Greenstone Resources (ASX:GSR) reports recent drilling at the Bubanks Gold Project in Western Australia supports the concept of a broader mineralised system across the Burbanks Shear Zone.
The $12 million market capitalisation company says planning is underway for follow up drilling, which will extend and further define the newly discovered ore zone.
Drill results returned confirmed the extension of the main lode ore body along strike and down plunge at the Burbanks project, with drillhole BBRC437D extended ‘high-grade’ mineralisation more than 100m below the historic workings, recording 0.3m @ 45.4g/t Au from 428.1m.
The extension of the main lode ore body at depth aligns with what we have observed at Burbanks north, with continuity to below 300m from surface at main lode and over 450m at Burbanks North
Commenting on the drill results, Greenstone Resources Managing Director and Chief Executive Officer (CEO) Chris Hansen says: “The recent resource update has provided a solid foundation for the future of Burbanks, and the most recent drill results continue to highlight the potential for further orebodies outside the known mineralised corridor.
The extension of the main lode ore body at depth aligns with what we have observed at Burbanks north, with continuity to below 300m from surface at main lode and over 450m at Burbanks North.
The addition of lodes parallel to the main orebody is highly encouraging and continues to expand the footprint of mineralisation around the Burbanks Shear Zone. These new target areas provide opportunities for low-cost resource growth as we continue to advance the project.”
In addition to the phase two drilling campaign, a short campaign has been conducted to support a comprehensive metallurgical testwork program currently underway at the project, as part of the broader evaluation of future mining scenarios.
Greenstone’s previously announced share purchase plan (SPP) closes on Friday 15 September 2023.
The SPP is open to all eligible shareholders with shares being offered at $0.013 per share and the free attaching options on the basis of 1 free attaching option for every 2 SPP shares subscribed for, with the SPP options exercisable at a price of $0.025 per share, with an expiry date 2 years from the date of issue.
Greenstone Resources is a gold explorer and developer which owns the Burbanks Gold Project located 9km southeast of Coolgaride, Western Australia. The project includes the Burbanks Mining Centre and over 5km of the ‘highly prospective’ Bubanks Shear Zone.
As of 30 June 2023, the company had $1.05 million cash at hand, according to its latest quarterly report. Subsequent to the end of June, the company announced a placement to raise $1.7 million.
Write to Aaliyah Rogan at Mining.com.au
Images: Greenstone Resources
