Barra Resources Limited (ASX: BAR) is a gold exploration and production company. The Company's exploration projects are located primarily in Western Australia and include Riverina, Quinns and Phillips Find.
The company has through the latest release on ASX stated that it had completed a first pass 338 hole, 9,669m Air Core (AC) drilling program at the Truth target area, within its Phillips Find Gold Project, 50km north of Coolgardie, Western Australia. The few key highlights for the same are as follows:
- Broad gold anomalism (>0.1g/t gold) up to 33m thick encountered including significant gold intersections (+1.0g/t gold) of 4m @ 4.40 g/t Au and 4m @ 2.95 g/t Au.
- Anomalous and highly encouraging gold trends defined and were found to be associated with strike extension of the Phillips Find Mine Sequence that hosts multiple deposits at the Phillips Find Mining Centre.
- The program identifies and narrows the focus to several new high priority targets that require further infill drilling and testing below the weathering profile.
The AC drilling program was designed to be a broad spaced first pass test of the 6km x 1.5km Truth target area, successfully intersecting multiple zones of low-level gold anomalism over the target area.
Several trends were defined as parallel to and associated with weathered bedrock structures along the strike extension of the Phillips Find Mine Sequence geology (Figure 2,3). The Phillips Find Mine Sequence hosts three open-pit mines at the Phillips Find Mining Centre (PFMC), which has produced a combined 33,000oz of gold to-date. Several new targets have now been identified along strike of the PFMC which now require prioritization before further follow-up infill AC drilling and testing for mineralization at depth with Reverse Circulation (RC) drilling.
Before this drilling program, the Truth target was defined by a convalescence of intense structural deformation interpreted by mapping and coincident multi-element auger geochemical anomalism, both completed in 2017. The location of crucial lithostratigraphy and structural continuity was not known at a scale required to identify deeper drilling targets. The current work has provided this necessary resolution and provided visibility to the bedrock geology.
The broad spaced program was designed to penetrate only the regolith profile by drilling until blade refusal was encountered at the bedrock interface and test for gold dispersion bleeding off potentially mineralized bedrock structures. In this regard, the program exceeded the Company’s expectations with several broad zones of low-level gold anomalism encountered and associated with deeply weathered formations and favourable PFMC Mine Sequence geology.
In contrast to the PFMC however, where the gold deposits daylighted at the surface, most of the Truth target area is obscured by the recent alluvial cover and weathering up to 50m depth. Another exciting outcome of the program is that a high proportion of gold anomalism encountered was located beneath recent multi-element auger geochemical anomalism in deeply weathered regolith, and in areas not previously drilled.
In the meantime, the stock price of the company has fallen by 14.29 percent in the past six months as on 16 January 2019. Company’s shares last traded at $0.040, up by 11.111% and it has a market capitalization of circa $19.40 Mn as on 17 January 2019.
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