- Greenstone Resources (GSR) completes its first gold pour from the Burbanks Mining Centre in Western Australia
- Processing began on December 28 with 20,500 tonnes of low-grade development ore processed, resulting in a maiden gold pour of 840 ounces worth $2.1 million
- A further two to three processing campaigns are expected, totalling between 60,000 and 75,000 tonnes over the coming months
- Greenstone has also submitted four final drill holes from drilling at Burbanks North for analysis, with results expected in the next few weeks
- Shares in Greenstone Resources are down 3.45 per cent on the market and are trading at 2.8 cents
Greenstone Resources (GSR) has completed its first gold pour from the Burbanks Mining Centre in Western Australia.
This gold pour forms part of the Stage I Trial Mining Agreement Joint Venture between Greenstone and FMR Investments.
Processing through the neighbouring Greenfields Mill began on December 28 with 20,500 tonnes of low-grade development ore processed over nine days. This resulted in a maiden gold pour of 840 ounces, worth $2.1 million, with grades in line with expectations.
The doré bullion has now been shipped to the Perth Mint for refining and sale with first revenue expected in the coming weeks.
A further two to three processing campaigns are expected, totalling between 60,000 and 75,000 tonnes over the coming months.
CEO and Managing Director Chris Hansen said this gold pour represents a major milestone for the company.
“This represents a major milestone in Greenstone’s renewed strategy, serving to expedite the path to long-term and sustainable commercial production through the provision of invaluable technical information associated with geology, underground mining and processing,” Mr Hansen said.
“Importantly, this initial processing campaign only utilised the low-grade development ore mined during the establishment of underground operations.”
Greenstone is also finalising results for the remaining four holes from its drilling program at Burbanks North, which have been sent for analysis and are expected in the next two to four weeks.
Two reverse circulation and five diamond holes were drilled, but results have only been received for hole BBDD0025, which intersected 3.1 metres at 11.72 grams per tonne (g/t) gold from 282.4 metres.
Planning is now underway for further exploration at Burbanks with drilling scheduled to resume later in the month.
Shares in Greenstone Resources were down 3.45 per cent on the market and were trading at 2.8 cents at 11:34 am AEDT.