Oversubscribed $2.3m Placement To Fund Gold Exploration
Brightstar Resources Ltd (ASX: BTR) has received firm commitments from sophisticated investors to subscribe for a share placement to raise gross proceeds of A$2.3 million.
Managing Director, William Hobba, said that together with existing cash, the company is well funded to continue exploration efforts at its Laverton Gold Project, with a 12,000m RC drilling programme at Cork Tree Well underway and progressing well.
“We are very happy with the strong support for the Placement and it is a testament to the quality of our assets,” Mr Hobba said.
“The current drilling programme at Cork Tree Well represents the first drill holes completed there since 2012, and we are excited to follow up significant high-grade hits both at depth and along strike to continue to grow the current JORC Resource across the Laverton Gold Project of 445,000oz.
“The Placement places Brightstar in a strong position to enable us to continue to develop our exciting prospects, with the current RC drilling program at Cork Tree Well expected to increase the size and confidence of the current JORC Resource.”
Brightstar Resources Ltd is an emerging ASX-listed gold development company based in the Laverton region of Western Australia, an internationally renowned gold province.
The company possesses a JORC-2012 compliant 445koz Au Mineral Resource located across three major projects, Cork Tree Well, Alpha, and Beta.
Each of Brightstar’s major projects is located less than 60km from Brightstar’s flagship 330ktpa Brightstar Plant, which itself is just 15km south of the town of Laverton.
Laverton is an active and fully-serviced regional mining hub that is readily accessible from Perth, state capital of Western Australia. Currently on care and maintenance, the Brightstar Plant is located at the Beta Project and incorporates a modern 60-person camp.
Brightstar is currently preparing a three-year strategic plan with the intention of:
- returning the Brightstar Plant to production; and
- expanding its Mineral Resource through brownfields exploration.
For further information please visit: http://www.brightstarresources.com.au/