Brightstar Resources Unveils High-Grade Gold Discoveries at Second Fortune Mine
BTR (BTR) Share Update September 2024 Monday 30th
Brightstar Resources Announces High-Grade Gold Discoveries at Second Fortune Mine
Brightstar Resources Limited (ASX: BTR) has announced significant high-grade gold assay results from its latest diamond drilling program at the Second Fortune Gold Mine, located south of Laverton, Western Australia.
Instant Summary:
- First diamond drilling assays from Second Fortune underground mine show high grades.
- Deepest hole, SFRCD2408, returned 31.7g/t Au from 465.75m depth.
- High-grade and narrow-vein nature of the orebody confirmed.
- Significant intercepts include: 0.57m @ 21.3g/t from 426.55m (SFRCD2404A), 1.53m @ 7.7g/t from 408.07m (SFRCD2405).
- Underground hole SFUDD0088 returned 2.76m @ 7.37g/t from 96.15m, including 0.33m @ 52.37g/t Au.
- Drilling results provide confidence in mine life extension at Second Fortune.
Drilling Results and High-Grade Discoveries
Brightstar Resources Limited has released promising results from its recent diamond drilling program at the Second Fortune Gold Mine. The assays revealed high-grade gold mineralization within and beneath the current forward mine plan.
The deepest hole drilled to date, SFRCD2408, returned an impressive 31.7g/t Au from a 0.3m downhole intercept at a depth of 465.75m. This result confirms that the high-grade Second Fortune mineralization extends to depths over 400m below the surface.
Key Intercepts
The drilling assays highlighted the high-grade and narrow-vein nature of the Second Fortune orebody, which has shown strong geological consistency over recent years. Significant intercepts from surface holes include:
- SFRCD2404A: 0.57m @ 21.3g/t from 426.55m
- SFRCD2405: 1.53m @ 7.7g/t from 408.07m, including 0.41m @ 17.0g/t Au from 408.89m
- SFRCD2408: 0.3m @ 31.7g/t from 465.75m
- SFRCD2407: 0.68m @ 11.68g/t from 394.69m
Underground drilling also returned notable results, including:
- SFUDD0087: 0.6m @ 14.7g/t from 87.2m
- SFUDD0088: 2.76m @ 7.37g/t from 96.15m, including 0.33m @ 52.37g/t Au
- SFUDD0089: 0.42m @ 24.84g/t from 63.27m and 0.34m @ 27.84g/t from 106.08m
- SFUDD0091: 3.06m @ 4.18g/t from 73.18m, including 0.46m @ 11.22g/t Au
- SFUDD0093: 0.49m @ 19.22g/t Au from 103.6m
Geological Consistency and Future Plans
The drilling intercepts, located approximately 100m below currently developed levels, provide significant confidence in extending the mine life at Second Fortune. The program targeted mining areas within and below the current 12-month mine plan to improve the classification of the Mineral Resource Estimate and enhance mine planning and scheduling activities.
Following the success of this program, Brightstar has commenced further underground drilling to improve geological knowledge and confidence for CY25 production. The company aims to inform an upgraded Mineral Resource Estimate in CY24, potentially supporting the declaration of Ore Reserves and a formal production outlook.
The announcement of high-grade gold discoveries at significant depths is likely to have a positive impact on Brightstar Resources' stock. The confirmation of mineralization extending well below the current mine plan suggests potential for extended mine life and increased production, which could boost investor confidence and drive stock prices higher.
Investor Reaction:
Analysts are expected to react positively to the news, given the high grades and the potential for mine life extension. The results demonstrate the strong geological consistency of the Second Fortune orebody, which is likely to be seen as a positive indicator for future production and profitability.
Conclusion:
Investors should keep an eye on Brightstar Resources as the company continues its drilling programs and works towards updating its Mineral Resource Estimate. The high-grade discoveries at Second Fortune highlight the potential for significant returns, making it a compelling target for further exploration and investment.