Barra Resources Ltd says it has uncovered one of the most spectacular gold discoveries in Australian resources history at its Burbanks underground mine near Coolgardie in Western Australia.
The exceptional high grade hit yielded 10,300 grams per tonne gold - or over 10 kilograms per tonne.
Shares in Barra spiked 8.77 per cent to 31 cents just moments after the announcement at 1505 AEDT Friday.
Managing director Dean Goodwin said he has been drilling for two decades in and around the Kambalda-Kalgoorlie gold province and could not recall an intersection of this magnitude.
The more than 0.21 metre intersection was part of a longer 4.69 metre intersection that graded a huge 462.1 grams per tonne gold in a hole that is the deepest ever drilled on the field.
"Barra will now intensify its drilling campaign around this new discovery as it is nowhere near Burbanks' previous historical underground workings and is well below current mine development," Mr Goodwin said.
Barra said the drilling was only made possible by the recent completion of the company's extensive decline development at Burbanks in readiness for resumption of full scale production next year.
"It was only because the decline work provided new drilling platform opportunities from depth that we could even access deeper and until now, unexplored areas below the mine," Mr Goodwin said.
BAR Price at posting:
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