Burbanks Gold Project
A strategic review of the Company’s gold assets in early 2018 resulted in an updated gold exploration strategy, for its wholly owned Burbanks Gold Project, located 9km southeast of Coolgardie, Western Australia. This review identified an initial Exploration Target of 223,000oz to 564,000oz of gold for the Project. This new Gold Strategy selected a systematic exploration approach to building the resource inventory at Burbanks to a critical mass ahead of mining endeavours.
The recent consolidation of ownership over the entire Project following the re-acquisition of the Birthday Gift Gold Mine (Birthday Gift) was the first key step in the implementation of the Gold Strategy. The acquisition brought millions of dollars of underground development and infrastructure back into the Company’s portfolio. Importantly, the Birthday Gift decline provides future access to in-situ resources and untapped depth potential at both Birthday Gift and Main Lode, two historically rich high-grade mines separated by just 600m of future decline extension.
With uninterrupted access to 5km of strike along the Burbanks Shear Zone, historically one of the richest gold producing structures in the Coolgardie Goldfield, Barra is now set to build the resource inventory at Burbanks by embarking on a clear, focused and systematic exploration program targeting a newly established Exploration Target for Burbanks.
The Exploration Target for Burbanks is now identified as 223,000 to 564,000 ounces of gold, inclusive of the Birthday Gift Mineral Resource (Table 1). 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. It is uncertain if further exploration will result in an estimation of a Mineral Resource.
Table 1: Burbanks JORC 2012 Exploration Targets and Mineral Resource.
Note: The above Exploration Target does not include any potential mineralisation below an economic search window, limited to within 500m of the surface, or targets to the south of the Birthday Gift Mine.
The above Exploration Target is inclusive of a JORC 2012 compliant Mineral Resource Estimate of 95,400oz of gold at Birthday Gift (Table 2).
Table 2: Birthday Gift Mine (Burbanks Deposit) Mineral Resource Inventory (as at 30 June 2016)i.
i) The information in this release that relates to the Birthday Gift Exploration Target has been extracted from Kidman Resources Limited’s KDR:ASX Release dated 25/08/2015 “Initial 99,000oz Resource for Burbanks gold mine in WA”, available to view at www.kidmanresources.com.au. The Company is not aware of any new information or data that materially affects the information included in the previous reports and that all the previous assumptions and technical parameters underpinning the estimates in Kidman’s ASX Release dated 25/08/2015, have not materially changed.