Join our daily newsletter At The Bell to receive exclusive market insights
Microcap Brightstar Resources (ASX:BTR) shares were up 8.3 per cent to 1.3cps in the first half hour of Tuesday trade as the company flagged an impressive gold hit.
The company has flagged a 27.6m long drill core intersection grading at an eye-catching 17.8 grams of gold per tonne (g/t), firmly a high grade read.
That drillhole was labelled CTWMET003.
What’s more, the intersection came from a relatively easy to love depth of only 51 metres underground.
That result came from two drillholes sunk by a diamond tipped rig on-site plugging away at an unmined central deposit at Brightstar’s Cork Tree Well asset.
Geology hosting the result was partially quartz – a well understood host rock for Australian gold miners.
Metallurgical testwork will now commence “to feed into [Pre-Feasibility Study] workstreams.”
“CTWMET003 returned an excellent high-grade, shallow intersection 51m,” Brightstar chief Alex Rovira said.
“[This] complements previously announced intersections which included a strong result drilled 1km to the north.”
The assays flagged today were the first from diamond drill rigs sunk on-site Cork Tree by Brightstar; diamond rigs typically go deeper than RC rigs can.
In Rovira’s view, today’s reported assays underscore the potential of an underground structural gold system on-site the project – especially given results come from underneath a “historically mined shallow open pit.”
There could still be gold enough yet to warrant a microcap moving in on the brownfield asset.
Management is hoping to further grow out an existing 303,000 ounce of gold resource grading at 1.4g/t.
Shares last traded at 1.3cps.
