A key attribute of both these sorts of "scarce" opportunities (that are currently featuring in ASX M&A activity), is, according to Greenstone, resources grading greater than 2.25 grams per tonne gold.
Greenstone's Burbanks resource is 6 million tonnes at 2.4gpt gold for 465,567 ounces, while its Phillips Find resource is 733,000t at 2.3gpt gold for 54,567oz.
A 15,000m drill campaign will focus below the historical mining area worked to an average depth of 140m, while Greenstone is also now moving towards metallurgical testwork and scoping or prefeasibility assessment in the current half-year.
The Chris Hansen-led Greenstone had A$4 million cash at the end of March.
Shares in Greenstone were trading at 1.7c this week, capitalising the company $20 million.
