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Brightstar Resources Encounters High-Grade Gold at Menzies Link Zone Deposit

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THE DRILL SERGEANT: Brightstar Resources (ASX: BTR) released assay results from it first drilling campaign on the Link Zone, part of a larger drilling program being undertaken across the company’s Menzies and Laverton gold projects in Western Australia.

Brightstar Resources is carrying out diamond drilling across its broader 1.45 million ounces of gold portfolio in Menzies and Laverton.

This program is targeting gold mineralisation for near-term development assessment of the Link Zone deposit, specifically targeting the Merriyulah and Golden Dicks deposits, located between the 287,000 ounces gold Lady Shenton System and 43,000 ounces gold Lady Harriet System at the Menzies gold project.

Assays have been received for five diamond holes drilled at the Link Zone deposit, with all holes at Link Zone drilled for metallurgical and geotechnical testwork purposes.

Results produced multiple high-grade intercepts targeting conceptual pit shells at the Merriyulah and Golden Dicks deposits within the Link Zone area.

Intercepts returned at Link Zone include:

LZMET24001
12 metres at 11.9 grams per tonne gold from 51m, including 1m at 55.8g/t gold from 54m
10m at 0.97g/t gold from 23m, and
0.6m at 12g/t gold from 43.4m;

LZGT24001
1m at 5.57g/t gold from 45m;

LZGT24002
9.7m at 1.77g/t gold from 34.3m;

LZGT24003
8.49m at 1.56g/t gold from 14m; and

LZGT24004
13.1m at 1.19g/t gold from 11.3m.

“The diamond drilling component of our +30,000m campaign kicked off at Link Zone, with excellent grade results returned despite most holes being drilled for geotechnical purposes,” Brightstar Resources managing director Alex Rovira said in the company’s ASX announcement.

“Additionally, the metallurgical hole has given us valuable information for downhole lode grade variability, highlighted by a superb 6m at 21.08 grams per tonne gold intercept containing six individual 1m +5g/t gold intercepts within a broader down dip intercept of 12m at 11.9g/t gold.

“We’re particularly encouraged by the grades returned, with these results released today along with our recently completed Link Zone RC program all returning grades well above the global MRE estimate for Link Zone emphasising areas for potential open pits.

“Geotechnical logging was completed ahead of sampling and assaying, with the remaining core and existing RC samples being utilised for a metallurgical testwork program presently underway to feed into re-optimised pit shells and ultimately define a pathway to monetisation via a small-scale mining campaign similar to the successfully completed Selkirk Mining JV earlier this year.

“Approximately one kilometre to the north, the Lady Shenton System RC drilling program will complete in the coming fortnight, with these results to be assessed and integrated into an updated Mineral Resource Estimate for the Definitive Feasibility Study presently underway.

“We look forward to updating the market with these results, along with previously completed RC and diamond programs at Jasper Hills and Second Fortune with assays progressing through the laboratory.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Gold Continues Being Bankable Exploration Target

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COMMODITY CAPERS: Gold, it seems, is worth its weight in itself these days and there are plenty of explorers out there eager to find more of it.

One only needs look at the number of companies that last year were spruiking discovery of lithium on their gold tenements to now finding gold on their lithium tenements to see how trends have changed.

With the price of gold hovering around US$2539 per ounce why wouldn’t they?

This week presented plenty to see in the gold exploration sphere, here’s some news from the sector:

 

Barton Gold Holdings (ASX: BGD) reported high-grade assays from the Tarcoola Goldfield at the company’s Tarcoola gold project in South Australia.

Barton Gold Holdings received assays from recent drilling that it declared to have confirmed the new Tolmer gold mineralised system, comprised of quartz veining within a broader zone of alteration.

Barton Gold explained the assays received from approx. 100 metres spaced drill lines indicate potential for a zone of continuous high-grade mineralisation, which is subject to confirmation via further drilling.

Barton is currently planning follow up drilling programs later this year, including aircore and further RC definition drilling, to help define the potential extent of the Tolmer footprint and potential continuity.

“We are excited to confirm that the first significant test of Tarcoola’s new structural model has confirmed a new gold mineralised system at Tolmer,” Barton Gold Holdings managing director Alexander Scanlon said.

“We have also successfully intersected high-grade mineralisation at multiple other targets, demonstrating Tarcoola’s broader potential to host multiple shallow, high-grade gold zones.

“We are also awaiting further assay results from the open pit Perseverance Mine, where we are hoping to convert further shallow mineralisation in the pit floor into additional high-grade Resources for a ‘Stage 1’ operation.”

TO READ THE FULL BARTON GOLD HOLDINGS ANNOUNCEMENT: CLICK HERE

 

Brightstar Resources (ASX: BTR) received first results from RC infill drilling carried out at the Lord Byron deposit, part of the company’s 293,000 ounce Jasper Hills gold project near Laverton in Western Australia.

Brightstar Resources explained the program is targeting gold mineralisation within conceptual open pit shells beneath and between the existing open pits to increase confidence in the current resource.

The drilling is part of a RC and diamond drill-out at Jasper Hills, which the company has designed to infill the resource, improve the JORC classification and provide information for mine planning at the proposed Lord Byron open pit and Fish underground mines announced in the Jasper Hills Scoping Study.

Initial assays included:

LBRC24034
32 metres at 1.25 grams per tonne gold from 53m;

LBRC24007
24m at 1.53g/t gold from 53m;

LBRC24008
5m at 4.29g/t gold from 92m; and

LBRC24054
9m at 1.47g/t gold from 29m, and
7m at 3.36g/t gold from 129m.

“These assays represent the first results from the recently acquired Linden Gold exploration package at the Jasper Hills gold project,” Brightstar resources managing director Alex Rovira said.

“The results are highly encouraging and align with grades and widths we expected from the existing 244,000 ounce gold mineral resource.

“The increased confidence from this infill drilling will feed back into future resource estimates and ultimately help guide the near-term development of open pit mining operations at Lord Byron, as detailed in our recent scoping study, which outlined the highly profitable production of 2.2 million tonnes at 1.6 grams per tonne for 115,000 ounces of gold over three years.”

TO READ THE FULL BRIGHTSAR RESOURCES ANNOUNCEMENT: CLICK HERE

 

Delta Lithium (ASX: DLI) recently completed metallurgical testwork for the Baldock gold deposit at the company’s Mt Ida gold project in Western Australia.

Delta Lithium took receipt of the results just as it also received Mining Approval from DEMIRS for underground mining at Baldock, resulting in the Baldock Area now being fully permitted for open pit and underground mining activities.

The company had also completed an internal Scoping Study, the results of which provided the company with the impetus to approve an additional $5 to $6 million expenditure at Mt Ida.

This expenditure will be focussed on drilling the gold resources with the aim of growing the existing 752,000 ounces at 3.5g/t gold resource to over the magic one million ounce mark to genuine standalone scale.

Delta has commenced reviewing options for a standalone gold plant at Mt Ida.

“Receiving the underground mining approval means Delta now has all approvals in place to commence mining operations at Baldock, during a period of historically high Aussie dollar gold prices,” Delta Lithium managing director James Croser said.

“An internal Scoping Study has demonstrated that Mt Ida has real potential to be a highly profitable gold mine on the basis of the current MRE.

“Metallurgical composites have been tested from along the extent of the 3km strike at Baldock, across multiple of the largest lodes, and show Mt Ida’s gold can be extracted easily utilising a standard CIL adsorption process.

“These important answers have given the company confidence to approve targeted gold drilling at Mt Ida.

“The aim is to grow the existing resources to beyond +1Moz and create the best opportunity for genuine standalone scale.

“The mobilisation of the diamond rig targeting deeper high-grade zones will occur in the coming weeks, to join the existing RC program.”

TO READ THE FULL DELTA LITHIUM ANNOUNCEMENT: CLICK HERE

 

Brightstar Resources Inks Consolidation Deals with Gateway Mining and Alto Metals

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THE BOURSE WHISPERER: Brightstar Resources (ASX: BTR) has upped the Goldfields consolidation stakes with the inking of deals with two emerging gold exploration plays.

The first is a Binding Agreement signed with Gateway Mining (ASX: GML), under which Brightstar will purchase Gateway’s gold rights within the eastern tenement block of that company’s Montague project.

The deal is profitable to Gateway, which will receive consideration of $14 million, comprising $5 million in cash, $7 million in Brightstar Shares and $2 million in deferred Brightstar Shares (subject to milestones).

Gateway will retain ownership of all other mineral rights (including base metals) within the Montague East Tenement Group, allowing it to continue its base metal exploration on these tenements in line with its recent exploration focus.

Copper-nickel-PGE prospects at Montague East, including the recently targeted Flametree prospect where drilling encountered:

GRC1014
1 metre at 0.72 per cent copper, 0.41 per cent nickel, 1 gram per tonne platinum + palladium (Pt+Pd) from 195m and 1m at 1 per cent copper, 0.39 per cent nickel, 1.2g/t Pt+Pd from 209m (EOH); and

GRC283
4m at 1.03 per cent copper, 0.44 per cent nickel, 0.9g/t Pt+Pd from 137m.

“The deal is structured in a way that delivers immediate cash into our balance sheet while at the same time giving Gateway a seat at the table of an exciting potential emerging consolidation play in the Sandstone region through a significant shareholding in Brightstar,” Gateway Mining managing director Mark Cossom said in the company’s ASX announcement.

“Alex Rovira and his team at Brightstar are working hard to build a significant new gold production company with an exciting growth future, and we are pleased to have been able to participate in what we believe amounts to sensible rationalisation in the belt.”

The ink was barely dry, and Brightstar Resources didn’t get to put the lid back on its biro, with Alto Metals (ASX: AME) tabling papers for a Scheme Implementation Deed (SID) under which Alto agrees to propose a Scheme of Arrangement (Scheme) for acquisition by Brightstar of 100 per cent of Alto.

Under the Scheme, Alto shareholders will receive four (4) Brightstar shares for each Alto share held on the Record Date (Scheme Consideration) giving an implied value of approximately six cents per Alto share, representing a healthy premium of:

– Approx. 82 per cent to the closing Alto share price of 3.3 cents per share on 30 July 2024; and
– Approx. 81 per cent to Alto’s 30-day VWAP of 3.3 cents per share up to and including 30 July 2024.

“The Scheme announced today is a key step towards building a significant gold business and provides Alto shareholders with an exciting opportunity to become part of an emerging gold producer,” Alto Metals managing director Matthew Bowles said in the company’s ASX announcement.

“In addition to delivering a significant premium, the Scheme, if approved and implemented, will allow Alto shareholders to retain ongoing exposure to the development of the Sandstone gold project, as part of a larger resources group holding multiple projects, which will reduce the risks associated with holding a single project.

“We believe this transaction is a great outcome for Alto shareholders and stakeholders, who will benefit from the development of the Sandstone gold project as part of an enlarged gold company with an exciting future.”

Brightstar is confident the implementation of the Alto Scheme and completion of the Gateway Montague Acquisition, the company will emerge as a junior West Australian gold explorer, developer and producer of note with a material exploration and development platform.

The upshot from the Scheme and Montague Acquisition will consolidate highly prospective exploration ground in the Sandstone region, complementing Brightstar’s existing production, development and exploration asset portfolio.

“This is a compelling transaction for all stakeholders, as the sensible consolidation of the Sandstone and Montague East Gold Projects delivers an asset base with the critical mass to be advanced towards meaningful production,” Brightstar Resources managing director Alex Rovira said.

“The Sandstone Hub has the mineral endowment and exploration upside to be a significant development opportunity in Western Australia in the coming years and presents as an asset with potential to support Brightstar’s aggressive growth ambitions to become a multi asset mid-tier WA gold producer.

“Brightstar has the team and experience to fast-track the exploration and development of the Sandstone assets in parallel with the development of the Menzies and Laverton Gold Projects, to underpin Brightstar’s ambitions of becoming a multi-asset producer in WA.”

 

TO READ THE FULL GATEWAY MINING ANNOUNCEMENT: CLICK HERE

TO READ THE FULL ALTO METALS ANNOUNCEMENT: CLICK HERE

 

Brightstar Resources Continues High-Grade Laverton Gold Results

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THE DRILL SERGEANT: Brightstar Resources (ASX: BTR) has kept the gold hits coming at the company’s Laverton gold project (LGP) in Western Australia.

Brightstar Resources reported assays from eight geotechnical diamond holes completed at the Cork Tree Well prospect.

Intercepts returned included:

CTWGT004
4 metres at 17.32 grams per tonne gold from 78m, including 1m at 40.15g/t gold from 78m, 0.59m at 37.4g/t gold from 81m and 0.41m at 11.62g/t gold from 81.59m.

“It is pleasing to see further high-grade assays continuing from geotechnical holes from the diamond drilling program that was completed at Cork Tree Well earlier this year,” Brightstar Resources managing director Alex Rovira said in the company’s ASX announcement.

“CTWGT004 returned a significant high-grade intersection…which complements the previously announced intersection of 27.6 metres at 17.77 grams per tonne (CTWMET003) drilled 200m to the north.

“The sixteen Geotechnical drillholes (CTWGT001 – CTWGT016) were drilled into the current optimized $2,750/oz pit shells generated in the 2023 Scoping Study with these holes designed by Brightstar’s independent geotechnical consultants targeting structural and rock mass data for the definitive feasibility study.

“Both CTWGT003 and CTWGT004 were drilled perpendicular to the orebody and thus reported intersections represent estimated true widths of significant mineralised intercepts.

“Given the quality of the assays received from the drilling to date, Brightstar is excited to build on the existing 303,000 ounces at 1.4g/t gold Mineral Resource, which is open both at depth with high-grade plunging shoots and along strike targeting the structurally-controlled mineralised trends.

“The high-grade results returned to date are significantly higher than the current 1.4g/t gold head grade of the Mineral Resource (and 1.85g/t mine grade from the 2023 Scoping Study), representing significant upside to both metrics.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Brightstar Resources to Commence Menzies and Laverton Drilling Program

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THE DRILL SERGEANT: Brightstar Resources (ASX: BTR) is about to commence a +30,000 metres reverse circulation (RC) and diamond drilling across the company’s portfolio of gold projects in Western Australia.

Brightstar Resources is drilling to target resource upgrades and extensions in conjunction with feasibility workstreams at Menzies and Laverton, as well as the Second Fortune and Jasper Hills gold projects of Linden Gold.

In March 2024, Brightstar announced the off-market takeover of the unlisted Linden Gold Alliance Limited which is currently operating the underground Second Fortune Gold Mine south of Brightstar’s Laverton project area.

The RC program will kick off at Menzies, where Brightstar aims to increase geological confidence of the Lady Shenton system into Measured and Indicated status, thereby de-risking early stages of mining and providing information for mine planning purposes.

In accordance with the company’s September 2023 Scoping Study, approximately 100,000 ounces of gold are to be mined from open pits within the Lady Shenton system across two virgin pits and a cut-back of the existing Lady Shenton mine.

While all this is happening, Brightstar will be drilling the St Francis prospect not far from the Selkirk deposit, which recently generated $6.5 million profit to the company.

Further RC along with diamond drilling is planned at Cork Tree Well and Linden Gold’s Second Fortune and Jasper Hills (Fish and Lord Byron deposits) projects to target both high-grade underground gold resources and baseload feed open pit targets.

“This drilling program is the start of an aggressive exploration campaign by Brightstar, including deposits within the recently announced Linden Gold merger,” Brightstar Resources managing director Alex Rovira said in the company’s ASX announcement.

“Beyond the initial RC campaign at Menzies, the drill rigs will then head to Brightstar’s Laverton Hub with the view to complete diamond and reverse circulation drilling programs across the enlarged Brightstar portfolio.

“We expect these holes to deliver valuable information for geological, mine planning, geotechnical and metallurgical purposes ahead of the combined pre-feasibility study to be released by the end of the year.

“We’re also targeting greenfields exploration growth at the St Francis and Delta 2 prospects within the Menzies and Laverton gold projects respectively, with both highly compelling targets identified for drill testing.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Brightstar Resources Releases Aspacia Mineral Resource Estimate

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THE DRILL SERGEANT: Brightstar Resources (ASX: BTR) released an initial Mineral Resource Estimate (MRE) for the Aspacia deposit within the company Menzies gold project in Western Australia.

Brightstar Resources has now increased the total Menzies MRE by around 20 per cent since taking ownership of the project in late May 2023.

The Aspacia JORC 2012-compliant MRE has come in at 1.37 million tonnes at 1.6 grams per tonne gold for 70,000 ounces of gold at a 0.5g/t gold cut-off grade.

Within the Aspacia MRE, there is a high-grade subset of 290,000 tonnes at 3.72g/t gold for approx. 35,000 ounces using a 2g/t gold cut-off grade.

Brightstar said the Mineral Resource growth vindicates the company’s strategy strategy of identifying, drilling and delineating areas considered prospective to hold future potentially mineable ounces.

“We are delighted to announce that we’ve added a further 70,00 ounces to the Menzies gold project, with +90,000 ounces added by Brightstar to the original 505,000 ounces acquired three quarters ago through the transaction with Kingwest Resources Ltd,” Brightstar Resources managing director Alex Rovira said in the company’s ASX announcement.

“Encouragingly, the Selkirk-First Hit-Lady Shenton trend seems to be distinct to that of the Aspacia deposit, which may lead to similar repetitions north and south of Aspacia and warrants further follow up exploration which we’ll target in our upcoming drilling programs set to re-commence this quarter.

“The results from the previous drilling and the MRE output utilising a typical underground mining economic cut-off grade indicates to Brightstar that strong potential exists to assess a modest-scale underground operation at Aspacia given the grades and widths observed.

“With the technical PFS work streams underway, RC and diamond drilling will shortly recommence at Brightstar’s projects and conduct large programs targeting conversion and upgrades to our current MREs proposed to be mined within our BTR 2023 Scoping Study, along with Linden gold projects at Second Fortune and Jasper Hills.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Brightstar makes Recommended Takeover Offer for Linden Gold

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THE BOURSE WHISPERER: Brightstar Resources (ASX: BTR) approached Monday with a sunny disposition following the announcement of the impending acquisition of unlisted private company Linden Gold Alliance Limited.

Under the terms of the off-market scrip takeover offer, Linden securityholders are to receive 6.9 Brightstar shares for every one Linden share held and 6.9 Brightstar options for every one Linden option held, equating to an implied offer price of 11.04 cents per share.

Linden is a public unlisted Western Australian gold mining and exploration company, with operations located 220km northeast of Kalgoorlie and 109km south of Laverton.

The company holds a combination of gold producing and near-term producing assets which are nice and close to the processing facility owned by Brightstar in Laverton.

“This is an outstanding transaction for both Brightstar and Linden shareholders and aligns with our strategy of becoming a mid-tier gold producer in the near term,” Brightstar Resources managing director Alex Rovira said in the company’s ASX announcement.

“This combination will create a gold producer and development company with a material resource base, synergistic operations, strengthening in-house operational expertise and a strong balance sheet that will drive development and growth.

“We would like to thank the Linden Board and their major shareholders for their support and note the Board of Linden unanimously recommends this compelling offer in the absence of a superior proposal.”

Linden’s Directors have unanimously recommended shareholders accept the offer, in the absence of a superior proposal.

Major shareholder St Barbara Limited (ASX: SBM) has signed a pre-bid agreement with Brightstar to accept the offer in the absence of a superior proposal.

Brightstar sees the merger with Linden being aligned with its strategy to become a mid-tier gold producer from two of WA’s most prolific regions, Laverton and Menzies.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Brightstar Resources Encounters High-Grades Drilling at Menzies

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THE DRILL SERGEANT: Brightstar Resources (ASX: BTR) received assays from a recently completed RC drilling program at the Link Zone and Aspacia deposits at the company’s Menzies gold project in Western Australia.

Brightstar Resources completed a 28-hole RC drilling program at the Aspacia deposit, with best intercepts including:

MGPRC068
1 metre at 18.88 grams per tonne gold from 56m;

MGPRC078
1m at 13.91g/t gold from 60m;

MGPRC086
1m at 13.03g/t gold from 84m; and

MGPRC069
1m at 9.55g/t gold from 88m.

The company said the intercepts highlight the high-grade narrow vein nature of the mineralised system at Aspacia that is typical of the rich Menzies goldfield.

Brightstar has commenced work to deliver a JORC Mineral Resource Estimate for Aspacia targeted for released in Q1 2024.

Link Zone assays continued to demonstrate shallow mineralisation with potential for near-surface open pit extraction opportunities, including:

MGPRC096
7m at 1.74g/t gold from 16m; and

MGPRC103
1m at 3.93g/t gold from 35m.

“The RC drilling results returned at Aspacia continue to show strong continuity along strike and at depth, with multiple lodes of high-grade, narrow vein gold mineralisation delineated over a significant strike length of over 600m,” Brightstar Resources managing director Alex Rovira said in the company’s ASX announcement.

“This drilling program was designed to test along strike and down dip from known previous drilling intercepts and historical mining records, in preparation for delineation of a maiden Mineral Resource Estimate targeted for release later this quarter.

“This mineralisation style is common for the Menzies Goldfield and the Aspacia deposit, where the underground workings were historically mined at +30g/t gold.

“It is encouraging to see the consistency of the gold-bearing structures and intercepts across a strike length of 600m and up to 180m down dip and still open across the deposit.

“We are also encouraged by Link Zone also delivering economic (+0.5g/t gold) hits in twelve of fifteen holes drilled in late 2023 complementing the existing results announced on 22 January 2024.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE