Brightstar Resources (ASX: BTR) has announced the identification of 24,000 ounces of gold in a maiden ore reserve estimate for the Second Fortune and Fish underground mines located in Western Australia. Brightstar Resources is focused on developing its gold assets through exploration, development, and production. The company aims to become a significant Australian gold producer with a multi-asset, multi-deposit production base.
The gold estimates include 52,000 tonnes at 3.36 grams per tonne for 6,000 ounces at Second Fortune, and 175,000 tonnes at 3.23 grams per tonne for 18,000 ounces at Fish. According to the company, the estimated reserves declared for the operating Second Fortune and Fish underground mines underpin its current FY26 production and are related to an ore purchase agreement with Genesis Minerals.
Brightstar is scheduled to produce its first ore at Fish within the next week. The company has invested the required capital expenditure at Fish and anticipates the mine to commence generating revenue within the September quarter. Managing director Alex Rovira highlighted the considerable upside at both ore bodies, noting they are open at depth and along strike.
Mr. Rovira added that the underground ore reserves and targeted FY26 gold production profile would complement the open pit ore reserves and proposed mine plans in the definitive feasibility study into the Menzies and Laverton gold projects. The company is set to release the definitive feasibility study next week. Mr. Rovira stated that Brightstar has been steadfast in its approach to de-risking assets and advancing them towards development, with multiple production centres and mining operations to underpin a growing production profile.
