Brightstar Resources (ASX: BTR) has announced final assay results from its infill reverse circulation (RC) drilling at the Pericles deposit within the Lady Shenton System at the Menzies Gold Project in Western Australia. The results have produced high-grade intercepts, notably hitting grades up to 80.4 g/t gold, which underscore the deposit’s strong potential for both open pit and underground mining.
Highlights from Drilling at Pericles
The drilling program concluded with significant intercepts that include:
- LSRC24014: 4m at 22.4 g/t Au from 74m, including an impressive 1m at 80.4 g/t Au, and an additional 6m at 2.30 g/t Au from 92m.
- LSRC24039: 10m at 7.1 g/t Au from 129m, with a peak of 1m at 55.4 g/t Au.
- LSRC24042: 4m at 14.9 g/t Au from surface and 12m at 1.87 g/t Au from 129m.
Managing Director Alex Rovira remarked, “The high-grade and wide intercepts received from this drilling campaign build on our existing knowledge of the Lady Shenton System, with these results showing consistent mineralisation within and immediately below the A$2,750/oz pit shell generated during our Scoping Study.” With spot gold prices currently around A$4,100/oz, Rovira highlighted the conservative nature of their initial scoping figures.
Resource and Study Advancements
The recent drilling campaign completed the fieldwork component of Brightstar’s Definitive Feasibility Study (DFS), which also includes a large-scale, 30,000-metre drilling program across its portfolio. Brightstar is aiming for updated Mineral Resource Estimates (MRE) for the Menzies Project, with plans to refine mine design in anticipation of operations in 2025. Currently, samples from the drill program are undergoing metallurgical analysis to support the MRE update and further geotechnical studies, expected to bolster the DFS for the project.
Rovira noted that the results are expected to bring “high levels of confidence” to their DFS mine design. Brightstar is simultaneously progressing approvals and community engagement efforts to ready Menzies for potential mining activities by next year.
Mineralisation and Strategic Expansion
The mineralisation at Pericles is primarily hosted within quartz-sulphide veins and shears in the Menzies Shear Zone, with pyrite as the main sulphide. The lode structure remains open at depth and down plunge, suggesting potential for expansion through future drilling, which could further extend the life and yield of the resource. This mineralisation pattern aligns with the Archean mesothermal gold deposits typical of the prolific Goldfields region, allowing Brightstar to benefit from proven geology and a favourable mining history at Menzies.
Additionally, Brightstar is actively engaging in other business development activities, having recently received a proposal for an up to US$11.5 million gold prepayment facility with Ocean Partners USA. This funding, if secured, would support general working capital as well as development initiatives, including the Fish Underground Project at the Jasper Hills deposit. Brightstar has also proposed toll milling agreements with Eastern Goldfields operators, aiming to process ore from Menzies and Laverton, which could significantly increase gold production in 2025.
Next Steps and Market Impact
With an eye on further strategic consolidation, Brightstar has also proposed a potential joint venture with Aurumin Limited on the Central Sandstone Project, further solidifying its footprint in the WA Goldfields. Although discussions are ongoing, no binding agreements have been reached, and Brightstar has committed to keeping the market informed of its progress.
These drill results provide a strong foundation for Brightstar’s DFS and broader operational strategy, especially as the company works towards becoming a meaningful producer in WA’s gold sector. As the Menzies assays confirm high-grade continuity and suggest further growth opportunities, Brightstar is well-placed to benefit from rising gold prices and robust investor interest in the resource sector.
With gold prices buoyant and a well-executed drilling campaign completed, Brightstar is in a promising position to advance its projects, bringing both Menzies and potentially other sites closer to production within the coming year.
