Brightstar Resources (ASX:BTR) has completed the second gold pour from the Selkirk joint venture within the Menzies Gold Project in Western Australia.
The $39.11 million market capitalisation company says the total gold doré weight poured at Genesis Minerals’ (ASX:GMD) Gwalia processing plant was recorded at 119 kilograms.
Some 150kg of doré has been produced to date with pours ongoing at current record high AUD gold price of $3,300 per ounce.
Managing Director Alex Rovira says 12 gold doré bars were poured for a total mass of 119kg, which equates to about $13.852 million at the aforementioned current gold price.
“Processing of the Selkirk ore remains ongoing and we look forward to updating our shareholders and investors with finalised cash flow updates once all revenue has been received from the Perth Mint after refining of the doré and joint venture project costs have been finalised.”
The company expects to complete processing of the remaining ore from Selkirk in mid March 2024, after which the net project income will be reconciled and split 50:50 between Brightstar and its JV partners BML Ventures, as this news service previously reported.
Brightstar Resources is a Perth-based gold explorer and developer.
In May 2023, Brightstar completed a merger with Kingwest Resources via a scheme of arrangement which saw the strategic consolidation of Kingwest’s Menzies Gold Project and Brightstar’s Laverton Gold Project.
Hosted in the prolific eastern goldfields of Western Australia and located proximal to significant regional infrastructure, Brightstar has a JORC mineral resource of 22Mt @ 1.5g/t Au for 1,036,000 ounces Au.
Brightstar owns a processing plant (currently on care and maintenance), a 60-man accommodation camp, and non-processing infrastructure, located 30km SE of Laverton and within 60km of the company’s 511,000oz Au JORC resource within the Laverton Gold Project.
The Menzies Gold Project includes a ‘high-grade’ field that has historically produced 787,200 ounces at 18.9 grams per tonne gold from intermittent production between 1895 and 1995.
As of 31 December 2023, the company had $4.817 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Brightstar Resources
