Brightstar Resources Limited (ASX: BTR) (Brightstar) is pleased to announce the final assay results from the Reverse Circulation (RC) drilling program at the Menzies Gold project (Menzies), part of the large RC and diamond drilling (DD) program across the broader 2Moz Au Brightstar portfolio. The infill program targeted gold mineralisation within delineated pit shells and underground designs outlined within Brightstar’s Scoping Studies3,4 along with extensional drilling across the portfolio to grow the current JORC Mineral Resource Estimates within Brightstar’s Goldfields assets.
HIGHLIGHTS
- The final assays have been received for infill RC drilling conducted at the Pericles deposit, within the larger 287koz Au Lady Shenton System at the Menzies Gold Project
- Drilling results included wide and high-grade intercepts (>10 gram-metres) including:
- LSRC24014
- 4m at 22.4 g/t Au from 74m, including 1m at 80.4 g/t Au from 75m, and
- 6m at 2.30 g/t Au from 92m
- LSRC24042
- 4m at 14.9 g/t Au from 0m, and
- 12m at 1.87 g/t Au from 129m
- LSRC24039
- 10m at 7.1g/t Au from 129m, including 1m at 55.4g/t from 132m
- LSRC24032A
- 12m at 3.87g/t Au from 123m, and
- 1m at 15.5g/t Au from 110m
- LSRC24029
- 4m at 6.77g/t Au from 131m, including 1m at 19.1g/t Au from 133m
- LSRC24028
- 7m at 3.82g/t Au from 121m
- LSRC24025
- 6m at 3.51g/t Au from 108m
- LSRC24013
- 7m at 2.89g/t Au from 58m, including 1m at 13.4g/t from 64m
- LSRC24011
- 7m at 2.81g/t Au from 81m, including 1m at 14.0g/t Au from 87m
- LSRC24022
- 2m at 9.13g/t Au from 81m, and
- 2m at 5.23g/t from 60m
- LSRC24026
- 2m at 8.0g/t Au from 132m, and
- 8m at 1.78g/t Au from 119m, and
- 7m at 1.57g/t Au from 138m
- LSRC24012
- 3m at 4.66g/t Au from 41m
- LSRC24023
- 1m at 12.34g/t Au from 81m, and
- 9m at 1.28g/t from 152m
- This program completes the drilling component of the previously announced Definitive Feasibility Study1 and +30,000m drilling program2, with material presently being assessed at metallurgical laboratories in parallel with Mineral Resource Estimate updates, geotechnical studies and planned mining optimisation workflows planned for delivery in H1 2025
Brightstar’s Managing Director, Alex Rovira, commented“The high grade and wide intercepts received from this drilling campaign builds on our existing knowledge of the Lady Shenton System, with these results showing consistent mineralisation within and immediately below the A$2,750/oz pit shell generated during our Scoping Study. At the time, this gold price was considered conservative and even more so given that the current spot gold price is over A$4,100/oz.
We intend to immediately commence a Mineral Resource Estimate update for this deposit, with the view to building high levels of confidence in our DFS mine design in parallel with other workstreams currently underway. We are also progressing approvals for Menzies, with proactive environmental planning and community engagement ongoing to facilitate mining operations targeted to commence in 2025.
With these Menzies RC assays now received, we look forward to receiving the outstanding Fish and Lord Byron diamond hole assays from the Jasper Hills Project over the coming weeks, along with re-commencing RC drilling at our newly acquired Montague East Gold Project located north of Sandstone in the Murchison region”.
Figure 1 – Lady Shenton location within broader Menzies Gold Project
TECHNICAL DISCUSSION
A grand total of 58 holes have been drilled in two campaigns at the Pericles deposit during 2024, with results from 26 drill holes released previously on 8th July 2024 including intercepts such as 5m at 15.62g/t Au from 104m (LSRC24049) and 2m at 22.32g/t Au from 95m (LSRC24051). All assays from the second campaign have now been received and assessed, with information presented in Tables 2 & 3 and Figures 2 & 3 of this release.
As part of the September 2023 Scoping Study for the Menzies and Laverton Gold Projects, Brightstar commissioned independent mining engineering consultants to complete open pit optimisations at a conservative gold price of A$2,750/oz Au for a “base case” scenario analysis as shown in Figure 3. At the time of reporting, the gold price assumption used in the Scoping Study is significantly under the spot gold price of +A$4,100/oz.
Figure 2 - Lady Shenton System drilling program (Pericles Deposit) Cross section A-A’ is displayed in Figure 3
The overall program, which was completed in two campaigns to allow for an opportunity to fast-track drilling at the Jasper Hills Gold Project, was designed to confirm mineralised lode positions within the $2,750/oz pit shell with the intent of infilling key areas to increase mineral resource estimate confidence to support the potential declaration of Ore Reserves as part of the DSF.
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Figure 1 – Lady Shenton location within broader Menzies Gold Project
Figure 2 - Lady Shenton System drilling program (Pericles Deposit) Cross section A-A’ is displayed in Figure 3
Table 1: Significant assays from regional reconnaissance vertical auger drilling (using cut off grade of 200ppm U3O8)
Figure 1: Flicka Lake Claim area with historical channel and grab samples results in ppm Au (equivalent to g/t Au)
Figure 2: Sampling targets based on geological, structural, geophysical and historical sampling data.
Figure 1: Simplified Long Section C’ of Angelo A highlighting the flat lying nature of uranium mineralisation, with steeply dipping structures between ARC004 and ARC006.