Greenstone Resources Limited (ASX:GSR) has resumed exploration activities at the historic Phillips Find Gold Project in Western Australia.
Following from the recent Mineral Resource update and a broader regional review of the wider project area, a 5,500m drill campaign has subsequently been defined targeting shallow high-grade extensions beneath the historic mining centre as well as four high-priority regional targets.
The Phillips Find Gold Project is located 45 km northwest of Coolgardie, Western Australia and is supported by a network of existing infrastructure including road access and several neighbouring toll treatment plants, all of which will serve to expedite any future production decisions.
The Project hosts the historic Phillips Find Mining Centre (PFMC), consisting of three open pits which were intermittently mined between 1998 to 2015, producing a total of 32,839oz at 3.29g/t Au from largely the upper 50m, serving demonstrate the high-grade and high-potential nature of this ore system. In late 2022 the company declared a JORC (2012) Mineral Resource of 732,960t at 2.3g/t Au for 54,567oz of contained gold (Indicated & Inferred).
Since resuming exploration at the Phillips Find Mining Centre a “whole system” approach to exploration has been adopted, targeting a single underground operation beneath the three historical open pits which have a collective strike extent of ~1,200m.
A 5,500m drill campaign is currently underway, with 3,400m targeting extensions to known high-grade ore plunges beneath each of the three open-pits, with a further 2,100m planned testing four high priority regional targets supported by shallow historical drilling.
“We are excited to be resuming exploration at Phillips Find, with the Project having the potential to transform Greenstone from a single asset gold developer at Burbanks into a multi-asset gold company focused on the highly prospective Coolgardie region of Western Australia,” Managing Director and CEO, Chris Hansen, said.
“Historically, the Project has produced close to 33,000oz at 3.3g/t Au from three shallow open-pits, with the vast majority of production coming from the upper the 50m.
“The focus of the current campaign is two-fold, firstly focused on testing several high-priority regional targets supported by shallow RAB / AC drilling, and secondly targeting the down-dip extensions beneath the three historic open-pits.
“Our regional exploration portfolio at Phillips Find remains highly prospective, with the correct structural, lithological and geochemical environments to host future discoveries. Previous regional exploration has largely been limited to RAB and AC drilling, with very little fresh rock drilling, leaving several high-grade intercepts such as 3m @37.83g/t Au from 15m remaining untested by drilling and open at depth.
“The company is currently undertaking an updated Resource Estimate at Burbanks following the recent completion of the Phase-1 drill campaign, which is expected to be completed in the next two to three weeks. We look forward to keeping shareholders updated over the coming weeks, with drilling now underway at Phillips Find, Phase-2 drilling at Burbanks still continuing, and the Mt Thirsty Scoping Study remaining on schedule for July.”
For further information please visit: https://greenstoneresources.com.au/
