It’s been a big week for Brightstar Resources, with the gold explorer achieving high-grade drilling results at its Second Fortune project and finalising a key acquisition.
Second Fortune
Brightstar has been conducting surface and underground drilling programs at its Second Fortune project in Laverton, Western Australia.
The goal of the programs was to infill certain areas of the project, increase confidence in the resource model and future mine life extension, and drill deeper holes outside and below the current 12-month mine plan.
The first diamond drilling assays returned from the Second Fortune underground mine have delivered high grades within and beneath the current forward mine plan.
The deepest hole drilled to date returned +31 grams per tonne (g/t) of gold from a 0.3m downhole intercept at 465.75m depth, proving that the high-grade mineralisation continues at depths +400m below surface.
Brightstar said the drilling intercepts are approximately 100m below currently developed levels on the 1065 level and provides significant confidence in a mine life extension at Second Fortune.
“We are delighted with the results which successfully proved that the high-grade Second Fortune vein system continues at depths well below the current mine plan,” Brightstar managing director Alex Rovira said. “This result provides a compelling target for Brightstar to explore further in order to extend the mine life at Second Fortune.
“Accordingly, we have expedited plans to complete further underground drilling to commence imminently, which will inform an upgraded mineral resource estimate this CY24 (2024 calendar year) with the intent of potentially supporting the declaration of Ore Reserves and formal production outlook.
“We look forward to sharing ongoing results as they are received, with assays still pending from various programs across the Brightstar portfolio including previously announced RC (reverse circulation) and diamond drill programs.”
Montague East gold project
Brightstar has finalised its acquisition of Gateway Mining’s Montague East gold project, which is located 70km north of the Sandstone region in WA.
Under the agreement originally announced in August, Brightstar has acquired 100 per cent of the Montague project for $14 million. Brightstar now holds all the gold minerals rights of the project and Gateway Mining will retain all the non-precious metal rights.
Brightstar said this acquisition – along with its acquisition of Alto Metals, the owner of the Sandstone gold project – will help it become a significant junior gold explorer, developer and producer within the Sandstone region.
“The completion of the acquisition of the Montague East gold project from Gateway achieves the first step in Brightstar’s previously announced consolidation plan of the Sandstone district, adding shallow ounces and a meaningful mineral resource inventory to our portfolio of advanced exploration, development and producing gold assets in Western Australia,” Rovira said.
“We are working towards mobilising an RC drill rig to the Montague-Boulder and Whistler deposits in late October, which contain (approximately) 280,000oz (of gold) of shallow, largely oxide material.
“It is our intent to move the Montague East gold project swiftly through resource drill-out and feasibility study workstreams to advance this asset towards development.”
Acquiring the Montague East gold project has increased Brightstar’s total mineral endowment to 38.3 million tonnes at 1.6g/t of gold for two million ounces (Moz) of gold.
“With 2Moz of gold mineral resources situated on granted mining leases in the company, combined with our low capex growth plans and near-term development and production expansion, Brightstar is well placed to maximise value of the portfolio in an all-time high gold price environment,” Rovira said.
“Recent drilling success across the Lord Byron, Fish and Second Fortune deposits has illustrated the immense upside in the company’s projects, as we seek to grow the mineral resource and de-risk future development through the DFS (definitive feasibility study) underway.”
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