{"id":9168,"date":"2024-05-07T02:34:08","date_gmt":"2024-05-07T02:34:08","guid":{"rendered":"https:\/\/economicherald.net\/?p=9168"},"modified":"2024-05-07T02:34:08","modified_gmt":"2024-05-07T02:34:08","slug":"brightstars-gold-production-future-brightens-as-linden-gold-alliance-ramps-up-second-fortune-mining","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=9168","title":{"rendered":"Brightstar\u2019s gold production future brightens as Linden Gold Alliance ramps up Second Fortune mining"},"content":{"rendered":"<p>Linden Gold Alliance ramps up mining rates at the Second Fortune gold mine<br \/>\nSampled Main Lode ore veins within the ore development drives return grades of +40g\/t gold<br \/>\nSurface and underground drilling contractors engaged for resource and near-mine exploration<br \/>\nBrightstar Resources continues to progress acquisition of Linden<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> Brightstar Resources could enjoy stronger gold production should it complete the acquisition of Linden Gold Alliance with the latter ramping up mining rates at the Second Fortune mine.<\/strong><\/p>\n<p>In late March, the company launched <a href=\"https:\/\/stockhead.com.au\/resources\/brightstars-linden-takeover-will-add-gold-production-and-resources-backing-its-goal-of-becoming-a-mid-tier-producer\/\"><strong>an off-market scrip takeover<\/strong><\/a> of public unlisted company Linden Gold Alliance, which owns the operating Second Fortune underground gold mine.<\/p>\n<p>Second Fortune had produced 13,000oz of gold up to that point of the financial year through\u00a0<a href=\"https:\/\/stockhead.com.au\/company\/genesis-minerals-gmd\/\"><strong>Genesis Minerals\u2019 (ASX:GMD)<\/strong><\/a>\u00a0Gwalia processing facility, which had similarly toll treated ore for\u00a0<a href=\"https:\/\/stockhead.com.au\/company\/brightstar-resources-btr\/\"><strong>Brightstar Resources (ASX:BTR)<\/strong><\/a>\u00a0and its\u00a0<a href=\"https:\/\/stockhead.com.au\/resources\/with-gold-punching-above-3300-oz-brightstars-selkirk-is-reaping-the-rewards-of-all-time-high-prices\/\"><strong>Selkirk joint venture<\/strong><\/a>.<\/p>\n<p>Production isn\u2019t the only benefit that the company will gain from the acquisition.<\/p>\n<p>Acquiring Linden will add another 350,000oz grading 2.1g\/t gold in WA\u2019s Laverton district to its resources, most of which is contained within the development-stage Jasper Hills project, which is the subject of an outstanding scoping study.<\/p>\n<p>This outlines the potential to deliver 35,000oz per annum of gold with an initial 141,958oz mined over ~3.75 years, boasting a pre-tax net present value and internal rate of return of $99 million and 736%, respectively.<\/p>\n<p>Under the offer, Linden securityholders will receive 6.9 BTR shares for every Linden share they hold and 6.9 BTR options exercisable at 3.6c each and expiring on 25 February 2025 for each Linden option that is not exercised before the offer closes.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Mining rates ramping up<\/strong><\/h2>\n<p>BTR notes the Linden Gold Alliance has completed its underground capital development program and is now in ore production on the 1085 level under its owner operator model.<\/p>\n<p>It has also started production from stoping activities, which supplements the ongoing ore drive development along with the start of surface road haulage activities.<\/p>\n<p>Taken together, current stoping and development production is currently 7000\/t to 9000\/t per month and is ramping up towards the targeted 12,000t to 15,000t per month that was previously achieved at Second Fortune.<\/p>\n<p>Adding further interest, sampled Main Lode ore veins within the ore development drives have returned grades of +40g\/t gold.<\/p>\n<p>\u201cThe recommencement of ore haulage activities at Second Fortune is exciting to see as the team builds momentum towards the steady state production rate of 12,000 \u2013 15,000t per month by the September quarter 2024, which was the previous mining rate at Second Fortune,\u201d BTR managing director Alex Rovira said.<\/p>\n<p>\u201cWhilst the operational Linden team on site is focused on safe production, Brightstar and Linden geologists have worked together to design a surface and underground drill program to build confidence in the existing mineral resource estimate as part of Brightstar\u2019s broader +30,000m drilling program across the Menzies and Laverton portfolio in the near term.<\/p>\n<p>\u201cThis forms part of Brightstar\u2019s commitment to unlocking the inherent value in the Linden assets and advancing the enlarged groups\u2019 assets towards development and monetisation of the combined resource base within the Eastern Goldfields.\u201d<\/p>\n<p>\u00a0<\/p>\n<p>Planned surface and underground drillholes into Second Fortune. Pic: Brightstar Resources<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Next steps<\/strong><\/h2>\n<p>Surface and underground diamond drilling contractors have been engaged to start resource definition and near-mine exploration programs in the near-term.<\/p>\n<p>BTR says the combination of the two companies will allow it to leverage its capital strength to deliver new drill programs to build mineral resources and enable ore reserve classification.<\/p>\n<p>It will also allow the combined company to unlock latent value at Second Fortune by improving access to equipment and utilisation, and \u2018future proof\u2019 the mine through exploratory deep drilling to delineate ore horizons at depth for future resource definition drilling programs.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Brightstar Resources, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/brightstars-gold-production-future-brightens-as-linden-gold-alliance-ramps-up-second-fortune-mining\/\">Brightstar\u2019s gold production future brightens as Linden Gold Alliance ramps up Second Fortune mining<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Linden Gold Alliance ramps up mining rates at the Second Fortune gold mine Sampled Main Lode ore veins within the ore development drives return grades <a href=\"https:\/\/economicherald.net\/?p=9168\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":9169,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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