Brightstar Resources Limited (ASX:BTR) has completed a placement to raise A$2.3 million to fund its ongoing exploration activities in Western Australia.
The company is continuing to progress the exploration RC drill programme at Cork Tree Well (with an existing JORC Resource of 237koz @ 1.9g/t Au).
Drilling commenced on September 10, 2021 at the southern end of the project area adjacent to the southern pit. Since then, more than 26 holes for ~4,000m have been completed.
Managing Director, William Hobba, said the programme is proceeding ahead of the planned drill rate, delivering more cost-effective drilling rates in the programme to date. The results of the infill and extensional drilling programme so far have been encouraging and confirmed the geological model.
The targeted geological sequence that hosts the gold mineralisation is a sedimentary package that is composed of Sedimentary Iron Formations (SIFs), Shales and Chert horizons with minor quartz veining throughout.
This is underlain by a basal mafic unit and overlain by high magnesian basalt.
“We are excited to have completed the Placement, with the necessary funding on hand to significantly advance the Cork Tree Well deposit,” Mr Hobba said.
“The current drilling programme is proceeding ahead of schedule and under budget, and given this is the first programme since 2012, it is exciting to see the anticipated gold-bearing geology where it is modelled.
“This drilling is expected to increase the size and confidence category of the current JORC Resource at Cork tree Well.
“Analytical results are being undertaken by Minanalytical Ltd in their Perth facilities, with initial results for the first gold assays are expected mid-late October.
“Strike Drilling’s team are performing very well providing safe, effective and efficient drilling with high quality samples. This is reflected in the higher than expected metres drilled to date.”
For further information please visit: http://www.brightstarresources.com.au/