Cazaly Resources is set to become the new owner of the Goongarrie gold project in Western Australia as Brightstar looks to divest its non-core asset.
In an agreement between the two companies, Cazaly has the option to earn up to an 80 per cent interest in Goongarrie by sole funding exploration expenditure of up to $3 million.
Once Cazaly earns an interest in Goongarrie, the two companies will for a joint venture, allowing Brightstar to focus more on operational and development activities.
“With our focus on development and mining operations across the broader eastern Goldfields and Murchison regions, we are delighted to have attracted a quality partner in Cazaly to explore the Lake Goongarrie area in greater detail, while retaining exposure and upside to exploration success with the joint venture,” Brightstar managing director Alex Rovira said.
“Our focus in the general Menzies area is on the Lady Shenton system where we are defining a large open pit mining complex as part of our definitive feasibility study, whilst we continue to explore and assess other deposits such as Yunndaga and the Link Zone for future mining opportunities to increase our operational footprint in the Menzies area.”
Brightstar will remain focused on improving and growing existing mineral resources at its projects with granted mining leases and near-term commercialisation pathways like Sandstone, Menzies and those within the broader Laverton area.
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