ASX-listed Greenstone Resources has initiated a strategic review of near-term mining opportunities at its Burbanks and Phillips Find gold projects near Coolgardie, Western Australia.
The Coolgardie mining centre hosts a global resource totalling 6.8-million tonnes at 2.4 g/t gold for 520 134 oz of contained gold and is supported by a network of existing infrastructure.
“While the focus for the company remains the continued growth of the resource base to support a long life and sustainable operation, the company also believes that it is prudent to assess small-scale near-term production opportunities which may provide a near-term and nondilutive source of funding to allow the company to fund future exploration and resource growth activities,” says MD and CEO Chris Hansen.
Greenstone engaged an independent consultancy to undertake preliminary openpit optimisations for Burbanks and Phillips Find.
The initial optimisations have been completed for Burbanks, highlighting the potential for a high-grade starter pit within the existing permitted footprint. Early discussions are under way with potential mining and processing partners, reports Hansen.
Further, Phillips Find hosts a resource of 732 960 t at 2.3 g/t gold for 54 567 oz, which is located either adjacent to, or below, the historical openpits of Baccus Gift, Newhaven and Newminster. Openpit optimisation work is under way assessing the opportunity for pit cutbacks at these historical pits. Should the initial openpit optimisations be economically viable, detailed mine planning and permitting activities will start shortly thereafter.