Egan Street and Troy Resources impress with ‘bonanza’ gold hits; shares fly
Mining & Resources
Bilbo with Smaug's golden treasure in The Hobbit: The Desolation of Smaug (2013)
Egan Street Resources has reported the best gold hit of the day — a “bonanza” result of up to 776 grams per tonne.
Anything above 5g/t is considered high-grade gold.
Miners often use the term “bonanza” to describe grades that are well above what is considered high-grade.
The news sent shares up nearly 16 per cent to an intra-day high of 22c on Wednesday morning.
Egan Street (ASX:EGA) reported 0.3m at 776g/t from within a broader intersection of 2m at 116g/t from 264m from drilling at its Rothsay project.
The company also reported other bonanza hits of 216g/t and 66.3g/t.
The results from the latest drilling confirm that the high-grade mineralisation extends to the south on the Woodley’s shear and at depth on the Woodley’s East shear, which collectively host the current 401,000-ounce resource at Rothsay.
Egan Street says the new high-grade hits will be included in a resource update, with work to start on that this month.
Troy Resources (ASX:TRY), meanwhile, rallied as much as 41 per cent this morning on news it had uncovered gold grades of up to 93.78g/t from just 2m down.
Shares hit an intra-day high of 14c.
The results were from recent drilling at Troy’s Ohio Creek prospect, part of the Karouni project in Guyana.
Troy only acquired the Ohio Creek prospect in September.
Previous drilling done in 1995 delivered a bonanza hit of 1m at 868.8g/t from 61m – which Troy said represented the highest gold grade in the region.
The lowest grade result comes from Centaurus Metals (ASX:CTM), which today reported an intercept of 32m at 0.01g/t gold from surface, along with 0.53 per cent copper.
The results were part of maiden drilling at the company’s Pebas copper and gold project in northern Brazil.
Centaurus said broad zones of copper and gold mineralisation were intersected in all seven drill holes.
The highest grade of gold mineralisation unearthed was 0.44g/t from within a 20m intersection from surface.
Shares didn’t move on the news, remaining steady at 0.7c.