Greenstone Resources Limited (ASX:GSR) has extended the mineralized strike horizon at the Burbanks Gold Project in Westen Australia by 25% following a new northern discovery.
Further results from the Phase-1 drill campaign continue to reaffirm the high-grade nature of Burbanks.
The Burbanks Gold Project is located on a granted mining lease just 9.0km south of Coolgardie, Western Australia and is supported by a network of existing infrastructure including grid power, sealed roads and several neighbouring toll treatment plants, all of which will serve to expedite any future production decisions.
The most recent results form part of the current 10,000 metre Phase-1 drill campaign principally targeting the unclassified mineralization supporting the recent JORC (2012) Exploration Target range of 3.3-3.6Mt at 2.0-2.8g/t Au for 215,000 – 230,000 ounces of contained gold.
This Exploration Target is entirely separate from the contiguous Mineral Resource of 3.4Mt @ 2.5g/t gold for 277,547 ounces and does not include over 2.0km of largely untested strike potential. The most recent significant intercepts from the Phase-1 drill campaign include:
▪ BBRC405D: 3.00 metres @ 7.28g/t Au from 131.0 metres, including: ▪ 1.00 metre @ 19.20g/t Au from 132.0 metres
▪ BBRC377D: 3.20 metres @ 4.71g/t Au from 185.8 metres, including: ▪ 0.37 metres @ 29.50g/t Au from 185.8 metres
▪ BBRC377D: 7.80 metres @ 3.01g/t Au from 194.7 metres, including: ▪ 1.40 metres @ 8.64g/t Au from 196.6 metres
Five holes were also completed in late 2022 testing the northern prospectivity of the Burbanks Shear Zone. Historically the Burbanks Shear Zone was the most significant gold producing structure within the Coolgardie Goldfield, of which Greenstone controls over 5.5km, with historical underground production exceeding 324,000oz @ 22.7g/t Au. Importantly this drilling intercepted shallow and high-grade mineralization, serving to extend the known mineralized strike horizon by over 25% from 3.5km to over 4.5km. Significant intercepts from this new northern extension at Burbanks include:
▪ BBRC428D: 1.32 metres @ 6.68g/t Au from 210.0 metres, including: ▪ 0.32 metres @ 20.40g/t Au from 210.0 metres
▪ BBRC424D: 1.98 metres @ 4.46g/t Au from 242.0 metres, including: ▪ 0.59 metres @ 12.00g/t Au from 243.0 metres
This northern extension will form a core component of the latter two phases of drilling to be undertaken post the completion of Phase-1 in March, with all phases serving to test the true geological potential of the Burbanks Gold project across the entire 5.5km strike of the Burbanks Shear Zone.
▪ Phase 1: 10,000m infill drill campaign targeting unclassified mineralisation as defined by the Exploration Target
▪ Phase 2: 15,000m targeting down dip & along strike extensions of known mineralised lodes
▪ Phase 3: 25,000m targeting greenfields targets and extensions down to 500.0 metres
Drilling is scheduled to resume this week, with the mobilisation of the first of two multipurpose (reverse circulation and diamond) drill rigs, with the second drill rig scheduled to arrive mid-February. The initial focus of drilling at Burbanks will be the completion of the Phase-1 drill campaign following which, Phase-2 and Phase-3 will be prioritised.
“The current Phase-1 drill campaign continues to exceed our expectations, highlighting the true geological potential of Burbanks. Following from the recent intercept in BBRC371D of 7.00m @57.84g/t Au from 90.0m in December, we have not only continued to deliver further high-grade intercepts, but also grow the known mineralized strike horizon by a further 25%,” Managing Director and CEO, Chris Hansen, said.
“We are now entering a transformational period for the company, where over the next six months we will seek to test the entire 5.5km strike horizon of the highly prospective Burbanks Shear Zone, through the completion of a three-phase drill campaign, which will then serve to underpin any future resource update or economic evaluation.
“The high-grade nature of Burbanks should not be understated, as over the past ten years since 2012 the average open pit grade has declined 16% to 1.29g/t Au, whereas Burbanks has subsequently joined an exclusive list of ASX listed Australian gold projects with a resource grade >2.5g/t.
“Unlike a number of other Australian gold projects, Burbanks is located in the epicentre of the Australian gold industry, surrounded by a network of existing infrastructure, including processing plants, grid power and sealed roads. Serving to lower capital intensities and expedite our path to sustainable commercial production.
“Outside of Burbanks, we continue to work closely with our Joint Venture partner at Mt Thirsty in relation to an ownership consolidation and Initial Public Offering (IPO) of the Mt Thirsty project, principally aimed at providing our shareholders with a clear distinction between our base metal and precious metal projects.
“With drilling scheduled to resume this week at Burbanks, and gold assays typically returned within two to three weeks, we look forward to keeping the market updated on a regular basis.”
For further information please visit: https://greenstoneresources.com.au/