Barra Resources Ltd. will initiate a study for potential mining options at the Burbanks gold project in Western Australia, given recent strength in gold prices that surpassed A$2,000 per ounce, CEO Sean Gregory said in an Aug. 2 statement.

The development came after it outlined a maiden inferred resource estimate at the Burbanks North Trend deposit of 20,359 ounces of gold contained in 359,998 tonnes grading 1.76 g/t gold using a 1.0 g/t gold cutoff grade.

Data for the maiden resource estimate used data from a drilling program composed of 188 aircore, 143 reverse circulation and 3 diamond core holes.

The indicated and inferred resource estimate at the project increased 16% to 145,700 ounces of gold contained in 1.24 million tonnes grading 3.7 g/t gold. The total resource for Burbanks now spans over 2.8 kilometers in strike length, with largely untested depth.