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Westgold Resources Ltd (ASX:WGX) says the mineral resource estimate (MRE) of its Starlight underground mine in Western Australia has grown 91% since June, with the new estimate coming in at 12.9 million tonnes (Mt) at 2.7 grams per tonne (g/t) of gold for 1.13 million ounces (Moz).
The overall MRE numbers describe a mine with two main components: an underground mineral resource of 8.7Mt at 3.0g/t for 840koz, and a newly estimated Open Pit Mineral Resource of 4.2Mt at 2.2g/t au for 290koz.
The underground mine registered a 43% increase in resource since June 2024, following a 41% increase in the year to June 2024.
The update for Starlight is built around Westgold’s 2-year drilling program, which was seeking to provide more options – based on MRE growth – for the company’s Fortnum Project in WA’s Muchison region.
One immediate example of these options includes a scoping study which has been kicked off to consider expanded options for mining at Fortnum – looking at both underground and open pit options – with results to be reported in the second quarter of the 2025 fiscal year.
Managing director and CEO Wayne Bramwell said the upgraded numbers for Starlight were significant as markers of the company’s growth.
“A 91% increase in the Mineral Resource Estimate at Starlight marks two significant milestones for Westgold and the Fortnum Project,” he said.
“Our technical team has drilled continuously for two years to extend mine life and has now defined Mineral Resources that offer the potential to integrate both open pit and underground mining to expand Fortnum production.
“Importantly, this result demonstrates the organic growth opportunities that exist within Westgold’s portfolio.”
Despite this, Westgold shares were lower today, and at 12:20 AEDT, they were trading at $2.76 – a fall of 1.08% since the market opened.
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