Perth based Barra Resources, an exploration and mining company with a focus on targeting and developing high grade gold deposits, yesterday said its deep drilling program had hit an intersection yielding a sensational 10 kilograms - of gold per tonne of ore at its Burbanks mine near Coolgardie in Western Australia.
As a result of the findings shares in Barra Resources surged nearly 23 per cent on Friday. The news sent investors piling into Barra shares, which jumped 6.5 to 35 following the announcement.
Barra managing director Dean Goodwin said the explorer would now intensify drilling around the new discovery. The intersection is a relatively modest 21 centimetres; it is part of a longer 4.69 metre structure.
The hole is the deepest ever drilled on the field, hitting the intersection at 350 metres depth. the intersection was believed to be associated with a totally new reef and was the first of six holes scheduled to drill deep targets.
Barra started the drilling program in a bid to beef up its gold reserves after producing around 27,000 ounces of gold this year. Drilling had been halted for the Christmas break but would start again in the second week of January.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment