The Rothsay Gold Project is located approximately 300kms north-north east of Perth, in the
Southern Murchison region of Western Australia. It covers an area of approximately 56.4km2 comprising the Rothsay Tenements.
The Project was partially exploited by shallow open-pits and underground mining techniques up until the early 1990’s when the gold price dropped below US$360/oz.
In July 2011, EganStreet acquired the Rothsay Gold Project and has since been focused on bringing this golden opportunity to market.
It holds some of Australia’s highest grade gold with 454,000 ounces at 9.2 g/t.
Since 2011 the Company has compiled extensive historical data into a useable form as well as completed several exploration drilling programmes, which has resulted in the delineation of a 2012 edition JORC compliant Mineral Resource of 1.54Mt at an average grade of 9.2g/t Au for 454koz (Indicated 950kt @ 9.6g/t Au for 292koz and Inferred 590kt @ 8.6g/t Au for 162koz).
The updated definitive feasibility study mines 2.3Mt @ 4.4g/t for 320koz of contained gold, this is upgraded via a laser & EM ore sorter to produce a concentrate of 1.3Mt @ 7.2g/t which is then processed through a standard CIL circuit for a production target of 289koz of gold.
EganStreet’s longer term growth aspirations are based on a strategy of utilising the cash-flow generated by an initial mining operation at Rothsay to target extensions of the main deposit and explore the surrounding tenements, which includes an 18km strike length of highly prospective and virtually unexplored stratigraphy.
Gold first discovered at Rothsay by George Woodley
Historical mining including sampling and studies undertaken by A Glasgow syndicate, Bewick Moreing and Co, Youanmi Gold Mines Ltd, BHP and Rothsay Gold Mines NL
Mining tenement granted for M59/39 and M59/40 (Rothsay Mining tenements)
Metana Minerals NL mines and processed through the reconstructed Reedys process plant. Operations ceased in May 1991 due to the low gold price
Exploration conducted by various parties (Hunter Exploration, Central West Gold, Thundelarra, Menzies Gold Ltd, United Gold and Silver Lake Resources)
Auricup Resources Limited (EganStreet) incorporated as a Company
EganStreet Resources Limited (Auricup) acquired the Rothsay Project, with a Mineral Resource of 591,000t at 6.99g/t Au for 132,000oz
Lion Selection Group (ASX:LSX) buy in as major Shareholders
EganStreet Resources lists on the ASX raising $6 million
Definitive Feasibility Study 2.1Mt at 4.2g/t Au for 278koz mined producing 250koz, LOM 6.5 years, Capex $36.1m, AISC $1,083/oz, FCF $100m, NPV $80.4m and a Maiden Ore Reserve 1.4Mt at 4.4g/t Au for 200,000oz
Local Government Development Approval granted
Project Management Plan approved by DMIRS
Mineral Resource (Cube Consulting Pty Ltd) 1.54Mt at 9.2g/t Au for 454,000oz
Updated DFS 2.3Mt at 4.4g/t Au for 320koz mined producing 289koz, LOM 7 years, Capex $39.7m, AISC $1,069/oz, FCF $116m, NPV $95.1m