Brightstar bolsters Second Fortune ahead of production ramp up

Brightstar logs multiple 10+ gram-metre intercepts from Second Fortune
More diamond drill results also come in ahead of production stoping restart
BTR’s 3Moz resource base should soon be the largest junior endowment on the ASX

Special Report: Brightstar Resources has returned multiple intercepts going over 10 grams a metre across three levels of its Second Fortune underground mine ahead of the restart of production stoping south of Laverton.

Face sample intercepts returned up to 67.28g/t over a 0.35m vein width, while assays for 16 underground diamond holes undertaken by Brightstar Resources (ASX:BTR) from an ongoing infill and extensional drill campaign have come in at up to 0.3m at 39.85g/t Au from 57.2m.

Older, new, and incoming assays will now form the basis of a resource estimate for the recently acquired mine, set for release early in 2025.

Production drilling has also begun on upper levels of Second Fortune ahead of stoping activities and a production profile ramp up into next year to over 10,000 tonnes a month ahead of ore haulage and processing campaigns.

More than 14,000 tonnes of development ore with a mine call grade of 3.75g/t already sits ready for haulage and processing on the mine’s ROM pad.

Brightstar managing director Alex Rovira said it was pleasing to see the continued development of high-grade ore drives at an asset which has undergone significant investment since it acquired Linden Gold earlier in the year.

“With nearly two ore drive levels fully developed ahead of the stoping front, critical mining infrastructure in place and production drilling commencing ahead of ramp up of stoping operations into CY2025, Second Fortune mine has never been better placed to succeed,” Rovira said.

“Brightstar has also been continuing its drilling campaigns at Second Fortune, with the previously announced surface programs complemented by underground drill programs designed to inform a mineral resource upgrade in early CY2025 with a view to extending the mine life.

“The mine has been in operation in its current form since 2021 with a focus on high quality narrow vein gold mining.”

He added that in parallel with drilling underway at its Sandstone gold project, Brightstar’s commitment to success with the drill bit covers the full spectrum of exploration and production across its WA portfolio.

The development drill rig arriving at Second Fortune. Pic: BTR

Auric ascent

It wasn’t that long ago when Brightstar, a fledgling explorer with a $7m market cap, embarked on a series of deals which, with board movements and drilling success, has the company now approaching the $200m mark.

Some see shades of Northern Star (ASX:NST) in the BTR ticker as an emerging force to be reckoned with in Australian gold.

Brightstar completed its acquisition of Alto Metals just two days ago, stamping in a 3Moz resource base which stands as the largest endowment of any explorer or developer on the ASX outside of De Grey Mining (ASX:DEG).

And with De Grey set to be under the NST fold, it should soon be the largest.

Competitive tension is heating up where Second Fortune sits in the Laverton area, and while Brightstar has not ruled out the prospect of being snapped by a bigger fish, it seems more than happy to develop and monetise its own assets in lieu of the right fit.

Significant new results

Face sample intercepts:

0.35m vein width, 67.28g/t Au (23.55 gram-metres, “gm”)
0.2m vein width, 62.71g/t Au (12.5 gm)
0.3m vein width, 46.27g/t Au (13.9 gm)
0.4m vein width, 59.4g/t Au (23.8 gm)
0.4m vein width, 53.04g/t Au (21.2 gm)
0.25m vein width, 47.18g/t Au (11.8 gm)
0.35m vein width, 28.65g/t Au (10.0 gm)

Underground program:

0.3m @ 39.85g/t Au from 57.2m (12.0 gm)
0.2m @ 48.56g/t Au from 50.7m (10.7 gm), and 0.6m @ 17.41g/t Au from 85.9m (10.6 gm)
0.7m @ 13.45g/t Au from 68.0m (9.2 gm)
0.4m @ 23.08g/t Au from 61.3m (9.2 gm), and ▪ 3.5m @ 4.19g/t Au from 93.6m (14.7 gm)

This article was developed in collaboration with Brightstar Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.