Brightstar Resources Limited (ASX:BTR) Secures Up to 80% Interest in Goongarrie Gold Project through Cazaly Earn-in
Joint Venture Agreement
Brightstar Resources Limited announced that Cazaly Resources Limited has exercised its option to earn up to an 80% interest in the Goongarrie Gold Project by funding $3 million in exploration expenditures. The earn-in is structured in three stages: $1 million within 12 months for a 25% interest, an additional $1 million over 18 months for a total of 51%, and a further $1 million over another 18 months to reach 80%.
Exploration Activities
Exploration activities have commenced with Cazaly reprocessing geophysical data and prioritising drill planning at the Duke of York and Hastings gold prospects. Reverse circulation drilling is planned to test historical gold intercepts alongside broader aircore drilling along the Bardoc Tectonic Zone. Brightstar retains exposure to exploration upside while focusing on its core assets in Laverton, Menzies, and Sandstone.
Executive Comments
Managing Director Alex Rovira stated, “We are pleased to see Cazaly exercise its option to advance exploration at the Goongarrie Gold Project, as Brightstar streamlines its portfolio to focus on our core development and operational assets at Laverton, Sandstone and Menzies. This Joint Venture enables Brightstar to retain meaningful exposure to exploration success at Goongarrie while directing our resources toward ongoing mining operations at Second Fortune, the development of the Fish underground mine and advancing the Laverton-Menzies Definitive Feasibility Study. We look forward to working with Cazaly as it ramps up its exploration of the Goongarrie Gold Project.”
Motley Fool contributor Lauren Surplice has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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