Brightstar Resources’ (ASX: BTR) company’s resource base has exceeded one million ounces of gold with a significant upgrade to the Cork Tree Well deposit, located 30km north of Laverton in WA’s Goldfields region.
With over 11,000 metres of new drilling completed in late 2022 and early 2023, the infill and extensional programmes achieved the aim of identifying new mineralisation outside the previous JORC 2012 Mineral Resource Estimate and increasing confidence in the resource model.
This is clearly shown by the Indicated material now accounting for over 50% of the Cork Tree Well Resource to provide a more robust base for mining scoping studies.
We are delighted to see the Cork Tree Well resource grow by over 20%, and more importantly grow our indicated component by 65% to over three million tonnes for over 157,000 ounces of gold,” Managing Director, Alex Rovira, said.
“Additionally, the updated Mineral Resource Estimate model has confirmed the presence of a number of higher grade plunging shoots that are open at depth and will be drill tested in upcoming campaigns.
“These upgrades have seen Brightstar now control a +1 million ounce resource base with tangible growth shown in just one of our many resources at the Laverton and Menzies Gold Projects. We look forward to updating the market with further news on our drilling at our projects and our scoping study which are both presently underway”.
The updated mineral resource estimate is currently being used for exploration planning purposes in order to target areas that are open down plunge and to ensure sufficient drill density in zones currently classified as Inferred mineralisation to continue to grow the Indicated component of the MRE.
Brightstar’s resource at Cork Tree Well has expanded from 252koz to 303koz in less than 12 months, with indicated material increasing by over 1Mt or 62koz driven largely by the targeted resource drilling completed by Brightstar in 2022 and Q1 2023 with inferred material dropping slightly representing a positive conversion of inferred to indicated material which now represents over 50% of in-ground ounces.
