Is there any better way to close out the week than having your gold resource inventory increased past the magic 1 million ounce mark, like Brightstar just did?
There probably are, but they will be far and few between, which makes the 20% increase in resources at the company’s Cork Tree Well project to 303,000oz of gold – taking its combined Laverton and Menzies resource up to 1.02Moz – one to pass the bubblies around for.
Importantly for Brightstar Resources (ASX:BTR), the resource upgrade also comes with a 65% increase to the Indicated ounces to 157,000oz at a grade of 1.6 grams per tonne (g/t) gold, which adds a great deal of certainty as it enables mine planning.
What’s more, the resource estimate upgrade has also highlighted that the model grade improves at depth and confirmed the presence of a higher grade plunging shoot within the Cork Tree Well orebody.
The upgrade also makes the company’s impending entry into the ranks of Australian gold producers that much sweeter, though this is admittedly from its Menzies project about 200km to the southwest.
“We are delighted to see the Cork Tree Well resource grow by over 20%, and more importantly grow our indicated component by 65% to over 3 million tonnes for over 157,000 ounces of gold,” managing director Alex Rovira said.
“Additionally, the updated Mineral Resource Estimate model has confirmed the presence of a number of higher grade plunging shoots that are open at depth and will be drill tested in upcoming campaigns.
“These upgrades have seen Brightstar now control a +1 million ounce resource base with tangible growth shown in just one of our many resources at the Laverton and Menzies gold projects.
“We look forward to updating the market with further news on our drilling at our projects and our scoping study which are both presently underway.”
Resource upgrade
The Cork Tree Well upgrade stems from two successful extensional and infill drill programs totalling about 11,000m that were completed in late 2022 and the first quarter of this year.
As noted earlier, assays such as 10m grading 4.5g/t gold from 192m (BTRRC184) and 22m at 2.84g/t gold from 127m (BTRRC031) confirmed the presence of a higher grade plunging shoot.
This will be drill tested in the upcoming reverse circulation drill program, which will begin after completion of the current 5,000m campaign at Menzies, with holes targeting depth extensions to the best intersections from previous drilling.
Data from the resource update is also being used for exploration planning purposes in order to target areas that are open down plunge and to ensure sufficient drill density in zones currently classified as Inferred mineralisation to continue to grow the Indicated component of the MRE.
It will also feed into the Scoping Study that is due for completion in the third quarter of 2023.
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.