THE BOURSE WHISPERER: Barra Resources (ASX: BAR) has completed a strategic review of its gold assets resulting in an updated gold exploration strategy for the company’s wholly-owned Burbanks gold project southeast of Coolgardie in Western Australia.
Barra Resources recently consolidated ownership over the entire Burbanks gold project following the re-acquisition of the Birthday Gift gold mine, which the company said was the first key step in the implementation of its new gold strategy.
The company explained that the Birthday Gift acquisition returns millions of dollars of underground development and infrastructure back into its portfolio with the Birthday Gift decline providing future access to in-situ resources and untapped depth potential at both Birthday Gift and Main Lode, two historically rich high-grade mines separated by just 600 metres of future decline extension.
Barra now has uninterrupted access to five kilometres of strike along the Burbanks Shear Zone, historically one of the richest gold producing structures in the Coolgardie Goldfield.
From here the company hopes to build the resource inventory at Burbanks by embarking on a clear, focused and systematic exploration program targeting a newly established Exploration Target for Burbanks.
“The company’s new gold strategy sets a pathway targeting over 500,000 ounces of gold before embarking on a new mine plan and ultimately restarting mining operations,” Barra Resources said in its ASX announcement.
“The addition of a JORC 2012-compliant Mineral Resource Estimate of 95,400 ounces via the acquisition of Birthday Gift provides a solid foundation that will underpin resource growth at Burbanks via accelerated exploration activity.”