Brightstar Resources has announced that Linden Gold Alliance, which it is looking to acquire for $23.7 million, has completed an underground capital development program at the Second Fortune underground gold mine located south of Brightstar’s Laverton project area.
Linden is now in the middle of ore production on the 1085 level and has started stoping activities to enhance ongoing ore drive development. The company has also started surface road haulage activities from Second Fortune.
“The recommencement of ore haulage activities at Second Fortune is exciting to see as the team builds momentum towards the steady state production rate of 12,000–15,000 tonnes per month by the September 2024 quarter, which was the previous mining rate at Second Fortune,” Brightstar managing director Alex Rovira said.
“While the operational Linden team on site is focused on safe production, Brightstar and Linden geologists have worked together to design a surface and underground drill program to build confidence in the existing mineral resource estimate as part of Brightstar’s broader +30,000m drilling program across the Menzies and Laverton portfolio in the near term.”
The +30,000m drilling campaign will target resource upgrades and extensions alongside feasibility workstreams at Brightstar’s Menzies and Laverton gold projects, and Linden’s Second Fortune and Jasper Hills gold projects.
“This forms part of Brightstar’s commitment to unlocking the inherent value in the Linden assets and advancing the enlarged groups’ assets towards development and monetisation of the combined resource base within the eastern Goldfields,” Rovira said.
Linden directors have unanimously recommended that Linden shareholders and option holders accept the takeover offer proposed by Brightstar, in the absence of a superior proposal.
If the transaction is completed, Brightstar will hold a mineral resource of 28.4 million tonnes at 1.6 grams per tonne of gold for 1.45 million ounces of gold.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
