Eastern Goldfields Drill Results Moves Davyhurst Project Toward Mining, Western Australia
[Click image to enlarge]
Eastern Goldfields Ltd is on track to develop the Golden Eagle deposit at the Davyhurst Gold Project after latest drill results confirmed the geological model in Western Australia.
The first phase of drilling at the Golden Eagle deposit is now complete, with results confirming that mineralization extends over 100 meters north of the existing resource boundary and remains open at both depth and in the down plunge direction.
The best results from the drill program includes 2.95 meters at 11.06 g/t gold from 157 meters and 6.11 meters at 4.81 g/t gold from 229 meters.
Eastern Goldfields, led by executive chairman Michael Fotios, successfully raised more than $25 million to bring the Davyhurst project into development.
With existing processing infrastructure in place, including a 1.2 million tonnes per annum processing plant, Eastern Goldfields is well equipped to become a gold producer.
The latest drill results will now be incorporated into an updated and extended underground Resource model for Davyhurst, which has JORC 2004 Resources of 1.5 million ounces of gold at an average grade of 2.5 g/t gold.
Eastern Goldfields is now in advanced discussions with a specialist underground mining contractor regarding the commencement of mining in the second half of 2016.
Source: (May 19, 2016) Proactive Investors
About Eastern Goldfields
Eastern Goldfields Ltd formerly Swan Gold Mining is a uniquely positioned gold exploration and production company, and 100 percent owner of the Davyhurst Gold Project in the highly prospective Eastern Goldfields region of Western Australia.
To stop by Eastern Goldfields’ website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
