Explor and Mine developer, Barra Resources Limited (ASX: BAR) on 12 April 2019, updated about Mt Thirsty Maiden Mineral Resource.
The Mt Thirsty Cobalt-Nickel Project is situated sixteen- kilometre, North Western direction of Norseman, in West Australia. The project is jointly owned by Barra Resources Limited and Conico Limited (ASX: CNJ) and is called Mt Thirsty Joint Venture (MTJV). The Project comprises of the Mt Thirsty Cobalt-Nickel Oxide Deposits and has the prospects to develop as Australia’s next cobalt producer. The MTJV is progressing a Pre-Feasibility Study (PFS) on the project.
The Mt Thirsty North Cobalt-Nickel deposit is of the same style to the main Mt Thirsty Cobalt-Nickel deposit, situated 3km to the south. The Mt Thirsty North Deposit is situated beneath a laterite capped ridge and is hosted in strongly weathered ultramafic peridotite rocks between a sediment-ultramafic-basalt sequence to the west and a thick gabbro-pyroxenite unit to the east. The mineralisation is relatively flat-lying but varies from almost outcropping to greater than 20m below the surface. Immediately below the laterite, goethitic clays are present with an iron content of around 30% (Goethitic Upper Saprolite Domain or RSgo domain).
Total Mt Thirsty Mineral Resource is owned by MTJV and now stands at 26.6Mdt @ 0.113% cobalt and 0.52% nickel. The maiden Inferred JORC 2012 Mineral Resource assessed for Mt Thirsty North consisted of 1.5 Mdt @ 0.092% cobalt and 0.55% nickel.
On the drilling techniques front, 45 air core (AC) drill holes have been drilled at the Mt Thirsty North Deposit. 14 reconnaissance holes were drilled in 2015, and 31 resource definition holes were drilled in 2017 (MTAC751-796). No additional Reverse Circulation (RC) or Sonic Core (SC) holes were drilled at Mt Thirsty North.
About sampling and sub-sampling techniques, it has been observed that the drill hole cuttings were collected in a cyclone and subsequently reduced in volume with a riffle splitter by hand. The cyclone was cleaned between each three-metre rod, and riffle splitters were cleaned as required.
Drill hole spacing is generally 40mE x 100mN, with some holes at 40mE x 50mN in the centre of the deposit. Density, moisture, variography, drilling technique twinning and metallurgical performance has been assumed to be like the Mt Thirsty main deposit based on the similar mineralisation style.
The Samples were crushed, pulverised and analysed for Co, Ni, Mn, Mg, Al & Fe using a four-acid digest with an ICP-OES finish by Bureau Veritas’ Perth laboratory. These procedures are considered appropriate for the elements and style of mineralisation.
The geometry of the deposit (shallow, flat-lying nature and low strip ratio) is amenable to open pit mining, and the MTJV has completed a Scoping Study at the main Mt Thirsty Deposit that demonstrated the potential of a mining operation at the site. Pit designs, based on optimised pit shells, completed during the Scoping Study, were used to test for reasonable prospects for eventual economic extraction and it was noted that less than 2% of the mineralisation fell outside the pit limits.
Engineering of the processing plant and capital and operating cost estimating to a PFS level of accuracy at optimised conditions is presently set to begin and is subject to receive funding approval by the MTJV.
On 17 January 2019, the company announced about the encouraging outcomes received from Phillips Find drilling.
The shares of BAR last traded on 10 April 2019, at a price of A$0.029.
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.