Brightstar Resources (ASX:BTR) is in the final stages of planning its 5,000m reverse circulation (RC) drilling program at the Menzies Gold Project in Western Australia.
The $28.44 million market capitalisation company says drilling has focused on resource confidence upgrades, as part of a Prefeasibility Study (PFS).
Further, mining operations have concluded at the Selkirk deposit within the Menzies project, with all ex-pit material movement completed ahead of mine site rehabilitation in the coming weeks.
Managing Director Alex Rovira says: “Our joint venture with BML Ventures 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.
The JV budget utilised a conservative gold price of $2,850 per ounce, compared to the current spot price of +$3,100 per ounce which will provide financial upside to the joint venture.
We continue to advance the Link Zone deposits at Menzies as a potential additional small scale mining campaign at Menzies that can be executed contemporaneously with the exploration and development workstreams.
Open pit optimisations are currently ongoing in parallel with relevant permitting and approval processes for potential expedited development.
We look forward to sharing news of Brightstar’s inaugural gold pour in March and further activities related to our Prefeasibility Study as they occur, including an RC program to commence at Menzies in the near future.”
Mine site rehabilitation has begun with the Selkirk waste rock dump being shaped and contoured ahead of topsoil and seed placement in line with industry best practices, with demobilisation of BML’s mining fleet to occur progressively, in conjunction with rehabilitation activities.
Brightstar Resources is a Perth-based gold explorer and developer focused on its assets across Australia.
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
