Greenstone Resources (ASX:GSR) has reported ‘bonanza-grade’ gold intercepts from its phase two drilling campaign at the Burbanks Project in Western Australia, confirming the potential for further resource growth.
The $13.65 million market capitalisation company says the drill results continue to confirm the continuity of ‘high-grade’ mineralisation at depth, with multiple hits extending mineralisation a further 60m beneath previously drilled areas.
The top latest drill results include hole BBRC463D with 1.55m @ 20.43g/t Au from 301m, including 0.35m @ 86.80g/t Au from 302.25m, and 2m @ 11.79g/t Au from 425m, including 0.45m @ 49.40g/t Au from 426.55m.
These intercepts show that ‘high-grade’ gold continues at depth in the Burbanks shear zone and highlight the ability of the mineralising system to produce ‘high-grade’ continuous gold zones.
Commenting on the ‘bonanza’ grades, Greenstone Resources Managing Director and Chief Executive Officer (CEO) Chris Hansen says: “These most recent results serve to reaffirm the high-grade nature of Burbanks while also further proving the continuity of high-grade mineralisation at depth.
Importantly, this drilling in the Burbanks North area confirms the continuous presence of multiple parallel ore lodes which are observed throughout the project. With the majority of the modelled ore zones remaining untested below 350m, the exploration horizon remains very much open for future drilling campaigns and future resource updates.
Building from the recently updated MRE, our team is shifting its focus towards the necessary preparations for future mining studies at the Burbanks Mining Centre. This encompasses metallurgical testwork, geotechnical studies, and structural modelling.”
“this drilling in the Burbanks North area confirms the continuous presence of multiple parallel ore lodes which are observed throughout the project”
Greenstone Resources is an ASX-listed gold exploration and development company that wholly owns the ‘high-grade’ Burbanks Gold Project in the Goldfields region of Western Australia.
As of 30 June 2023, the company had $1.05 million cash at hand, according to its latest quarterly report. On 18 September 2023, Greenstone Resources announced it had raised more than $1.9 million through a placement and share purchase plan.
Write to Aaliyah Rogan at Mining.com.au
Images: Greenstone Resources
