Brightstar Resources (ASX:BTR) has begun an inaugural diamond drilling program at the Cork Tree Well deposit, as part of its Laverton Gold Project in Western Australia.
The $35.55 million market capitalisation company says diamond drilling will comprise 20 drillholes for 2,000m and has been designed for metallurgical and geotechnical purposes.
Drilling will target open pit shells delivered in a Scoping Study released in September 2023.
Meanwhile, the company notes assays from a reverse circulation (RC) drilling program completed at the Menzies Gold Project in Q4 2024 are expected to be returned imminently.
Rovira says drilling at Menzies was designed to grow the existing resource at the Link Zone and provide sufficient drill density to potentially declare a maiden resource at the Aspacia area.
Managing Director Alex Rovira says drilling is being undertaken as part of Prefeasibility Study (PFS) work streams and is hoped to improve the company’s knowledge of geological and geotechnical domains within the Cork Tree Well area.
“It is an exciting time to be drilling, growing our mineral resource base, completing the technical work for the PFS underway and also see the progress our joint venture partners BML are making with the Selkirk mining campaign, which is due to conclude this quarter.
A successful mining campaign at Selkirk will see positive cashflow generated for Brightstar to continue to fund exploration efforts across the Laverton and Menzies Gold Projects.”
Brightstar Resources is a Perth-based gold explorer and developer which has a 100% interest in the Laverton Project in Western Australia.
As of 30 September 2023, Brightstar Resources had $1.685 million cash and cash equivalents at hand, according to its latest quarterly report. However, the company in November 2023 received firm commitments for a share placement to raise an additional $5 million.
Write to Adam Drought at Mining.com.au
Images: Brightstar Resources
