
Brightstar logged 53 visible gold occurrences at Two Mile Hill. MD says the tonalite-hosted system could be significant. Shares rose 8.76% to 52.8¢. Assays pending.
Brightstar Resources logged 53 visible gold occurrences from two of four planned diamond drill holes at the Two Mile Hill deposit, part of the Sandstone gold project in Western Australia. Shares rose 8.76% to 52.8 cents, giving the company a market capitalisation of A$532.4 million.
The drilling targeted the host tonalite intrusion at depth. Managing Director Alex Rovira said the intersection of more visible gold and significant thickness of the mineralised tonalite is extremely exciting for Two Mile Hill.
Rovira said the company is seeing thicker tonalite, with downhole widths of 400 to 500 metres in both completed holes. Gold-bearing quartz veins were logged throughout the tonalite unit.
The new extension at depth, named the Shirvington Zone, presents material upside to the interpreted dimensions of the host unit and the current mineral resource envelope. Rovira described some of the individual gold intersections as "spectacular to see" and said the find shows how significant a mineralised system this tonalite-hosted deposit could be.
The combined Two Mile Hill-Shillington deposit holds a gold mineral resource estimate of 731,000 ounces at 1.6 grams per tonne. Assays from previous diamond drilling programs at Two Mile Hill, designed as infill for the pre-feasibility study, are expected shortly.
Rovira said Brightstar's ongoing exploration success at Two Mile Hill and the Bull Oak deposit has improved the company's understanding of these felsic intrusive units in Sandstone. Up to ten geophysical analogues in the central Sandstone area, proximal to Two Mile Hill, remain undrilled and represent opportunities for multiple mineralised felsic intrusives throughout the Sandstone Greenstone Belt.
Two more holes remain in the 3,400-metre program. Assay results from the two completed holes are pending.
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