is based on the updated Mineral Resource announced in November 2018 and builds on the updated Definitive Feasibility Study (Updated DFS) (See ASX announcement “Rothsay Gold Boosted by Production Target Upgrade” dated 12th February 2019) and Definitive Feasibility Study (DFS) (see ASX announcement “EganStreet Confirms Low Capex, High Margin Australian Gold Mine at Rothsay God Project, WA” dated 19th July 2018).
The updated Ore Reserve incorporates new information obtained from additional technical studies completed up until July 2019, and includes the following:
- November 2018 MRE (see ASX announcement “Rothsay Resource Increases to 454,000oz at 9.2g/t Au” dated 27th November 2018);
- Cost estimates as outlined in the Updated DFS;
- Additional geotechnical modelling based on drill holes completed up until November 2018;
- An updated mine plan targeting shorter pre-production period and lower pre-production capital (including working capital) which includes:
- Boxcut and access to southern end of the orebody;
- Increased sub-level interval;
- Increased decline turning radius; and
- Earlier establishment of primary ventilation and escapeway via shorter raises.
- All other assumptions are consistent with those outlined in the DFS
The new Ore Reserve stands at 235,000oz and is shown in Table 1 below:
The updated Ore Reserve estimate represents an 18% increase on the previously published Ore Reserve. The associated JORC Table 1 is available in Appendix 2.
APPENDIX 1 COMPETENT PERSON’S STATEMENT
The information in this announcement that relates to the Rothsay Mineral Resource is extracted from the announcement titled “Rothsay Increases to 454,000oz at 9.2 g/t Au” lodged on 27 November 2018 which is available to view at www.eganstreetresources.com.au and www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimate continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
The information in this report that relates to Ore Reserves for Rothsay is based on information compiled by Mr Gregory Winder. Mr Winder is a full-time employee of EganStreet Resources and is a Member of the Australian Institute of Mining and Metallurgy (MAusIMM, #208353). Mr Winder has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Winder consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
APPENDIX 3 FORWARD LOOKING STATEMENTS & DISCLAIMERS
This announcement includes forward-looking statements that are only predictions and are subject to risks, uncertainties and assumptions, which are outside the control of EganStreet.
Actual values, results, interpretations or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements in the announcement as they speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and ASX Listing Rules, EganStreet does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward-looking statement is based.
This announcement has been prepared by EganStreet. The document contains background information about EganStreet current at the date of this announcement. The announcement is in summary form and does not purport to be all-inclusive or complete.
Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this announcement.
The announcement is for information purposes only. Neither this announcement nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. The announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply to their own jurisdiction as a failure to do so may result in a violation of securities laws in such jurisdiction.
This announcement does not constitute investment advice and has been prepared without considering the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this announcement are not intended to represent recommendations of particular investments to particular persons.
Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent of the law, EganStreet, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinion, estimates, forecasts or other representations contained in this announcement. No responsibility for any errors or omissions from the announcement arising out of negligence or otherwise is accepted.