Greenstone undertaking strategic review

Greenstone Resources (ASX:GSR) is undertaking a strategic technical review to assess the near-term opportunities at its wholly owned Burbanks and Phillips Find gold projects in Western Australia. 

An independent mining consultancy has been engaged to conduct preliminary open-pit optimisations for both projects, with initial open pit optimisations already completed for Burbanks. 

The $9.57 million market capitalisation company says while the initial optimisations have been limited to the existing permitted footprint, there may be an opportunity for a ‘larger’ open pit scenario in the future.

Greenstone is in preliminary discussions with potential partners to support the mining and processing of ore from Burbanks North. 

Open pit optimisation work is also underway at Baccus Gift, Newhaven and Newminister to assess the opportunity for pit cut-backs. This is expected to be completed in the next 2 to 4 weeks. 

The company notes if this is economically viable, detailed mine planning and permitting activities will begin shortly thereafter. 

Greenstone Resources Managing Director and Chief Executive Officer (CEO) Chris Hansen says the company believes that it is vigilant to assess small-scale near-term production opportunities that may provide a source of funding to allow Greenstone to fund future exploration and resource growth activities. 

“Outside of the current mining optimisation program, the company has recently completed a detailed lithologic and petrographic review serving to identify up to 66 drillholes which may intercept previously modelled ore lodes. 

To put this resampling campaign into context, the typical 10,000m drill campaigns previously completed by the company usually results in 30-40 holes being drilled. Importantly, the resampling does not require any further drilling, merely low-cost re-logging and sampling.”

Greenstone says sampling will aim to add further continuity and confidence to the current resource base and provide ‘valuable’ information for future drill testing.

The Coolgardie Mining Centre has a total Indicated and Inferred mineral resource of 6.785 million tonnes @ 2.4 grams per tonne (g/t) gold for 520,134 ounces of contained gold. 

Greenstone Resources is a gold explorer and developer which wholly owns the Burbanks Gold Project, 9km southeast of Coolgardie in Western Australia.

As of 30 September 2023, the company had $1.16 million cash at hand, according to its latest quarterly report.

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Images: Greenstone Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.