Greenstone Resources will snap up four separate licences near Coolgardie in Western Australia, including the high-grade historic Phoenix underground gold mine, from Horizon Minerals.
The acquisitions complement Greenstone’s existing Coolgardie-focused gold portfolio consisting of both Burbanks and Phillips Find.
Phoenix is located 5 kilometres north of Coolgardie and importantly occurs in the same stratigraphic sequence as the proven Lindsays-Bayleys-Prices-Kings Cross trend which collectively totals more than 1 million ounces of gold.
As part of the purchase, Greenstone is also acquiring the Kangaroo Hill project, which is contiguous to Greenstone’s existing Burbanks gold project.
Phoenix managing director Chris Hansen said a second multipurpose drill rig later would arrive this month across the Coolgardie gold projects to further test both Phoenix and Kangaroo Hill.
