Brightstar's High-Grade Hits Indicate Resource Update at Pericles

2 min read | October 29, 2024 03:49 PM AEDT | By Team Kalkine Media

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Brightstar's High-Grade Hits Indicate Resource Update at Pericles — Image source: Shutterstock

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Highlights:

Brightstar Resources has reported high-grade results from infill drilling at the Pericles deposit, including a notable intersection of 1 meter at 80.4 g/t gold.
The company is initiating a resource update for the Pericles deposit to enhance confidence in the definitive feasibility study (DFS) mine design.
Brightstar Resources is actively exploring consolidation opportunities in the Sandstone district, including a non-binding offer for a joint venture at Aurumin’s Central Sandstone project.

Brightstar Resources (ASX:BTR) has achieved significant results from its infill drilling program at the Pericles deposit within the Lady Shenton system, located in Western Australia. Recent assays reveal substantial intersections, with highlights including 1 meter at 80.4 grams per tonne (g/t) gold as part of a broader effort to assess mineralisation within and below the planned pit shell.

The latest drilling campaign has confirmed consistent mineralisation, providing valuable data to support an upcoming resource update for the Pericles deposit. This update aims to bolster confidence in the definitive feasibility study (DFS) mine design, which is crucial for future development. Managing Director Alex Rovira noted that the high-grade results enhance the understanding of the mineralised lode positions and reflect a favorable outlook in light of the current gold price.

Brightstar Resources has been proactive in expanding its exploration efforts. The company is pursuing additional consolidation in the Sandstone district, having issued a non-binding offer for a joint venture with Aurumin at its Central Sandstone project. This project boasts a significant resource, presenting further opportunities for Brightstar.

The infill drilling at Pericles involved 54 holes across two campaigns during 2024, with assays from several completed holes reinforcing the mineral resource confidence needed for potential ore reserve declarations. The high-grade domains remain open down plunge, indicating opportunities for further exploration and possible extensions of mineralisation.

Additionally, Brightstar has secured terms for a gold prepayment debt facility, which will support working capital needs and contribute to the development of the Fish underground project. The company is also negotiating toll milling agreements to enhance gold production from its Menzies and Laverton projects.

Brightstar Resources continues to advance approvals for its Menzies operations, emphasizing environmental planning and community engagement as essential components for commencing mining activities in the near future.

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