Brightstar Resources (ASX:BTR) has produced 43 gold dore bars generating revenue of $18 million which has surpassed the entire budget for the Selkirk joint venture at the Menzies gold project.
A total of 430.7kg of gold oré was poured at the Genesis Minerals Gwalia processing plant, a milestone moment that yielded a price that exceeded the allocated costs and budget
Brightstar reported that 8,049.6 ounces of gold produced from 43 gold doré bars during the processing campaign had exceeded initial expectations. With the current gold price trading at approximately A$3,300 per ounce, the revenue generated from the Selkirk mining campaign significantly eclipsed the joint venture’s model.
To date, 5,546 ounces of gold have been sold to the Perth Mint at an average realized sale price of A$3,306 per ounce, resulting in revenue of A$18 million under the joint venture agreement.
Following maiden and subsequent gold pours earlier this year, all processing of the Selkirk ore has been completed at Genesis Minerals’ Gwalia processing plant.
Final reconciliations of the gold-in-circuit are now underway, with costs for the joint venture expected to be approximately A$12 – A$13 million. Once approved, the net project income will be split equally between Brightstar and its joint venture partner, BML Ventures Pty Ltd.
With positive reconciliations exceeding expectations, the company is well-positioned to continue its growth trajectory in the gold mining sector.
BTR has been trading at 1.7 cents.