Brightstar Resources acquires Mikado gold project near Laverton

Brightstar Resources has entered into a binding agreement to acquire the Mikado gold project from Panther Metals. The deal involves five exploration licences located near Brightstar’s Laverton processing plant in Western Australia. The acquisition was completed for a $350,000 consideration funded from existing cash reserves.

This acquisition is intended to consolidate Brightstar’s control over the Laverton plant precinct. The new tenements provide the necessary land for a proposed haul road to connect the Fish underground and Lord Byron open-pit operations to the plant, which is expected to reduce haulage costs. Additionally, the land provides space for water exploration, borefield infrastructure, and expanded tailings storage capacity.

Managing director Alex Rovira stated that the move allows the company to “future-proof” an expansion of the Laverton facility from 1.5 million tonnes per annum to 2.5 million tonnes per annum. Brightstar and Panther have also established a framework for a strategic mining and processing partnership regarding Panther’s Burtville East gold deposit.