- Greenstone Resources (GSR) intersects visible coarse gold at a prospect within its Burbanks project located south of Coolgardie in Western Australia
- The latest results have confirmed the continuity of mineralisation beyond the Northern Fault at the Burbanks North prospect, adding 1.5 kilometres of prospective strike
- Managing Director and CEO Chris Hansen says the campaign has exceeded expectations and will provide the base for drill campaigns in the new year
- A longhole drill rig has also been mobilised underground with preparations for ore stoping underway
- Shares have been trading 3.57 per cent higher at 2.9 cents
Greenstone Resources (GSR) has intersected visible coarse gold at a prospect within its Burbanks project located south of Coolgardie in Western Australia.
The company is undertaking a 5500-metre drill campaign across the wider project area and last week announced a new discovery at the Burbanks South mine.
Now, results have been returned from diamond hole BBDD0025 which was completed as part of the 2200-metre program being undertaken at the Burbanks North prospect.
This drill hole has intercepted a five metre wide zone of brecciation with visible gold, within a broader sheared zone extending over 12 metres down hole and with strong fluid alteration.
Moreover, the company said geological logging has shown a zone of intense shear movement, allowing significant volumes of mineralising fluids to pass through the mafic host rocks.
The core returned 3.1 metres at 11.72 grams per tonne gold (g/t) from 282.4 metres which included 1.1 metres at 29.48 grams per tonne with 0.3 metres at 89.7 grams from 283.7 metres downhole.
Greenstone previously thought the mineralisation terminated north of the main lode, however the latest results confirm the continuity of the mineralisation beyond the Northern Fault.
Specifically, Managing Director and CEO, Chris Hansen said this intercept, in conjunction with drilling completed earlier this year, extends the prospective strike at Burbanks North to over 1.5 kilometres.
“The current 5500-metre drill campaign has already exceeded expectations and will provide the foundation for successive resource definition drill campaigns over the course of 2022,” he said.
Drilling at Burbanks North is expected to be complete by the end of this month with assays expected in the new year.
Trial mining activities are also progressing within the Main Lode with a longhole drill rig mobilised underground as stoping works begin.
The company is looking to drill, charge and fire the first stope at the end of this month with the entire stage one stoping process expected to be completed by the end of the second quarter of 2022.
Shares were trading 3.57 per cent higher at 2.9 cents at 3:02 pm AEDT.