Brightstar Resources (ASX:BTR) has finalised its gold pours from ore processing at the Selkirk joint venture (JV), within the Menzies Gold Project in Western Australia, totalling to 430.7 kilograms of gold doré.
The $37.92 million market capitalisation company reports a total unreconciled gold production of 8,049.6 ounces of gold from 43 gold doré bars was produced — which equates to about $26.642 million at the current gold price of $3,309.80.
Brightstar says this exceeds the modelled JV budget for Selkirk and highlights the quality of its Menzies project.
The company notes a total of 5,546 ounces of gold has been sold to the Perth Mint after refining at an average realised sale price of $3,306 per ounce.
Final reconciliations of the gold-in-circuit are underway between Brightstar’s independent metallurgists and Genesis Minerals (ASX:GMD). The company is finalising the total JV costs and expects it to be about $12-13 million.
As Mining.com.au reported, Brightstar completed the maiden gold pour on 8 March 2024.
Managing Director Alex Rovira says the company is continuing to focus on building itself into a gold producer and is looking forward to announcing the reconciled 50% profit share value attributable to Brightstar.
“We are pleased to announce that gold processing of our Selkirk Mining JV material has safely and successfully concluded by the team at Genesis Minerals’ Gwalia operation.
Their assistance, along with JT Metallurgists acting on behalf of the JV, has seen the successful processing of ore from the Menzies Gold Project into doré bars poured at record high AUD gold prices.
In parallel with the finalisation of gold-in-circuit calculations, which is expected to occur shortly, we are also finalising the JV accounts and making provisions for rehabilitation and waste dump seeding to achieve best practice environmental outcomes.”
The company’s share price increased 6.25% to $0.017 as of 11am AEDT today (21 March 2024).
Brightstar Resources is a Perth-based gold explorer and developer focused on becoming a gold 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
