Name of the Project
Burbanks gold project.

Location
The project is located 9 km south of Coolgardie, in Western Australia.

Project Owner/s
Greenstone Resources, formerly Barra Resources.

Project Description
Burbanks is based on indicated and inferred mineral resources of 1.24-million tonnes grading 3.7 g/y gold for 145 700 oz of gold, and has identified the potential for shallow underground mining at the Birthday Gift and Main Lode gold mines.

The project includes the Burbanks Mining Centre and more than 5 km of the highly prospective Burbanks Shear Zone.

Underground mining has been selected as the preferred method over openpit mining. Four areas have been identified for shallow underground mining: the Hadfield and Dahmu lodes within the Birthday Gift gold mine, and the areas north and south of the historical Main Lode gold mine. Other lodes at Tailor, Eastern and Jesson within the Birthday Gift mineral resource may also be suitable for future mining.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
Not stated.

Latest Developments
Greenstone Resources has poured its first gold from the Burbanks mining centre, as part of the Stage 1 trial mining agreement joint venture (JV) with FMR Investments.

About 20 500 t of low-grade development ore were processed at the Greenfields mill during the first processing campaign over a nine-day period at the end of December. This resulted in a maiden gold pour of 840 oz of gold, worth an estimated A$2.1-million.

The recovered doré bullion has subsequently been shipped to the Perth Mint for refining and sale, with first revenue to the JV expected over the coming weeks. 

With high-grade underground ore stoping activities under way, a further two to three processing campaigns are expected, totalling between 60 000 t and 75 000 t over the coming months.

Greenstone MD and CEO Chris Hansen says while trial mining activities serve to materially derisk current and future operations, the core focus for the company remains on building its resource inventory of 145 700 oz currently by continuing aggressive exploration activities at Burbanks.

"Planning is currently well advanced for the first drill campaign of 2022, with a multipurpose diamond and reverse circulation drill rig scheduled for mobilisation in late January. The initial focus will be on following up on the high-grade mineralisation intercepted immediately north of the Burbanks mining centre in late December 2021, where high-grade mineralisation was previously thought to terminate due to faulting."

Key Contracts, Suppliers and Consultants
Snowden Mining Industry Consultants (scoping study).

Contact Details for Project Information
Barra Resources, tel +61 8 9481 3911 or email admin@greenstoneresources.com.