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Brightstar Resources
Investor Insight
With multiple catalysts ahead, including resource upgrades, expanded production, and further development of its Laverton, Menzies, and Sandstone hubs, Brightstar Resources presents a compelling investment case in a rising gold market.
Overview
Gold has continued to demonstrate its resilience as a store of value, with prices peaking at US$3,500.05 per ounce, its all-time high. Amid ongoing global economic uncertainty, including inflationary pressures, rising geopolitical tensions, and volatile interest rate environments, investors have turned to gold as both a safe haven asset and a hedge against macroeconomic instability.
Brightstar Resources (ASX:BTR) is strategically positioned to capitalize on this environment as a low-cost, multi-asset gold developer with near-term production potential. The company controls over 1,500 square kilometers of highly prospective ground across three of Western Australia’s most prolific gold belts: the Laverton Tectonic Zone, the Menzies Shear Zone, and the Sandstone Greenstone Belt.
Unlike many junior exploration companies, Brightstar has a key differentiator: it owns a fully permitted, strategically located processing facility near Laverton. This existing infrastructure offers the company a critical advantage, enabling a low-capex restart scenario and faster time to cash flow compared to peers who must first secure permits and fund costly plant construction. This plant is subject of a DFS due for announcement in June 2025.
Through a focused multi-hub strategy, Brightstar has built a robust pipeline of development-ready and resource-growth projects, supported by:
- Over 3 million ounces of gold resources across Laverton, Menzies, and Sandstone;
- Ongoing high-grade drilling success in 2024 and 2025, including intercepts of up to 10m @ 43.8 g/t gold;
- A track record of low-cost, value-accretive acquisitions, such as Linden Gold Alliance and Alto Metals;
- A dedicated, in-house technical team executing on aggressive exploration, fast-tracked studies, and staged development.
With global gold demand remaining strong, Brightstar is well-positioned to deliver material shareholder value through its integrated production plan, supported by scalable infrastructure, a growing resource base, and access to capital. The company’s strategic approach includes combining brownfields development, organic exploration, and corporate M&A, placing it at the forefront of a new generation of Australian gold producers.
Company Highlights
- ASX-listed gold exploration and development company with a consolidated mineral endowment of 3 Moz of gold across Laverton, Menzies, and Sandstone hubs in Western Australia.
- Owns and operates 100 percent of project areas: 300 sq km in Laverton Tectonic Zone, 80 sq km in Menzies Shear Zone, and 1,200 sq km in Sandstone Greenstone Belt.
- Gold processing operations at the Laverton facility have commenced under an Ore Purchase Agreement (OPA) with Genesis Minerals Ltd (ASX:GMD), marking a significant milestone in transitioning from exploration to production.
- Recent drilling campaigns have yielded strong high-grade results, including:
- 16m @ 8.0 g/t gold at Second Fortune (Laverton)
- 10m @ 43.8 g/t gold at Musketeer (Sandstone)
- 16m @ 8.0 g/t gold at Yunndaga (Menzies)
- Following the successful Linden Gold Alliance acquisition, Brightstar has commenced a DFS for the wider development of its Laverton and Menzies assets which is due for release imminently in June 2025.
- Ongoing Sandstone drilling continues to return high-grade intercepts, further supporting project advancement and MRE conversion.
- In 2024, Brightstar signed a $4 million drill-for-equity deal with Topdrill to fast-track exploration at Sandstone.
- The company has successfully executed a US$11.5 million (AU$18 million) revolving stockpile finance facility with Ocean Partners Australia.
Key Projects
Laverton Hub
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Jasper Hills, Second Fortune, Beta and Alpha project areas.
Highlights:
- Combined, the Laverton Hub JORC mineral resource estimate is 15.7 Mt @ 1.7 g/t gold for 848 koz (49 percent measured and indicated category). All mineral resources are on granted mining leases
- Cork Tree Well (6.4 Mt at 1.4 g/t gold for 292 koz gold)
- Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
- Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
- Lord Byron (5.2 Mt at 1.5 g/t gold for 251 koz gold)
- Fish (376 kt at 4.0 g/t gold for 49 koz gold)
- Second Fortune (92 kt at 13.4 g/t gold for 40 koz gold)
- Gilt Key (168 kt at 1.3 g/t gold for 8 koz gold)
- Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
- Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of 0.6 meters.
- Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
- Permitted, previously mined and production-ready
- Last mined by current owners in 2020 with 23,000 oz gold mined
- Growth Drivers:
- Second Fortune: Consistent, stable production and cash generation through 2025
- Fish: Mining activities have commenced and site establishment is continuing.
- First ore production targeted in June
- Open pits development: Large scale production opportunities through mining Lord Byron and Cork Tree Well as multi-year base load ore sources
- DFS: due for delivery in June 2025, including design and costs for expansion of BTR-owned processing infrastructure to 1Mtpa.
Menzies Hub
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to the Goldfields Highway in Menzies (130km north of Kalgoorlie).
Highlights:
- Total Current Resource: 12.7 Mt at 1.4 g/t gold for 589 koz gold (37 percent measured and indicated)
- DFS: due for delivery in June 2025, including design and costs for open pit and underground mining for toll processing/ore sales to a regional Kalgoorlie-Menzies mill.
- Growth Drivers:
- Lady Shenton Open Pit: Proposed multi-year consistent open pit production to provide cash generation. Targeting approvals received and ‘mine ready’ in 2025
- Yunndaga Underground: Planned infill drilling targeting conversion of Inferred Mineral Resources to M+I to support inclusion in future mining operations – recent results from this program include 16m @ 8.0 g/t gold
- Development: Advancing discussions with regional mills for 3rd party processing capacity in the Kalgoorlie-Menzies region, targeting a mining decision.
Sandstone Hub
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Growth Drivers:
- Sandstone: Upgrade the Lords, Vanguard, Indomitable and Havilah camps to Indicated classification (40,000m RC+DD)
- Montague: Infill Montague and Whistler to Indicated classification (5,000m RC and 1,200m DD) – RC
- Greenfields: Follow up drilling of priority prospects across Sandstone Hub (West Hacks, Hancocks, Bulchina, Lords Corridor, Duplex) – recent drilling success includes exceptional intercepts at the Musketeer prospect yielding 10m @ 43.8 g/t gold
- Pre-Feasibility Study: Incorporation of 2025 drilling results into MRE upgrades to then factor into 1H 2026 Sandstone PFS
Management Team
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes - Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Dean Vallve – Chief Development Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Nicky Martin – Chief Financial Officer
Nicky Martin is an experienced finance and accounting professional holding tertiary qualifications in accounting and finance and is a qualified CPA. Martin was previously the Head of Finance at Pilbara Minerals Ltd (ASX:PLS) where she oversaw and was actively involved in a rapidly growing mining success story.
Emerging gold producer and district-scale resource developer in Western Australia
Option to acquire 888km2 Au/Cu project in WA
- The Paterson Project covers 888km2 of granted Exploration tenure, 40km south west of Greatland Gold Plc's (GGP London and ASX) Telfer Gold Copper Mine. Telfer has produced 15Moz of gold and combined with Havieron hosts a total of 10.2Moz Au in resources.
- Drilling last completed in 1987 with multiple significant drilling intercepts including:
- 17m @ 1.6% Cu, 317ppm Mo from 84m (87WDRC2)
- Including 9m @ 2.6% Cu, 456ppm Mo
- 9m @ 2.0% Cu, 0.14g/t Au, 272ppm Mo from 84m (87WDRC6)
- Including 5m @3.1% Cu, 0.20g/t Au, 430ppm Mo
- 11m @ 1.5% Cu, 0.10g/t Au, 181ppm Mo from 83m (87WDRC8)
- Including 7m @ 2.1% Cu, 0.15g/t Au, 250ppm Mo
- 13m @ 1.1% Cu, 0.29g/t Au from 107m (87WDRC14)
- Including 6m @ 2.0% Cu, 0.27g/t Au
- 8m @ 0.7% Cu, 310ppm Mo from 98m (87WDRC7)
- Including 1m @ 3.3% Cu, 0.22g/t Au, 560ppm Mo
- 17m @ 1.6% Cu, 317ppm Mo from 84m (87WDRC2)
- Historic exploration looking for copper not gold
- Significant drilling intercepts are shallow and can be targeted using RC drilling
- Multiple geophysical targets identified which are yet to be drill tested
- Targets associated with magnetic lows and gravity highs
- Mobile MT, a technique utilised by industry players and the Telfer Mine in the Paterson Province, to be used over the Paterson Project area
- The Paterson Project also surrounds the Kintyre Uranium Project owned by global major Cameco Corp. Kintyre hosts a total indicated resource of 53.5Mlb U3O8
Tom Evans, Cloudbreak's MD, commented; "I am excited and delighted we have been able to secure exclusivity on this fantastic opportunity to acquire this asset, in a jurisdiction with significant activity and recent proven success. Located only 40km southwest of the Telfer Gold-Copper Mine operated by Greatland Gold Plc.
Technological advances in geophysics since the 80's have improved greatly with the success of Mobile MT in the Paterson Province, we intend to start off with this geophysical survey, to use as another vector and data layer to refine and rank drill targets not only for copper but for gold as well.
I am excited, for the Company and its shareholders, as we progress this great opportunity and I look forward to updating the market as our exploration programs progress."
Location
The Paterson Project (Figure 1) directly surrounds the Kintyre Uranium Deposit and is located 40km south-south-west of Greatland Gold Plc's Telfer Gold-Copper Mine.
Figure 1: Location Plan
Exploration Completed
The Wanderer Prospect (Figure 2 and 3) was drilled between 1987 and 1990 by CRA (at significantly lower prevailing copper and gold prices) as part of its uranium exploration expenditure across its nearby Kintyre Project. The majority of drilling was only drilled to 100m from the surface, with multiple holes logged as ending in mineralisation. No follow‐up drilling has occurred in the 35 years since then. Forty-two drill holes were drilled at the Wanderer Prospect on E45/5358 tenement.
Multiple significant drilling intercepts include:
- 17m @ 1.6% Cu, 317ppm Mo from 84m (87WDRC2)
- Including 9m @ 2.6% Cu, 456ppm Mo
- 9m @ 2.0% Cu, 0.14g/t Au, 272ppm Mo from 84m (87WDRC6)
- Including 5m @3.1% Cu, 0.20g/t Au, 430ppm Mo
- 11m @ 1.5% Cu, 0.10g/t Au, 181ppm Mo from 83m (87WDRC8)
- Including 7m @ 2.1% Cu, 0.15g/t Au, 250ppm Mo
- 13m @ 1.1% Cu, 0.29g/t Au from 107m (87WDRC14)
- Including 6m @ 2.0% Cu, 0.27g/t Au
- 8m @ 0.7% Cu, 310ppm Mo from 98m (87WDRC7)
- Including 1m @ 3.3% Cu, 0.22g/t Au, 560ppm Mo
Figure 2: Wanderer Prospect Drill Section
Figure 3: Wanderer Prospect- Drill Collar Plan and Mineralised Trend
Deal Terms
Cloudbreak has paid a A$20,000 option fee to secure two months exclusive due diligence across the Paterson Project. If Cloudbreak elects to proceed, it can acquire a 90% interest in the project via the issue of 330,000,000 shares to Mammoth Minerals Ltd (ASX:M79, "Mammoth"). Mammoth is to retain a 10% free carried interest in the Project until the completion of a Definitive Feasibility Study with a positive NPV.
Tenure
The Project consists of three granted exploration licences E45/5358, E45/5391 and E45/6244 covering a land area of 888km2.
The ground is contiguous to the west, of the Cottesloe base-metal project held by Wishbone Gold Plc.
Regional Geology
The Paterson Orogen is a 2,000km long arcuate belt of folded and metamorphosed sedimentary and igneous rocks that range in age from predominantly Palaeoproterozoic to Neoproterozoic with limited outcrops of Archaean rocks.
The eastern margin of the Paterson Orogen is masked by younger Proterozoic to Phanerozoic sedimentary rocks (Officer and Canning Basins) with sedimentary units of the late Proterozoic Savory Basin on-lapping to the southwest. The main outcropping stratigraphic packages across the bulk of the Paterson Project are the lowermost member of the Mesoproterozoic to Neoproterozoic Yeneena Group, the Coolbro Sandstone, and the Paleoproterozoic Rudall Metamorphic Complex.
Local Geology
The Paleoproterozoic Rudall Metamorphic Complex hosts the Central Tenements surrounding the Kintyre Uranium deposit. At and around Kintyre, the prospective Yandagooge Formation outcrops within the Yandagooge Inlier, consisting of a "basement high" of Rudall Metamorphic Complex surrounded by Neoproterozoic sandstone and Permian glacial tillite. The basement sequence has undergone a minimum of four deformation episodes and is unconformably overlain by Neoproterozoic sandstone and conglomerate deposits of the Yeneena Basin, which have seen at least one major deformation episode.
The dominant host-rock to mineralisation at Kintyre is a garnet-rich, chert-banded, calc-silicate magnetite schistose rock, sandwiched between carbonates and shales of the Yandagooge Formation. These are amphibolite facies metamorphosed rocks, later retrogressively metamorphosed to greenschist facies during or prior to the principal mineralisation phase. Late in syn-D3 or during D4 uranium-bearing, hydrothermal fluids were introduced into the system, depositing pitchblende within northeast dipping dilational zones developed in the S3 cleavage.
In the Kintyre area, the Yandagooge Inlier is surrounded by Coolbro Sandstone, which comprises a thick quartz sandstone sequence with intercalated carbonaceous mudstone and shale interbeds (Jackson & Andrew, 1990). The Coolbro Sandstone, which represents the basal formation of the low-grade metamorphic Neoproterozoic Yeneena Supergroup, exhibits a strong slaty cleavage and has been isoclinally folded and deformed around NW trending axes.
The Central Tenements around the Kintyre deposit are predominantly covered by outcropping northwest-southeast trending, northerly dipping, and folded Coolbro sandstone. Aeolian sand covers areas in the west-central and southeast portions of the tenement. It is believed that these areas are directly underlain by an inlier of the Yandagooge Formation Rudall Metamorphics (Jackson & Andrew, 1990). Rudall Metamorphics outcrop in the west-central area and near the south-eastern corner of the tenement. The north eastern edge of the tenement has outcropping northwest-southeast trending, northerly dipping, and folded Broadhurst Formation.
Exploration Potential and Prospectivity
The Paterson Province hosts several major copper and gold operations, including the Nifty copper mine and the world-class Telfer gold mine. More recently, several new copper-gold discoveries have been made at Winu (Rio Tinto) and Havieron (Greatland Resources PLC???).
A review of a compilation of available geophysical data reprocessed using modern techniques highlights multiple anomalies, including a large "bullseye" magnetic anomaly at Wanderer Prospect within the Central Tenements. The Wanderer Copper-Gold Prospect, first discovered by CRA in 1987, reveals the presence of significant copper, gold and molybdenum values in a wide zone of iron‐oxide alteration extending across more than 1 km of strike. In addition, geochemical assemblage (Cu-Au-Mo) is potentially indicative of a porphyry intrusion as the source of mineralisation. Several other targets with low-magnetics/high gravity signatures have been identified.
At a regional scale, the Paterson Province has potential for large intrusive-related copper and gold targets undercover, requiring geophysical methods, such as Mobile MT by Expert Geophysics Limited, that has been successfully used in the Paterson Province as means of primary target identification.
A review of geophysical and structural data (Figure 4), has identified several compelling exploration opportunities around the existing Wanderer copper-gold project.
Figure 4: RTP Magnetics Left and Gravity Right, illustrating numerous coincident magnetic low and gravity high targets
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
For additional information please contact:
Cloudbreak Discovery PLC | Peter Huljich, ChairmanTom Evans, Managing Director | Tel: +44 207 887 6139Tel: +44 7851 703440 |
Novum Securities (Financial Adviser) | David Coffman / Anastassiya Eley | Tel: +44 7399 9400 |
About Cloudbreak Discovery PLC
Cloudbreak Discovery PLC is a leading natural resource explorer and project generator. Cloudbreak is focused on mineral exploration and energy opportunities with the aim of bringing near-term cashflow and driving shareholder value.
Through its wholly owned but independently operated subsidiaries, the Company will develop its array of mineral assets, whilst continuing to generate new projects with a particular focus on commodities with high intrinsic value.
Cloudbreak's generative model across the mineral sector enables a multi-asset approach to investing in the commodity cycle.
Competent Persons Statement
The Information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Edward Mead, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Mead is a consultant to Cloudbreak Discovery Plc and employed by Doraleda Pty Ltd. Mr Mead has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the `Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). Mr Mead consents to the inclusion of this information in the form and context in which it appears in this report.
Table 1: Significant Assays (>0.3% Cu or 0.3ppm Au)
Hole | From (m) | To (m) | Interval (m) | Cu % | Au | Mo ppm |
87WDRC1 | 25 | 28 | 3 | 0.30% | 0 | 6 |
87WDRC10 | 53 | 54 | 1 | 0.31% | 0.25 | 350 |
87WDRC12 | 111 | 115 | 4 | 0.70% | 0.35 | 18 |
87WDRC13 | 101 | 102 | 1 | 0.34% | 0.07 | 34 |
87WDRC13 | 102 | 103 | 1 | 0.35% | 0.09 | 40 |
87WDRC13 | 105 | 106 | 1 | 1.11% | 0.12 | 18 |
87WDRC13 | 108 | 109 | 1 | 0.45% | 0.04 | 33 |
87WDRC13 | 109 | 110 | 1 | 0.88% | 0.06 | 37 |
87WDRC13 | 110 | 111 | 1 | 0.63% | 0.16 | 43 |
87WDRC13 | 111 | 112 | 1 | 0.83% | 0.09 | 38 |
87WDRC14 | 77 | 78 | 1 | 1.22% | 0.15 | 145 |
87WDRC14 | 107 | 110 | 3 | 0.56% | 0.17 | 74 |
87WDRC14 | 110 | 112 | 2 | 0.25% | 0.65 | 18 |
87WDRC14 | 114 | 115 | 1 | 2.11% | 0.59 | 26 |
87WDRC14 | 115 | 116 | 1 | 1.17% | 0.17 | 29 |
87WDRC14 | 116 | 118 | 2 | 2.68% | 0.28 | 22 |
87WDRC14 | 118 | 120 | 2 | 1.82% | 0.15 | 30 |
87WDRC17 | 0 | 5 | 5 | 0.01% | 0.38 | 21 |
87WDRC2 | 84 | 85 | 1 | 0.53% | 0.02 | 460 |
87WDRC2 | 88 | 89 | 1 | 0.89% | 0.04 | 280 |
87WDRC2 | 89 | 90 | 1 | 1.15% | 0.04 | 1270 |
87WDRC2 | 90 | 91 | 1 | 1.68% | 0.03 | 1000 |
87WDRC2 | 91 | 92 | 1 | 4.00% | 0.09 | 610 |
87WDRC2 | 92 | 93 | 1 | 3.61% | 0.06 | 620 |
87WDRC2 | 93 | 94 | 1 | 6.51% | 0.06 | 220 |
87WDRC2 | 94 | 95 | 1 | 1.20% | 0.01 | 15 |
87WDRC2 | 95 | 97 | 2 | 2.34% | 0.03 | 44 |
87WDRC2 | 97 | 99 | 2 | 0.52% | 0.03 | 40 |
87WDRC2 | 99 | 101 | 2 | 0.32% | 0.01 | 49 |
87WDRC22 | 75 | 80 | 5 | 0.62% | 0.16 | 13 |
87WDRC22 | 80 | 85 | 5 | 0.10% | 0.3 | 9 |
87WDRC24 | 70 | 73 | 3 | 0.33% | 0.04 | 34 |
87WDRC24 | 73 | 77 | 4 | 0.71% | 0.09 | 41 |
87WDRC24 | 77 | 80 | 3 | 0.61% | 0.06 | 30 |
87WDRC26 | 82 | 86 | 4 | 0.68% | 0.09 | 28 |
87WDRC3 | 83 | 84 | 1 | 0.45% | 0.01 | 7 |
87WDRC3 | 85 | 86 | 1 | 0.52% | 0.07 | 140 |
87WDRC3 | 86 | 88 | 2 | 0.42% | 0.03 | 69 |
87WDRC6 | 84 | 85 | 1 | 5.18% | 0.29 | 620 |
87WDRC6 | 85 | 86 | 1 | 2.60% | 0.22 | 720 |
87WDRC6 | 86 | 87 | 1 | 2.56% | 0.21 | 350 |
87WDRC6 | 87 | 88 | 1 | 2.31% | 0.18 | 290 |
87WDRC6 | 88 | 89 | 1 | 3.05% | 0.11 | 169 |
87WDRC6 | 89 | 90 | 1 | 1.01% | 0.1 | 81 |
87WDRC6 | 90 | 91 | 1 | 0.57% | 0.04 | 59 |
87WDRC6 | 91 | 92 | 1 | 0.42% | 0.03 | 42 |
87WDRC6 | 92 | 93 | 1 | 0.72% | 0.04 | 121 |
87WDRC7 | 98 | 103 | 5 | 0.31% | 0.01 | 46 |
87WDRC7 | 103 | 104 | 1 | 3.27% | 0.22 | 560 |
87WDRC7 | 104 | 105 | 1 | 0.71% | 0.08 | 360 |
87WDRC7 | 105 | 106 | 1 | 0.34% | 0.09 | 1330 |
87WDRC8 | 83 | 84 | 1 | 0.88% | 0.11 | 200 |
87WDRC8 | 84 | 85 | 1 | 2.01% | 0.26 | 280 |
87WDRC8 | 85 | 86 | 1 | 2.18% | 0.14 | 178 |
87WDRC8 | 86 | 87 | 1 | 2.02% | 0.15 | 260 |
87WDRC8 | 87 | 88 | 1 | 3.23% | 0.18 | 420 |
87WDRC8 | 88 | 89 | 1 | 2.59% | 0.11 | 210 |
87WDRC8 | 89 | 90 | 1 | 1.81% | 0.08 | 200 |
87WDRC8 | 90 | 92 | 2 | 0.39% | 0.01 | 43 |
87WDRC8 | 92 | 94 | 2 | 0.70% | 0.03 | 77 |
88WDD03 | 89 | 90 | 1 | 0.67% | 0.04 | 53 |
88WDD03 | 90 | 91 | 1 | 0.36% | 0.03 | 40 |
88WDD03 | 190 | 191 | 1 | 0.61% | 0.08 | 78 |
88WDD03 | 191 | 192 | 1 | 0.43% | 0.06 | 87 |
88WDRC27 | 43 | 44 | 1 | 0.19% | 0.99 | 24 |
88WDRC28 | 58 | 62 | 4 | 0.48% | 0 | 11 |
88WDRC36 | 90 | 95 | 5 | 0.32% | 0.02 | 9 |
88WDRC36 | 95 | 100 | 5 | 0.46% | 0.1 | 20 |
Table 2: Collar location and Hole Type
Hole ID | Easting | Northing | RL (m) | Total Depth (m) | Dip | Azimuth | Hole Type |
87WDRC1 | 402140 | 7521450 | 430 | 104 | -60 | 180 | RC |
87WDRC2 | 402180 | 7521450 | 430 | 120 | -60 | 180 | RC |
87WDRC3 | 402220 | 7521450 | 430 | 120 | -60 | 180 | RC |
87WDRC4 | 402200 | 7521410 | 430 | 120 | -60 | 180 | RC |
87WDRC5 | 402170 | 7521410 | 430 | 120 | -60 | 180 | RC |
87WDRC6 | 402160 | 7521450 | 430 | 116 | -60 | 180 | RC |
87WDRC7 | 402180 | 7521470 | 430 | 120 | -60 | 180 | RC |
87WDRC8 | 402200 | 7521450 | 430 | 109 | -60 | 180 | RC |
87WDRC9 | 402260 | 7521450 | 430 | 98 | -60 | 180 | RC |
87WDRC10 | 402060 | 7521460 | 430 | 89 | -60 | 180 | RC |
87WDRC11 | 402030 | 7521480 | 430 | 120 | -60 | 180 | RC |
87WDRC12 | 402010 | 7521440 | 430 | 120 | -60 | 180 | RC |
87WDRC13 | 401250 | 7521520 | 450 | 120 | -90 | 0 | RC |
87WDRC14 | 401250 | 7521480 | 450 | 120 | -90 | 0 | RC |
87WDRC15 | 401210 | 7521520 | 450 | 114 | -90 | 0 | RC |
87WDRC16 | 401250 | 7521560 | 450 | 109 | -90 | 0 | RC |
87WDRC17 | 401290 | 7521520 | 450 | 115 | -90 | 0 | RC |
87WDRC18 | 401330 | 7521490 | 450 | 119 | -90 | 0 | RC |
87WDRC19 | 401170 | 7521600 | 450 | 120 | -90 | 0 | RC |
87WDRC20 | 401210 | 7521560 | 450 | 120 | -90 | 0 | RC |
87WDRC21 | 401250 | 7521440 | 450 | 120 | -90 | 0 | RC |
87WDRC22 | 401642 | 7521465 | 450 | 98 | -60 | 180 | RC |
87WDRC23 | 401658 | 7521465 | 450 | 100 | -60 | 180 | RC |
87WDRC24 | 401675 | 7521465 | 450 | 100 | -60 | 180 | RC |
87WDRC25 | 401700 | 7521465 | 450 | 96 | -60 | 180 | RC |
87WDRC26 | 401662 | 7521493 | 450 | 100 | -60 | 180 | RC |
88WDRC27 | 401245 | 7521605 | 450 | 80 | -60 | 240 | RC |
88WDRC28 | 401280 | 7521600 | 450 | 81 | -60 | 240 | RC |
88WDRC29 | 401220 | 7521690 | 450 | 69 | -60 | 250 | RC |
88WDRC30 | 401140 | 7521760 | 451 | 54 | -60 | 250 | RC |
88WDRC31 | 401135 | 7521800 | 448 | 69 | -60 | 240 | RC |
88WDRC32 | 401250 | 7521750 | 450 | 106 | -90 | 0 | RC |
88WDRC33 | 401250 | 7521700 | 440 | 87 | -60 | 200 | RC |
88WDRC34 | 401250 | 7521335 | 450 | 105 | -90 | 0 | RC |
88WDRC35 | 401950 | 7521360 | 430 | 106 | -90 | 0 | RC |
88WDRC36 | 401950 | 7521285 | 450 | 106 | -90 | 0 | RC |
88WDRC37 | 401950 | 7521425 | 440 | 106 | -90 | 0 | RC |
87WDD01 | 401950 | 7521500 | 415 | 287.7 | -61 | 181 | DD |
87WDD02 | 401985 | 7521555 | 440 | 117 | -70 | 180 | DD |
88WDD03 | 401250 | 7521500 | 420 | 212.7 | -90 | 0 | DD |
88WDD04 | 402180 | 7521480 | 434 | 200.8 | -90 | 0 | DD |
90WDD05 | 401950 | 7521425 | 440 | 409.9 | -90 | 0 | DD |
Prince Silver
Investor Insight
With a strong asset foundation, a clean capital structure and an experienced technical team, Prince Silver is well-positioned to capitalize on the current macro tailwinds in the silver and manganese markets.
Overview
Prince Silver (CSE:PRNC,OTC:HWTNF) is a Vancouver-based exploration company focused on unlocking value at the Prince silver project in southeastern Nevada. In July 2025, the company completed a transformational acquisition of Stampede Metals Corporation and subsequently rebranded from Hawthorn Resources to Prince Silver Corp. The flagship asset is a district-scale, past-producing silver-gold-zinc-manganese carbonate replacement system, historically mined for silver and base metals through the early to mid-1900s.
Aerial view of the Prince silver project
Fully funded and technically refreshed, the company’s immediate objective is to validate and expand upon the 129 historic drill holes (over 16,600 m) completed on the property and convert the large JORC-compliant exploration target into a maiden NI 43-101 mineral resource. The upcoming drill program, expected to begin in early Sept 2025, is designed to validate legacy data, step out along mineralized trends, and establish continuity across the deposit's multiple mantos, veins and breccia zones. The company will also initiate metallurgical test work, geophysical refinement and updated geological modeling to support a modern pit-constrained resource and longer-term development plan.
Company Highlights
- Flagship project: 100 percent ownership of the historic Prince silver mine in Lincoln County, Nevada, an open, near-surface silver-gold-zinc carbonate replacement deposit with a 25 to 43 Mt exploration target and strong historic grades.
- The company’s second project, Stampede Gap, is about 15 km north west of the Prince mine. Stampede Gap is a large porphyry copper-gold-molybdenum with an extensive alteration zone that presents a deep seated exploration target.
- Clean corporate reset: Hawthorn Resources completed the Stampede Metals acquisition and re-listed as Prince Silver Corp. on July 11, 2025, issuing 15 million shares for the acquisition and raising ~C$4 million in gross proceeds to fund drilling.
- Fully funded summer drill program: ~6,500-m reverse-circulation set to begin early Sept 2025 to validate historic holes and step out along strike/dip to expand known mineralization and potential resources. .
- Tight share structure: 45.9 million shares outstanding post-financing; Stampede shareholders voluntarily locked-up for 12 months.
- Experienced, hands-on leadership: President Ralph Shearing, plus new directors Robert Wrixon and Darrell Rader, add mine-building, corporate and capital-markets depth to the company’s leadership team.
Key Project
Prince Silver Project
The Prince silver project is a large-scale, polymetallic carbonate replacement deposit (CRD) located just west of Pioche, a historic mining district in southeastern Nevada. The project hosts a structurally and stratigraphically controlled system of silver-rich mantos, breccias and fissure veins emplaced along northeast-trending faults within the Cambrian Pioche Shale. Historical underground production between 1912 and 1949 totaled approximately 1.12 million tons (Mt) at average grades of 100 grams per ton (g/t) silver, 4.5 percent zinc, 2.8 percent lead, and 10 percent manganese, predominantly from shallow workings in the Main and Ridge Zones.
Geological mapping, relogging and compilation of 129 historic drill holes (16,606 m) have defined a JORC exploration target ranging between 25 and 43 Mt, grading approximately 37 to 40 g/t silver, 1.5 percent zinc, and 0.8 percent lead. This target includes three dominant mineralized zones: Ridge, Main and Prince Extended. Mineralization is generally tabular, strataform and laterally continuous, with multiple stacked mantos and vein swarms, often associated with jasperoid, manganese-rich breccias and semi-massive to massive sulfides. The projects’ mineralization remains open along strike and at depth in all directions.
Historical drill results
Historical drill results showing mineralization at the Prince Silver Project is near surface and open in all directions of modelled mineralized horizons
Prince Silver’s 2025 Phase-1 drill program (~6,500 m of RC drilling) is designed to:
- Twin and validate historic pre 2012 high-grade underground and Churn drill hole intercepts.
- Extend mineralization into open gaps between and beyond the Ridge and Main zones.
- Test down-dip extensions and potential feeder structures below and along strike to previously drilled intervals.
A follow-up Phase-2 program (expected in 2026) would target resource expansion along the 2.5-km trend and scout new targets identified via geophysics and structural interpretation. In parallel, the company plans to conduct metallurgical testing to evaluate optimal processing options. Surface rights include 20 unpatented lode claims and 12 patented claims under lease option. The lease agreement includes nominal cash payments and a staged buyout option upon completion of a preliminary economic assessment. The project has good access via gravel roads, with power available on site, and is within 15 km of Pioche community infrastructure.
Overall, the Prince silver project offers district-scale upside within a known past producing metallogenic belt, with near-term drilling and a clear path to defining a large, pit-constrained and underground silver-equivalent resource in Nevada, one of the most mining-friendly jurisdictions in the world.
Other Projects
Stampede Gap Copper-Gold-Molybdenum Project
A large, early-stage porphyry target in Nevada featuring over 200 claims. Historical geophysics identified multiple IP-resistivity anomalies, and a single 700 m drill hole encountered extensive skarn alteration before terminating in mineralization. No current plans for exploration in 2025.
Broken Handle
A legacy polymetallic silver-lead-zinc project with limited historical data. Considered non-core for now; the company’s resources remain focused on advancing Prince Silver.
Management Team
Ralph Shearing – President and Director
Ralph Shearing is a professional geologist and mine developer with over 35 years in mineral exploration development and public company management. Since 1987, he has held senior executive positions with public junior mining and exploration companies, primarily with Luca Mining Corp., a company he founded in 1986 and successfully guided through the exploration, initial development and construction, and pre-production phases of the Tahuehueto mine, located in Durango, México. He currently acts as Qualified Person for Prince Silver’s technical disclosure.
Rob Scott – CFO
Rob Scott has more than 25 years of experience in accounting, corporate compliance, corporate finance, and merchant and commercial banking. He has played a key role in raising more than $200 million in equity financing. Scott has held senior executive and board positions with several TSX-V listed companies, including Great Bear Resources, ValOre Metals, Riverside Resources, Capitan Silver and First Helium.
Robert Wrixon – Director
Robert Wrixon is a seasoned executive and engineer with over 20 years’ experience across ASX- and LSE-listed mining companies. He holds a PhD in mineral engineering from UC Berkeley and brings deep technical, corporate development and M&A experience.
Darrell Rader – Director
Darrell Rader is the president and CEO of Minaurum Gold, a silver-focused explorer in Mexico, and a prominent figure in North American silver exploration. He has directly raised over $150 million for mineral exploration and development and has strong relationships with institutional investors and bankers. He founded Defiance Silver, a silver developer, and previously was the head of corporate development with silver miner IMPACT Silver. Rader holds a BBA in Finance from Simon Fraser University.
Neil MacRae – Independent Director
A veteran mining executive, Neil MacRae has more than two decades of experience in investor relations and has held various investor relations roles with companies such as First Majestic Silver, Sherwood Copper (merged with Capstone in 2008), Farallon Mining (sold to Nyrstar in 2011), and Santacruz Silver Mining. He provides strategic direction on corporate visibility and capital markets positioning.
Gold Price Soars Past US$3,500 to New High as Market Eyes September Rate Cut
The latest inflation data was released last week, when the US Bureau of Economic Analysis (BEA) published personal consumption expenditures (PCE) price index data. The report indicates that core PCE, which excludes the volatile food and energy categories, rose 2.9 percent in July, up from the 2.8 percent recorded in June.
The PCE is the Fed's favored inflation metric when making rate policy decisions.
Gold price chart, September 2, 2025.
Chart via the Investing News Network.
The next inflation data in the calendar is the BEA’s consumer price index (CPI) report, set to be released on September 11. Early estimates from the Federal Reserve Bank of Cleveland suggest that core CPI continued to creep up in August and will come in at 3.05 percent, higher than the rise of 3.1 percent seen in July.
The Fed will also receive new labor market figures before its September 16 to 17 meeting. The Bureau of Labor Statistics is due to release its August nonfarm payroll report on Friday (September 5).
Analysts are predicting another weak report, with expectations of 73,000 additions to the US labor force; the unemployment rate is projected to tick up to 4.3 percent from the current 4.2 percent.
In July, the report indicated that just 73,000 jobs were added to the economy, but more significantly, it provided downward revisions for May and June, totaling 258,000 jobs combined.
Even though inflation is drifting further from the Fed's 2 percent goal, slowing growth in the labor market is likely to have greater weight ahead of the Fed meeting. There is currently a 90 percent chance of a 25 basis point cut.
Adding more fuel to the fire is an appeals court ruling on August 29 that struck down the majority of US President Donald Trump's reciprocal tariffs as unconstitutional, including those levied against Canada, Mexico and China.
However, tariffs on steel and aluminum were spared in the decision. The court said the tariffs will remain in place until October 14, providing sufficient time for the White House to launch an appeal to the Supreme Court.
Investors have turned to gold since the start of the year amid uncertainty caused by tariffs and as a debt crisis threatens the broader US economy. Additional momentum has come from the safe-haven status of precious metals as conflicts in Eastern Europe and the Middle East have continued unabated, threatening stability in both regions.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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