- Development of the Mt Thirsty Cobalt Nickel project towards production
- Comprehensive drilling of Phillips Find and Burbanks Gold Projects, to obtain a significant consolidated resource
- Maintain a dual commodity strategy
Mt Thirsty is an advanced, high-grade Cobalt-Nickel Oxide deposit located 16km north-northwest from Norseman, Western Australia. The project is jointly owned by Barra and Conico Limited, together the Mt Thirsty JV (MTJV). The Indicated and Inferred JORC 2012 Mineral Resource for Mt Thirsty and the satellite Mt Thirsty North stands at 26.6Mdt at 0.113% cobalt and 0.52% nickel (refer to the ASX:BAR announcements 1 and 2).
In October 2017 the MTJV released a Scoping Study which has successfully proven a robust economic base case using sulphur dioxide as the preferred reagent within a simple hydrometallurgical process at atmospheric pressure.
The results are robust and provide a very solid base case to launch into the next stage of development. The project is heavily geared to rising cobalt prices. With approximately 80% of revenue scheduled to come from Cobalt at current prices, with the balance from Nickel, Mt Thirsty will be a Cobalt mine with Nickel credits; most other proposed and 97% of operating cobalt production is from nickel or copper mines with cobalt credits.
The Burbanks Project is located 9km southeast of Coolgardie, Western Australia. The Project comprises 3 contiguous tenements encompassing an area of 3.2 square kilometres and covers about 5 kilometres in strike length of the highly prospective Burbanks Shear Zone, the most significant gold producing structure within the Coolgardie Goldfield.
In November 2017 Barra re-purchased the Birthday Gift Mine from Kidman Resources to give Barra 100% ownership of the Burbanks Gold Project. The Birthday Gift mine has an Indicated and Inferred JORC 2012 Mineral Resource of 514,000t at 5.7 g/t Au for 95,400 Oz of gold (refer to ASX:KDR’s 2016 Annual report).
In 2018, Barra completed a geological assessment and strategic review of its gold portfolio which resulted in a comprehensive update to the Company’s Gold Strategy. The updated Gold Strategy is based on an initial Exploration Target of 223,000 to 564,000 oz of gold for Burbanks alone (refer to ASX:BAR announcement). The potential quantity and grade of the Exploration Target is conceptual in nature as there has been insufficient exploration to estimate a Mineral Resource beyond Birthday Gift and Main Lode. It is uncertain if further exploration will result in an estimation of a Mineral Resource.
The first step in realising this target has been drilling programs at the Main Lode Deposit which resulted in an Indicated and Inferred JORC 2012 Mineral Resource of 360,000t at 2.6 g/t Au for 29,900 Oz of gold. The brings the current global JORC 2012 Mineral Resource for Burbanks up to 125,300 Oz of gold (refer to ASX;BAR announcement).
The Phillips Find Gold Project is located 45km north-northwest of Coolgardie, Western Australia. The Project is comprised of 37 tenements covering an area of 44 square kilometres. All but 4 tenements are held 100% by Barra.
The Project covers over 10km of strike of prospective greenstone stratigraphy which includes the Phillips Find Mining Centre (PFMC) where open-pit mining has produced 310,500t @ 3.3g/t Au for approximately 33,000 ounces of gold from three deposits; Bacchus Gift, Newhaven and Newminster.
Barra’s recent work has been aimed at unlocking the structural complexities of the area to discover new deposits including new detailed geological mapping and auger geochemical sampling.
The Riverina Joint Venture (RJV) holds 100% of the rights to nickel only within the Riverina Nickel Project, located some 125km northwest of Kalgoorlie, WA. The project is owned and operated by Eastern Goldfields Limited as a gold project; the RJV has no statutory obligations in relation to the project tenements and no near-term plans to explore the Project for nickel.