
Drilling at Bull Oak and Achilles confirms high-grade continuity at depth. An updated resource estimate is due this month ahead of a Pre-Feasibility Study.
Brightstar Resources (ASX:BTR) keeps adding evidence that its Sandstone gold project in Western Australia is more than a collection of deposits. Results from diamond and reverse circulation drilling programs, released this week, show high-grade continuity at depth within broader lower-grade envelopes – the same pattern that makes the Two Mile Hill-Shillington deposit work.
Managing Director Alex Rovira said the Bull Oak drilling confirms that geology. "High-grade continuity at depth within extensive lower-grade mineralised envelopes, emulating the geology and mineralisation observed at Two Mile Hill-Shillington," he said. The two deposits sit within five kilometres of the proposed plant site.
Achilles, another deposit in the Sandstone Hub, is also delivering. Rovira said drilling there "continues to exceed expectations" with consistent mineralisation across both mafic and granitic rock types. That matters for the resource classification. The company wants to convert a substantial portion of Achilles to the Indicated category, which would de-risk the development pathway ahead of a Pre-Feasibility Study due later this calendar year.
Sandstone already hosts a Mineral Resource Estimate of 2.4 million ounces. An updated MRE is due this month, with a second update later in the year. Four rigs are running across the Hub.
At the Goldfields Hub, a reverse circulation program has finished at the Lord Byron deposit, targeting infill and resource extension ahead of open pit mining planned for late 2026. Assays are pending.
BTR last traded at 33.5¢, giving it a market cap of $367.7 million.
The question for a trader watching this is whether the resource updates deliver the step-change in grade and tonnage that would justify the current valuation against peers. The Achilles conversion to Indicated is the nearer-term catalyst. The Bull Oak bulk-tonnage story is the longer one. Both need to show up in the MRE numbers this month.
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