Tag: Echo Resources

AUSTRALIA’S national science agency CSIRO and the WA Government have teamed up to research mineralisation in the Yilgarn province, potentially unlocking new gold deposits in the area 400km east of Perth, WA. The eastern Yilgarn region has historically had fewer gold discoveries than its neighbouring, richly endowed eastern Goldfields region, despite sharing Archean geology from over 2,500 million years ago. Researchers discovered distinctive patterns in the chemical alteration of surrounding rocks during the formation of ancient gold deposits during the Archean period. Through the Minerals Research Institute of WA (MRIWA), the WA Government has invested in research to support future mineral exploration and understand chemical patterns in ancient rocks. WA mines and petroleum minister Bill Johnston said the discovery of…

AFTER launching a $193m takeover bid late in August, Northern Star Resources  (ASX: NST) has closed the deal to acquire the controlling interest of explorer Echo Resources (ASX: EAR). As Echo Resource’s major shareholder, Northern Star offered shareholders $0.33c per share in August (a 39.4pc premium on Echo’s volume weighted average at 19 August) to secure a controlling 59.3pc of Echo’s shares. Echo Resources said the offer implies a fully diluted equity value of about $242.6m, with up to $193m payable by Northern Star for shares it does not already own, or the offer amount. Echo’s Yandal gold project, located 400km north of Kalgoorlie and in close proximity to Northern Star’s Jundee operation, was at the centre of the takeover…

BY ELIZABETH FABRI PERTH-based gold miner Northern Star has invested $23.2 million in junior explorer Echo Resources to expand its footprint near its Jundee gold mine. Echo Resources, which holds tenements immediately south of Jundee, is planning to develop a new Yandal gold project utilising its nearby mothballed Bronzewing processing plant. In early December, Northern Star purchased 80 million Echo shares at an average price of $0.29, obtaining a 16.4 per cent interest in the company. Its investment came a week after Echo released an updated ore reserve for the project of 15.6 million tonnes grading 1.7 grams per tonne for 856,000oz of gold, and a little over a month since Echo undertook a $15 million capital raising. Echo chief…