Brightstar has acquired a new exploration licence that extends the operational area of the Cork Tree Well project, and offers the opportunity to increase gold resources.

The company is acquiring E38/3434 from Regis Resources for $100,000 in cash and completion is expected on 8 March.

Cork Tree Well currently has a resource of 3.86Mt at 1.9g/t for 237,000oz of contained gold though recent drilling by Brightstar Resources (ASX:BTR) has already highlighted potential for further growth.

“The continued prospectivity of Cork Tree Well as demonstrated by the successful RC program in 2021 has inspired the company to invest further in the project area by the acquisition of highly prospective ground adjacent to our current tenure,” managing director William Hobba said.

“This will provide the company with increased exposure to high value new targets in the same area as our largest JORC Resource and the likely main focus in any potential mining scenario.”

 Cork Tree Well

Brightstar noted that its previous drill results and SAM survey have indicated potential for mineralisation on multiple contacts throughout the greenstone package.

Its 2021 RV drill program had shown that Cork Tree Well is open both at depth down dip and along strike to the north and with parallel lodes.

However, the seeming convergence of structural and lithological units in the area indicates that gold mineralisation – which would otherwise be dispersed across the package – may be concentrated through this narrow ‘neck’ before spreading out again in the Duketon domain.

 

 

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.

 

Read MoreGoldGold NewsGold Stocks

Featured Companies

You might be interested in