Greenstone Resources Limited provided an update on recent exploration activities at its Burbanks Gold Project, with further results from the Phase-1 drill campaign continuing to reaffirm the high-grade nature of the Burbanks Mining Centre. The Burbanks Gold Project is located on a granted mining lease just 9.0km south of Coolgardie, Western Australia and is supported by a network of existing infrastructure including grid power, sealed roads and several neighbouring toll treatment plants, all of which will serve to expedite any future production decisions. Importantly, Burbanks remains the only high-grade (>2.5g/t) resource greater than 250,000 ounces (measured, indicated & inferred) within 100km of Kalgoorlie that is not already in production. The most recent results form part of the current 10,000 metre Phase-1 drill campaign principally targeting unclassified mineralisation outside of the existing resource, as supporting the recent JORC (2012) Exploration Target range of 3.3- 3.6Mt at 2.0-2.8g/t Au for 215,000 - 230,000 ounces of contained gold (Appendix 1). This Exploration Target is entirely separate from the contiguous Mineral Resource of 3.4Mt @ 2.5g/t gold for 277,547 ounces (Table 2) and does not include over 2.0km of largely untested strike potential. The most recent significant intercepts from the Phase-1 drill campaign include: BBRC384DA: 1.49 metres @ 12.40g/t Au from 335.0 metres 0.59 metre @ 26.30g/t Au from 335.9 metres, BBRC382D: 1.50 metres @ 10.56g/t Au from 166.2 metres, 0.70 metre @ 15.60g/t Au from 167.0 metres
BBRC406D: 0.90 metres @ 16.99g/t Au from 215.6 metres, 0.35 metre @ 35.50g/t Au from 216.2 metres, BBRC383D: 5.01 metres @ 4.58g/t Au from 159.3 metres 0.84 metre @ 21.30g/t Au from 163.5 metres, BBRC384DA: 3.30 metres @ 6.48g/t Au from 199.1 metres, 0.65 metre @ 12.30g/t Au from 199.8 metres, BBRC387D: 3.65 metres @ 4.74g/t Au from 209.0 metres, 1.00 metre @ 8.39g/t Au from 210.0 metres. Importantly, these latest high-grade drill results remain outside the existing JORC (2012) Mineral Resource and have identified multiple high-grade parallel structures serving to reaffirm the potential for further resource growth. These newly identified structures are adjacent to both the current JORC (2012) Mineral Resource and the JORC (2012) Exploration Target, with the latter the primary focus of the current Phase-1 drill campaign. To expediate the completion of the Phase-1 drill campaign, a second multi-purpose drill rig has been mobilised to site with the Company entering into a $500,000 drill for equity agreement with United Drill Services Pty Ltd. The current Phase-1 drill campaign is expected to be completed by late-March, following which an updated mineral resouce estimatation will be undertaken with an updated resource statement expected by late-May 2023. Following the completion of Phase 1, the focus will shift to the northern extension, following up on high grade drill results received at the end of 2022. This northern extension zone will form a core component of the latter two phases of drilling to be undertaken post the completion of Phase-1 in March, with all phases serving to test the true geological potential of the Burbanks Gold project across the entire 5.5km strike of the Burbanks Shear Zone. Phase 1: 10,000m infill drill campaign targeting unclassified mineralisation as defined by the Exploration Target Phase 2: 15,000m targeting down dip & along strike extensions of known mineralised lodes, Phase 3: 25,000m targeting greenfields targets and extensions down to 500.0 metres.