Barra Resources has formalised an agreement with FMR Investments (FMR) to start an open-cut mining operation at Burbanks North, 9km south of Coolgardie in Australia.
The Burbanks North deposit lies within the company’s reservation area within mining lease M15/161.
Go deeper with GlobalData
In 2010, previous infill drilling at Burbanks North intersected downhole widths of shallow oxide gold mineralisation over a strike length of 100m.
Under the agreement, FMR and Barra will fund an 80-hole 2,450m infill aircore programme at the deposit in a bid to confirm and expand the existing mineralised zone over a strike length of 200m.
A resource estimation and financial evaluation will be carried out prior to confirming a decision to proceed with mining development.
See Also:
The work with any future mining activities will provide information relating to strike potential of further mineralisation at Burbanks.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataKey parts of the agreement cover the project area with grid coordinates between 6,850mN and 7,050mN.
Upon reviewing drilling results, FMR will sign a mining agreement with Barra to mine and mill the ore .
Barra Resources chairman Gary Berrell said: “This deal is a great opportunity for Barra to unlock value from Barra’s excellent portfolio of advanced gold projects at relatively low-risk to Barra, drawing upon FMR’s mining capability and access to its nearby Greenfields milling facility.”
