Brightstar Resources (ASX:BTR) has completed its maiden gold pour from its Selkirk Mining joint venture (JV) at the Menzies Gold Project in Western Australia.
The $35.55 million market capitalisation company is continuing gold processing activities at the Genesis Minerals’ Gwalia processing plant.
Managing Director Alex Rovira says: “We are thrilled to announce Brightstar’s inaugural gold pour from the Menzies Gold Project, with 38.7kg of gold dore poured yesterday at the Gwalia gold plant.
Our JV partner, BML Ventures, has confirmed that all ore has been hauled to Gwalia, with a project and fleet demobilisation both progressing on schedule. The Selkirk Mining JV has been conducted in a safe, productive, and professional manner with gold revenues to be split on a 50/50 basis after project cost reconciliations.
We anticipate several more gold pours over the next few weeks, and look forward to updating the market with finalised cashflow updates once all gold revenue and project costs have been finalised for the Selkirk Mining JV.”
Currently, gold hit record high prices at $3,250 per ounce, which further positions Brightstar ‘well’ for its project economics.
Brightstar Resources is a Perth-based gold explorer and developer that aims to grow its mineral resource inventory with the view to become a substantial future ASX gold developer and producer.
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
