Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
Barsele Minerals (TSXV: BME; US-OTC: BRSLF) has tabled an updated resource estimate for its Barsele gold project in northern Sweden totaling 5.5 million indicated tonnes grading 1.81 grams gold per tonne for 324,000 oz. gold and 25.4 million inferred tonnes at 2.54 grams gold for 2.08 million oz. gold.
The resource is split between pit constrained, bulk underground and selective underground mining methods. Most of the indicated ounces come from the pit constrained method, while most of the inferred ounces come from the selective underground method.
Barsele’s joint-venture partner Agnico Eagle Mines (TSX: AEM; NYSE: AEM) is operating exploration at the project. Agnico Eagle has a 55% stake in the project and can earn an additional 15% by completing a prefeasibility study.
The resource estimate is constrained to the Avan-Central-Skirasen gold zones, which sit in an 8 km long gold bearing structural corridor that remains open in all directions.
Since late 2015, Agnico Eagle has diamond drilled more than 135,000 metres at Barsele across 311 holes. The company drilled 91 holes in 2018 for nearly 35,000 metres. Recent highlights include 1.79 grams gold over 25 metres from 458 metres downhole and 1.98 grams gold over 9 metres from 161 metres downhole.
This story first appeared on The Northern Miner
