PERTH (miningweekly.com) – Gold explorer Echo Resources has grown the resource at its Julius gold project, in Western Australia, to 335 000 oz.
"The 48% increase in the mineral resource formed an integral part of the bankable feasibility study,” said CEO Simon Coxhell.
“The updated resource estimate adds in excess of 100 000 oz of gold to the global Julius resource and validates the comprehensive work completed at Julius over the last six months. It is expected that a very high percentage of the resource lying within the optimum pit will be classified as measured, which allows conversion to proven reserves.”
Coxhell noted that the Julius project was a low risk gold deposit, with favourable geology, geometry and mining and metallurgical characteristics, and presented a perfect start for the proposed recommissioning of the Bronzewing mill.
Echo was currently in the midst of a takeover of fellow-listed Metaliko Resources, offering shareholders one of its own shares for every two-and-a-half Metaliko shares held.
Metaliko owns the Yandal gold project, in Western Australia, which includes the two-million-tonne-a-year Bronzewing milling facility, a 280-room village, and project tenements and production infrastructure.