Barsele Minerals Corp. reported an upgrade in resources at its 45%-owned Barsele property in Sweden, with 12% of the contained gold now classified in the higher-confidence indicated category.
The Barsele property hosts indicated resources containing 193,000 ounces of gold within 2.4 million tonnes of ore grading 2.50 g/t, and inferred resources containing 1.4 million ounces of gold within 15.3 million tonnes grading 2.91 g/t.
The estimate uses a cutoff of 1.75 g/t of gold, incorporates 99,343 meters of drilling completed from 1989 through October 2017 and is based on underground potential, according to the Feb. 26 statement.
The previous estimate, effective as of end-2016, outlined inferred resources of 21.7 million tonnes grading 1.72 g/t of gold for 1.2 million ounces.
Agnico Eagle Mines Ltd. holds the remaining interest in the project and acts as operator. The company can earn an additional 15% stake by completing a pre-feasibility study under a mid-2015 deal.
Barsele Minerals noted that the gold system at the Barsele project remains open for expansion in all directions and that a recent discovery was not included in the estimate.