Moving on from Phase 1 drilling at Burbanks, Greenstone Resources is setting its eyes on becoming a multi-asset gold developer with intensive drilling at its Phillips Find project.

A huge 23 hole, 5,500m drilling campaign at Phillips Find is now underway, as the explorer adopts a “whole system approach” to exploring underneath three previously mined shallow open pits across a 1,500m strike length.

13 holes are planned for the coined Phillips Find Mining Centre (PFMC), targeting high-grade extensions at depth, with a further 10 holes planned for regional targets that will test at depth historic intercepts.

45km northwest of Coolgardie, WA, the PFMC consists of the Newminster, Bacchus Gift and Newhaven open pits that were mined intermittently between 1998 and 2015, collectively producing a total of 310,567 tonnes (t) @ 3.29 grams per tonne (g/t) for 32,839 ounces (oz) of gold.

Down dip

Greenstone Resources’ (ASX:GSR) interest in further exploration at the PMFC stems from just how little exploration work has been previously done below 120m, where the company believes it can keep proving up resources.

Phillips Find currently has an interim resource of 732,960t @ 2.3g/t for 54,567oz that are classified as “near surface” finds.

“Historically, the Project has produced close to 33,000 ounces at 3.3 g/t Au from three shallow open-pits, with the vast majority of production coming from the upper the 50m, GSR MD Chris Hansen said.

“The focus of the current campaign is two-fold, firstly focused on testing several high-priority regional targets supported by shallow RAB / AC drilling, and secondly targeting the down-dip extensions beneath the three historic open-pits.”

“Our regional exploration portfolio at Phillips Find remains highly prospective, with the correct structural, lithological and geochemical environments to host future discoveries.

“Previous regional exploration has largely been limited to RAB and AC drilling, with very little fresh rock drilling, leaving several high-grade intercepts such as 3m @ 37.83 g/t Au from 15m remaining untested by drilling and open at depth.”

Other projects

The company is on its way to providing an updated resource estimate at Burbanks, just south of Coolgardie, following recent Phase 1 drilling, which it expects to be completed in the next 2-3 weeks.

“We look forward to keeping shareholders updated over the coming weeks, with drilling now underway at Phillips Find, Phase 2 drilling at Burbanks still continuing, and the Mt Thirsty scoping study remaining on schedule for July.”




This article was developed in collaboration with Greenstone 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.