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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

 

Gateway Mining Identifies New Montague Copper-Nickel-PGE Targets

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THE DRILL SERGEANT: Gateway Mining (ASX: GML) has declared a new exploration opportunity for magmatic copper-nickel-PGE mineralisation within the company’s 100 per cent-owned Montague gold project in the Murchison Region of Western Australia.

Gateway Mining explained the discovery follows a series of project-wide strategic data compilation and targeting exercises, which are being progressed as part of the company’s focus on step-change exploration and discovery opportunities.

The company has undertaken a re-examination of all historically generated geological and structural data to identify prospective corridors as targets for future exploration work.

This reinterpretation has outlined a +7km corridor west of the Montague Granodiorite Dome comprising potential fractionated mafic/ultramafic intrusions with no previous copper-nickel-PGE exploration.

“The recent high-quality body of work undertaken by our team has clearly demonstrated the potential of the Montague project to host magmatic copper-nickel-PGE mineralisation,” Gateway Minng managing director Mark Cossom said in the company’s ASX announcement.

“This is a very exciting development and represents an opportunity to crystallise significant value for Gateway shareholders from our existing high-quality tenement portfolio.

“It is important to emphasise that this work in no way detracts from our ongoing gold exploration – which remains the company’s primary focus.

“However, given the scale and potential of the base metal horizons we have identified, we intend to pursue this opportunity aggressively on behalf of our shareholders.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Gateway Mining Commences Diamond Drilling on Deep Targets at Montague

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THE DRILL SERGEANT: Gateway Mining (ASX: GML) has commenced diamond drilling to test two deep targets at the company’s Montague gold project, located in the Murchison Gold District of Western Australia.

Gateway Mining explained the 2-hole, 1,100m diamond drilling campaign has been designed to evaluate favourable structural zones the company has identified directly down-dip of existing Mineral Resources at the 163,000 ounce Montague-Boulder and 99,000 ounce Achilles deposits.

The company identified these prospective structural zones via a recent 2- dimensional seismic survey completed across the Montague Granodiorite.

The drilling is being co-funded through the WA Government Exploration Incentive Scheme (EIS).

“Our step-change exploration campaign at Montague has reached a pivotal moment with the commencement of this exciting deep diamond drilling campaign,” Gateway Mining managing director Mark Cossom said in the company’s ASX announcement.

“These deep holes will target interpreted structural zones down-dip of existing resources at Montague-Boulder and Achilles identified through the recent 2D seismic survey.

“This will give us the first definitive picture of the geological structures and mineralising processes at work at Montague which have led to the deposition of the known shallow deposits.

“We are very excited by what this drilling could deliver, we will be targeting highly prospective areas down-dip of significant gold mineralisation.

“At the very least, we expect the drill core and assay data from this program to provide high value stratigraphic and structural information, that will assist us to vector in on a game-changing discovery at Montague and hopefully demonstrate the potential for a multi-million-ounce mineral system.

“In parallel with this drilling, the team will undertake heritage surveys over the exciting new anomalies defined at Montague North.

“This should pave the way for a new phase of air-core drilling to test this vast new gold target, as well as the new target area identified at Montague West.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Gateway Mining Commences RC Drilling at Montague Gold Project

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THE DRILL SERGEANT: Gateway Mining (ASX: GML) reported the commencement of a new phase of Reverse Circulation (RC) drilling at the company’s Montague gold project, located in the Murchison Gold District of Western Australia.

Gateway Mining will be drilling is its first systematic program testing the entire strike length of the mineralised Montague-Caledonian shear system below the project’s historic Caledonian pit, which was mined in the late 1980s.

The company explained this same shear system hosts the Montague-Boulder deposit, located over 1.3 kilometres to the north, where Gateway has delineated a 163,000 ounces Indicated and Inferred Resource below the historic Montague-Boulder open pit.

“Our initial drilling below this pit, which for the first time tested the continuation of the ore-zone into the fresh rock, intersected the host Caledonian-Montague shear zone and returned a significant thickness of plus one gram per tonne gold mineralisation last year,” Gateway Mining managing director Mark Cossom said in the company’s ASX announcement.

“This new program is designed to extend this zone over a strike length of over 450 metres, down to 150 metres below surface.

“We will also shortly commence a major soil geochemistry program that will cover over 20 kilometres of strike of the mineralised structures north of Montague, where we believe there is outstanding potential to make new large-scale discoveries under cover.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Gateway Mining Scores RC Gold Results Along Caledonian-Evermore Trend

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THE DRILL SERGEANT: Gateway Mining (ASX: GML) reported assay results from Reverse Circulation (RC) drilling at the company’s Montague gold project in the Murchison Region of Western Australia.

Gateway Mining is drilling targeting extensions to known mineralisation along the major Caledonian-Montague Shear system, which hosts the Montague-Boulder and Evermore deposits within the project area.

The RC drilling was completed as part of a larger program designed to test extensions to existing deposits within the Montague Project area.

Gateway Mining was only able to complete two holes due to access restrictions caused by historical mining waste dumps and tails storage facilities.

However, both holes intersected wide zones of shearing with associated quartz veining within the interpreted structure at depth, returning assays of:

GRC1005
13 metres at 1.4 grams per tonne gold from 101m, including 2m at 6.4g/t gold; and

GRC912
18m at 0.5g/t gold from 106m.

“The strategic focus of much of our recent drilling has been to open up new avenues where we see the opportunity to make quantum leaps in terms of discovery and resource growth at the Montague gold project,” Gateway Mining managing director Mark Cossom said in the company’s ASX announcement.

“The Caledonian-Montague Shear System is clearly one such opportunity.

“We have now intersected significant primary mineralisation over a vast strike distance, from the Caledonian pit in the south to the Evermore deposit in the north.

“There are big gaps in the drilling, and we see a clear pathway to add further ounces and make further discoveries along this large, well-endowed shear zone system.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

Web: www.gatewaymining.com.au

 

 

Gateway Mining Increases Montague Resources to over 526,000 ounces

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THE DRILL SERGEANT: Gateway Mining (ASX: GML) reported an initial Mineral Resource Estimate (MRE) for the Julias deposit, a recent discovery made within the company’s recently renamed Montague gold project, located in the Northern Murchison Goldfields of Western Australia.

Gateway Mining explained the change of project name from Gidgee gold project to Montague gold project to better reflect the key geological features in the area and the previous mining operations undertaken in the late 1980’s – early 1990’s.

According to the company, the name change will also remove potential confusion with other projects in the region, namely the former Gidgee gold mine which is located on the adjacent tenement package owned by Horizon Gold (ASX: HRN).

Gateway has added the Julias deposit Mineral Resource, bringing the Global Mineral Resources for the Montague project over the key milestone of half a million ounces to 526,000 ounces of gold.

The Julias MRE comprises a total of approx. 1.9 million tonnes at 1.3 grams per tonne gold for 77,000 ounces (Indicated and Inferred).

This MRE is the culmination of the past 12 months of drilling at Julias by Gateway, which deliberately targeted the mineralisation contained within the oxide zone.

“Our multi-pronged exploration strategy continues to pay dividends at Montague, with the discovery and rapid delineation of the Julias oxide discovery adding high-quality low-cost ounces just two kilometres from the cornerstone Montague-Boulder and Whistler deposits,” Gateway Mining managing director Mark Cossom said in the company’s ASX announcement.

“Importantly, we have added these ounces at a discovery cost of just $9 per ounce – an impressive result!

“Additionally, we have a clear pathway to grow the deposit with recent air-core drilling highlighting extensions to the mineralised trend to the south-west over a strike length of at least 700 metres.

“We are planning further RC drilling later this financial year to target additions to this initial Julias JORC Resource.

“With assays pending on several fronts, from recent RC drilling to test extensions to the Montague-Boulder, Achilles and Evermore deposits, we are looking forward to a busy end to the year as we continue to build critical mass at Montague with our resource inventory now passing the half-million-ounce mark.

“We have made the strategic decision to rename the project the Montague gold project for a range of reasons, not least of which is the geological importance of the Montague Granodiorite as the major feature controlling mineralisation in the greenstone belt, and to differentiate it from the historic Gidgee gold mine, which is owned by our neighbours Horizon Gold.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Web: www.gatewaymining.com.au

 

Gateway Mining Drills High-Grade Results at Julias to Underpin Impending Resource

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THE DRILL SERGEANT: Gateway Mining (ASX: GML) reported “outstanding” new high-grade assay results from in-fill Reverse Circulation (RC) drilling completed within the company’s Gidgee gold project in the Murchison Region of Western Australia.

The drilling was undertaken on the emerging Julias oxide gold deposit and was carried out to provide regular data coverage across the 500 metres of strike length at the main Julias oxide zone.

A total of 46 holes of RC drilling were completed over the Julias discovery, primarily targeting oxide mineralisation within the top 70m with holes designed to in-fill existing RC drilling.

Results included:

GRC796
11m at 6 grams per tonne gold from 58m;

GRC781
4m at 6.1g/t gold from 30m;

GRC811
8m at 3.2g/t gold from 60m; and

GRC845
4m at 4g/t gold from 57m.

“The Julias oxide deposit has rapidly emerged as one of the most exciting new discoveries at the Gidgee gold project,” Gateway Mining managing director Mark Cossom said in the company’s SX announcement.

“The recent in-fill RC program has well and truly lived up to expectations, delivering consistent high-grade results across the currently defined 500 metres strike length of the deposit.

“The oxide mineralisation has been clearly defined and we now have sufficient data to commence work on a Mineral Resource Estimate, which we are aiming to complete later this quarter and add to our overall Gidgee Resource inventory.

“Importantly, we believe that this will represent just the first step at Julias, as the oxide zone has been traced for a further 700 metres to the south-west.

“Detailed RC drilling is required over this extension before we can advance it to resource status, and we intend to progress this work as a priority over the rest of this year.

“The drilling completed at Julias has established this deposit as having potential to make a material contribution to our resource inventory at Gidgee, and we are looking forward to completing the work to make this happen.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@gatewaymining.com.au

 

Web: www.gatewaymining.com.au

 

 

Gateway Mining Hits High-Grade Intercepts at Julias

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THE DRILL SERGEANT: Gateway Mining (ASX: GML) reported a series of shallow high-grade intercepts achieved from Reverse Circulation (RC) drilling completed late last year at the Julias target area, within the company’s Gidgee gold project in the Murchison Region of Western Australia.

Gateway Mining said the results confirmed the presence of a consistent oxide gold zone over a 500 metres strike length at Julias which remains completely open to the north and south, elevating this area as a priority focus for follow-up drilling scheduled to commence early next month.

Results include:

GRC762
11 metres at 2.6 grams per tonne gold from 24m;

GRC763
10m at 3g/t gold from 38m, and 12m at 2.4g/t gold from 60m;

GRC761
9m at 3.5g/t gold from 67m; and

GRC758
9m at 3.4g/t gold from 55m.

“This is an exciting breakthrough for Gateway which gets the New Year off to a flying start,” Gateway Mining managing director Mark Cossom said in the company’s ASX announcement.

“We now have consistent broad widths of high-grade oxide gold mineralisation in RC drilling over a 500 metres zone at Julias – and the zone remains completely open to the north and south!

“The ability to rapidly add shallow oxide ounces is a huge bonus for any emerging gold project, and we appear to have a large oxide system on our hands here at the Julias-Flametree target.

“Considering that we had wide zones of high-grade mineralisation in air-core drilling just 800 metres to the south at Flametree, this area clearly has huge potential.

“We have a rig booked to start air-core drilling along the entire trend in early February 2022 together with systematic RC drilling along the main zone.

“Our objective will be to in-fill as much of the area as we can and bring it into our resource inventory as quickly as we can, while continuing to scope out the potential of the broader system.

“We feel increasingly confident about our exploration targeting at Gidgee, and we are hopeful that this will be the first of several exciting discoveries over the course of the next few months and beyond.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@gatewaymining.com.au

 

Web: www.gatewaymining.com.au

 

THE DAILY ROADHOUSE

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Westgold Resources Recommences Sub-Level Mining at Big Bell

THE DRILL SERGEANT: Westgold Resources (ASX: WGX) has recommenced underground sub-level cave stoping at the Big Bell underground mine at the company’s Cue Gold Operations (CGO) in Western Australia.

Gateway Mining Identifies New Gold Corridors

THE DRILL SERGEANT: Gateway Mining (ASX: GML) has identified extensive new regional gold corridors outside of the main gold trend at the company’s 100 per cent-owned Gidgee gold project in Western Australia.

Encounter Resources Welcomes IGO in $15M Yeneena Earn-In Agreement

THE BOURSE WHISPERER: Encounter Resources (ASX: ENR) informed the market that Independence Group (ASX: IGO) has elected to enter an earn-in and Joint Venture agreement.

Azure Minerals Enhances Loma Bonita Gold Credentials

THE DRILL SERGEANT: Azure Minerals (ASX: AZS) reported new intersects of wide intervals of gold and silver mineralisation on the company’s 100 per cent-owned Alacrán project in Sonora, Mexico.

Alicanto Minerals Intersects Chalcopyrite Mineralisation at Wolf Mountain

THE DRILL SERGEANT: Alicanto Minerals (ASX: AQI) has completed the first two drill holes (DH 20-01 & DH 20-02) at the company’s Wolf Mountain copper-gold target area in the Bergslagen district of southern Sweden.

 

Gateway Mining Identifies New Gold Corridors

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THE DRILL SERGEANT: Gateway Mining (ASX: GML) has identified extensive new regional gold corridors outside of the main gold trend at the company’s 100 per cent-owned Gidgee gold project in Western Australia.

Gateway Mining recently completed a program of reconnaissance aircore drilling, which it claims has identified a series of highly prospective gold corridors that present a major opportunity for new discoveries, particularly shallow oxide gold deposits.

The company has now identified four gold corridors covering a cumulative strike length of approximately 20 kilometres, opening up a major new exploration opportunity within the Gidgee project beyond currently defined resources.

The Flametree prospect is part of an interpreted gold-base metal corridor that has demonstrated potential for near-surface oxide gold.

Recent regional aircore drilling at Flametree intersected shallow oxide gold mineralisation which remains open in all directions, within this broader trend.

Key results include:

GWAC0267
5 metres at 10.4g/t gold from 52m;

GWAC0256
4m at 3.8g/t gold from 20m;

GWAC0257
9m at 1.1g/t gold from 17m;

GWAC0247
5m at 3.8g/t gold from 23m;

GWAC0246
3m at 3.5g/t gold from 44m;

GWAC0243
17m at 0.8g/t gold from 69m, including 11m at 1g/t gold; and

GWAC0236
5m at 1.9g/t gold from 39m.

Further aircore drilling to test a coincident gravity-magnetic target at the Ashes prospect intersected ferruginous quartz veining in sandstones, with anomalous results including:

GWAC0214
8m at 0.7g/t gold from 24m, including 4m at 1.2g/t gold.

Gateway explained that the AC drilling program was designed to test a number of prospective targets away from the primary Montague Granodiorite intrusion and its associated mineralisation.

While the highly mineralised margins of the granodiorite margin remain a priority focus for upcoming programs of exploration and resource extension, the company is also committed to systematically evaluating the potential of the wider Gidgee gold project.

“While our core strategic focus remains to unlock the significant potential that exists around the margin of the Montague Granodiorite and along strike from the existing Resources, we also see outstanding potential to make new discoveries outside of the main mineralised contact,” Gateway Mining managing director Peter Langworthy said in the company’s announcement to the Australian Securities Exchange.

“The outcomes of the aircore program and our recent regional work has vindicated this belief and highlighted the enormous opportunity to make major new discoveries in completely new areas.

“This supports our view that the Gidgee project forms part of a major gold system and we are now developing a broader pipeline of targets with the potential to deliver a quantum increase in our overall Resource position.

“We are very pleased with the results of this aircore program.

“The results confirm the potential for a major shallow oxide gold system within a series of major structural corridors that have not really ever been systematically tested.

“This presents an outstanding shallow target for cost-effective aircore drilling, which we are planning to resume in parallel with an ongoing process of target ranking and evaluation that will underpin our broader exploration programs for the rest of this year.

“We look forward to presenting the full results of this work in the near future.”

 

Web: www.gatewaymining.com.au