- Brightstar Resources (BTR) has acquired a new exploration licence that sits immediately adjacent to its Cork Tree Well (CTW) project in WA
- The company bought the tenement from Regis Resources for $10,000 in cash and there aren’t any outstanding conditions
- Brightstar says ‘outstanding’ results from a drilling program conducted at the project inspired it to further invest in the project area
- BTR plans to systematically explore E38/3434 alongside exploration activities at CTW with the aim of growing the delineated mineralised system
- Company shares were down 3.23 per cent to round of the day at 3 cents
Brightstar Resources (BTR) has acquired the E38/3434 tenement, which sits adjacent to its Cork Tree Well (CTW) project in the prospective Laverton Gold Belt of Western Australia.
The company bought the tenement from ASX-lister Regis Resources (RRL) for $10,000
in cash with no outstanding conditions.
Brightstar was reportedly inspired to further invest in the project area following ‘outstanding’ results from the reverse circulation (RC) drilling program conducted at the CTW project last year.
The RC program wrapped up in early December and generated results of two metres at 16.84 grams per tonne (g/t) gold from 96 metres, two metres at 6.23 g/t gold from 137 metres and 16 metres at 3.26 g/t gold from 112 metres.
Drilling showed that CTW is open at depth, down-dip and along strike to the north and with parallel lodes and indicated the potential for mineralisation on multiple contacts throughout the greenstone package.
Brightstar said the additional licence gives it the opportunity to increase the CTW project’s resource position and extends its operational area.
Managing Director William Hobba said the company was pleased to have acquired highly prospective ground adjacent to its current tenure.
“This will provide the company with increased exposure to high value new targets in the same area as our largest JORC Resource and the likely main focus in any potential mining scenario,” he said.
Brightstar is eager to systematically explore E38/3434 alongside exploration activities at
CTW with the aim of growing the delineated mineralised system.
Company shares were down 3.23 per cent to round of the day at 3 cents.