8kg of Selkirk gold dore poured from Gwalia
Project economics look good, with gold at record highs >$3,250/oz
Brightstar Resources to use proceeds for further exploration at Menzies and Laverton
Special Report: First gold bars from Brightstar Resources’ Selkirk JV have been poured, with net profits to be split 50/50 with BML Ventures and used for exploration and development of the Menzies and Laverton projects.
Strategic mining and now processing of gold from the Selkirk deposit is providing early cash flow for Brightstar Resources (ASX:BTR) to progress exploration and development of its Menzies and Laverton projects after consolidating the assets in a merger with Kingwest Resources last year.
The gold has arrived
All ore from Selkirk has been hauled and stockpiled at Genesis Minerals’ (ASX: GMD) Gwalia ROM pad and is being processed – and with the price of gold hitting record highs >$3,250/oz, cashflow economics are looking good.
“We are thrilled to announce Brightstar’s inaugural gold pour from the Menzies gold project, with 38.7kg of gold doré poured yesterday at the Gwalia gold plant,” BTR managing director Alex Rovira says.
“Our JV partner, BML Ventures, has confirmed that all ore has been hauled to Gwalia, with project and fleet demobilisation both progressing on schedule.
“The Selkirk JV been conducted in a safe, productive and professional manner with gold revenues to be split on a 50/50 basis after project cost reconciliations.
“We anticipate several more gold pours over the next few weeks, and look forward to updating the market with finalised cashflow updates once all gold revenue and project costs have been finalised for the Selkirk Mining JV.”
Proud dad moment from the Brightstar board holding the first poured gold bar from Selkirk. Pic: Supplied (BTR)
What’s next?
BTR now has an eye on expanding its current total mineral resource of 22Mt @ 1.5g/t gold for 1,036,000oz, starting with an RC drilling campaign to upgrade confidence in the resource base ahead of the release of further near-term production at Menzies.
The PFS follows on from a scoping study delivered in 2H CY 2023 and will contemplate gold production from Menzies and Laverton where Brightstar already have processing infrastructure currently under care and maintenance.
It’s also eyeing the Link Zone deposits at Menzies as another potential small-scale mining campaign in a similar vein to Selkirk after running into bonanza grades of up to 54g/t gold from an ongoing 43-hole RC drill program earlier this year.
This article was developed in collaboration with Brightstar Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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