Gold

Brightstar to boost JORC resource to 237,000oz Au

Wed 25 May 22, 6:25pm (AEST)
Worker in high vis and gloves holding rock with gold at a mine site
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Key Points

  • Brightstar Resources will commence RC drilling to boost its JORC resource to 3.9Mt @ 1.9 grams per tonne of gold
  • This reflects a total gold contents of 237,000oz Au
  • Company reported $2,078,000 cash in last quarterly cashflow report

Brightstar Resources’ (ASX:BTR) Cork Tree Well project in the Laverton Gold Belt of WA is to see its attached JORC Mineral Resource Estimate (MRE) get a boost with 8 RC drill holes already completed at the Delta 2 target. 

With eight of twelve planned holes completed, the drill run has passed its halfway point and the company expects not only to update its MRE but also discover evidence of other mineralisation present on-site in the prolific gold mining region. 

Contractors Blue Spec Drilling are currently averaging greater than 200m per day, according to Brightstar. As of the 24th of May 2022, some total 1,160m had been completed of the planned 1,800m drilling program. 

The Delta 2 program is designed on the back of historical aircore anomalies discovering anomalies of over 1g/t Au mineralisation over a >500m strike length in an area the company describes as shallow. 

It notes the cover sequence “appears to be relatively shallow however the in-situ regolith is well developed to approximately 60m.” It adds that quartz veining is present “in some sections.” 

Following wrap-up of the Delta 2 target, the drill rig will move to the nearby Cork Tree Well target. 

(Source: Brightstar) A snapshot of operations on-site
(Source: Brightstar) A snapshot of operations on-site

Company finds well-respected brain for Comet Well 

Brightstar Resources has also announced its appointment of Dr Nigel Brand as the geochemical and targeting consultant for the company’s separate Comet Well Project Area. 

Dr Brand, Brightstar notes, has worked for eleven years in the Norseman-Wiluna Greenstone belt on a number of nickel and gold exploration campaigns and has further experience as a geologist in Kalgoorlie. 

He had previously also been employed at Anglo American and worked for that company across Oceania. 

Comet Well downhole and surface data will be passed onto Brand for his interpretation and analysis; Brightstar is confident the well-trained eyes will spot something they yet haven't. 

The smallcap’s share price has fallen 2% in early morning trade. 

Brightstar's three month charts reveal it is trading at a discount to the materials index (XMJ)
Brightstar's three month charts reveal it is trading at a discount to the materials index (XMJ)

 

Written By

Jonathon Davidson

Journalist

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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