Brightstar Resources Reveals Promising High-Grade Gold Assays at Cork Tree Well
BTR (BTR) Share Update July 2024 Monday 22nd
Brightstar Resources Announces High-Grade Gold Results from Cork Tree Well Drilling
Brightstar Resources Limited (ASX: BTR) has released a new set of high-grade gold assay results from its Cork Tree Well geotechnical drilling program, showcasing promising mineralization that could significantly enhance the company's gold resource base.
Instant Summary:
- Assays from eight geotechnical diamond holes show gold assays up to 40.15g/t Au.
- Significant intercepts include 4.0m @ 17.32g/t Au from 78.0m (CTWGT004).
- Additional lode within CTWGT004 returned 3.0m at 3.46g/t Au from 68m.
- Shallow intercept from CTWGT003: 2.6m at 1.74g/t Au from 33.0m.
- High-grade results at the base of the current pit shell design indicate potential for continuous mineralization extensions at depth.
Drilling Results
Brightstar Resources Limited has announced the second round of non-priority assay results from sixteen geotechnical diamond drill holes at Cork Tree Well, part of the Laverton Gold Project. The assays from eight of these holes have returned impressive gold grades, with highlights including 4.0m @ 17.32g/t Au from 78.0m in hole CTWGT004, which also included 1.0m at 40.15g/t Au from 78.0m.
Other significant intercepts include 3.0m at 3.46g/t Au from 68m in CTWGT004, and a shallow intercept of 2.6m at 1.74g/t Au from 33.0m in CTWGT003. These results are particularly noteworthy as they provide confidence for continuous mineralization extensions at depth, complementing previously announced intersections such as 27.6m @ 17.77g/t Au from CTWMET003.
Geological Context
The Cork Tree Well deposit is located within Brightstar's wholly owned tenement M38/346, approximately 30 km north of Laverton. The gold mineralization is contained within a sheared mafic/ultramafic sequence, and the recent drilling was designed to gather structural and rock mass data for the definitive feasibility study.
The high-grade results from the base of the current pit shell design are significant as they suggest the potential for continuous mineralization extensions at depth. The results from CTWGT003 and CTWGT004, drilled into unmined material north of the historically mined northern pit, provide additional insight into the continuity of mineralized envelopes extending below the current pit shell design.
Future Prospects
Brightstar's Managing Director, Alex Rovira, expressed optimism about the results, stating that the high-grade assays from the geotechnical holes complement previous intersections and provide a strong foundation for future exploration and resource expansion. The company is excited to build on the existing 303koz @ 1.4g/t Au Mineral Resource, which remains open at depth and along strike, targeting structurally-controlled mineralized trends.
Brightstar plans to continue updating the market with results from the outstanding holes of the Q1 diamond drilling program at Cork Tree Well. The ongoing workstreams aim to gather feasibility study-level data to inform open pit mine design and process plant design criteria.
The high-grade assay results from Cork Tree Well are likely to have a positive impact on Brightstar Resources' stock. The significant gold grades and the potential for continuous mineralization extensions at depth enhance the company's resource base and could lead to increased investor confidence. The results also provide a strong foundation for future exploration and resource expansion, which could further boost the company's stock performance.
Investor Reaction:
Analysts and investors have reacted positively to the high-grade assay results, noting the potential for significant resource expansion and the promising geological context. The continuous mineralization extensions at depth and the high-grade results at the base of the current pit shell design have been particularly well-received.
Conclusion:
Investors should keep an eye on Brightstar Resources as the company continues to release results from its Cork Tree Well drilling program. The high-grade gold assays provide a strong foundation for future exploration and resource expansion, and the company's strategic response to these promising results will be crucial in maintaining investor confidence.