Announcement Date: 2022-09-20
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Greenstone Resources Ltd.
Project name: Burbanks
Location: Australia
Commodities: Gold
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Greenstone Resources Limited (ASX:GSR) (Greenstone or the Company) is pleased to report a significant increase to the Mineral Resource Estimates supporting the Coolgardie Mining Hub, consisting of the Company’s 100% owned Burbanks and Phillips Find gold projects near Coolgardie, Western Australia. The updated global Mineral Resource estimate was undertaken in conjunction with Entech Mining and now totals 4,169,930t @ 2.5g/t gold for 332,114 ounces of contained gold (Indicated and Inferred), which represents an increase of 186,414 ounces (128%) over the previous Mineral Resource 4 . Importantly, at Burbanks the Resource is largely limited to upper 200 metres with a number of high-grade intercepts as deep as 350 metres below surface remaining outside of the current Resource. An aggressive extensional drill campaign is underway targeting these immediate additions outside of the Resource area. The Company and previous trial-mining joint venture partner, FMR Investments Pty Ltd (FMR) have mutually elected to terminate the previously announced agreement (ASX: GSR 30/04/2020; 25/02/2021). Crucially, this serves to return 100% of the Burbanks operations to Greenstone and aligns with the Company’s objective to become a long-term and sustainable gold producer, underpinned by the existing resource and future additions.
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