Proactiveinvestors Australia

Baru Resources gains extension for Horizon Mines acquisition

Tue, 23 Apr 2013 16:40:00 +1000

Baru Resources (ASX: BAC) has been granted a minimum three month extension to the due diligence period for the acquisition of a 100% of Horizon Mines.

The extension was provided as Horizon has now lodged a total of six mineral exploration tenement applications in Myanmar, as opposed to the five applications previously announced.

Horizon’s tenement applications primarily target porphyry copper-gold mineralisation as well as potential smaller, higher grade epithermal and sediment hosted gold deposits.

A number of old mines are also present within the permit applications.

Myanmar represents a highly prospective geological terrain which is expected to generate a large number of high quality deposits over the next five to 10 years as the country is now open for exploration.

It has virtually been unexplored for 65 years despite very high prospectivity.

As part of the due diligence extension, Baru will process the second tranche payment of A$25,000 reducing the amount payable for the proposed acquisition to $40,000 and the issue of 400,000 shares.

The outstanding amount will be made once the applications have been granted from the Department of Geology and Survey and Mineral Exploration in Myanmar.

Baru had around $1.9 million in cash at the end of the March 2013 quarter.

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Baru Resources sets sight on Myanmar riches, buys gold/copper tenements

Thu, 21 Feb 2013 15:10:00 +1100

Baru Resources (ASX:BAC) has acquired a 100% interest in Horizon Mines, which has 5 mineral exploration tenement applications in Myanmar.

These primarily target porphyry copper/gold mineralisation as well as potential smaller, higher grade epithermal and sediment hosted gold deposits.

The tenements in Myanmar are especially lucrative as the country is relatively underexplored and only recently has opened up its borders for foreign investments.

The exploration targets include porphyry type copper/gold deposits associated with acid to intermediate volcanic and sub volcanic intrusives. These will be Oligocene to Miocene in age and will lie in the Central Volcanic Arc of Myanmar.

Other targets include epithermal gold and VMS associated with granitic rocks of Miocene age also in the Central Volcanic Arc and Letpadaung style mineralisation that is highly prospective for Cu in the Eastern Highland Belt.

Under the terms of the deal, Baru will pay $75,000 cash with $10,000 to be paid at the time of signing of the agreement and will issue 400,000 fully paid ordinary shares in the company once the applications are granted.

The deal is subject to a 60 day due diligence and other regulatory approval.

Once the last exploration licence is granted, Baru will conduct exploration over the tenements in a 12 month period with a proposed investment of $200,000.

The company already has three projects areas located in Queensland, the Longreach Project, the West Galilee Project and the Galilee Project.

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Baru Resources closer to grant of Longreach coal tenement

Wed, 12 Sep 2012 12:00:00 +1000

Baru Resources (ASX: BAC) is moving ahead with securing the first of the Longreach Project areas in Queensland, which is now ready for grant.

The application for EPC 2840 is now ready to progress to grant, but requires Baru to lodge rent of A$23,914.8 for the first term of the permit and A$2,500 for Lodgement of Financial Assurance before 2 October 2012.

Baru said it intends to pay both the required rent and lodgement fee.

The Longreach project consists of four EPCA’s totalling 3,202.8 square kilometres.

The Cretaceous age Winton Formation covers the entire project area as both outcropping and sub-cropping sedimentary units.

This formation has been the subject of a major increase in exploration over the last 12 months and two large tonnage thermal coal deposits have already been identified including a 728 million tonne Resource by International Coal (ASX: ICX) and a 1.2 billion tonne Resource by East Energy Resources (ASX: EER).

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Baru Resources secures entirety of West Galilee coal project, plans drill program to define prospects

Fri, 30 Mar 2012 16:10:00 +1100

Baru Resources (ASX: BAC) has secured full control of the West Galilee coal project after buying out West Galilee Exploration’s stake in the project for A$250,000.

The company is now assessing the best way to exploit the project and are formulating an appropriate drill program to define the more prospective areas at the end of the 2012 we season.

The West Galilee Project comprises six contiguous, granted exploration coal permits and one application exploration coal permit covering an area of 6,732 square kilometres, and is located 375 kilometres east of Mt Isa and 16 kilometres west of the town of Richmond.

This location is close to the northern margin of the Eromanga basin, which overlies the coal bearing Galilee Basin and in part the newly defined Millungera Basin.

It is located 110 kilometres west of Guildford Coal’s (ASX: GUF) plus one billion tonne Hughenden Project, which lies at the northern end of the Galilee Basin.

Historically there has been very little exploration for coal deposits within and around the project area and a majority of the drilling in the surrounding areas were either targeted at petroleum or stratigraphic (geological) holes.

However, the West Galilee project is intersected handily by the Mount Isa – Townsville Rail line (Eastern Rail Corridor) while potential ports include Townsville and Abbott Point.

Besides their potential for coal, Baru’s permits are also prospective coal gasification.

Baru Resources: 18m 2016 A$0.20 options placed to key corporate and strategic consultants

Mon, 13 Feb 2012 08:50:00 +1100

Baru Resources (ASX BAC) has placed some options to key corporate and strategic consultants in order to provide an incentive for future involvement and commitment to the company.

In total 18 million $0.20 options were placed with an expiry of 23 December 2016. Shareholders will now be asked to approve the issue, and the directors confirm that the allotees are not related parties to the directors.

Highlighting support for the company's operations, the directors have also successfully placed the shortfall from the company’s pro rata non-renounceable option entitlement issue.

Baru Resources: A Queensland coal play

Baru holds large scale coal exploration targets and acreage in the under explored but prospective North Western Galilee Basin.

The West Galilee Project comprises six contiguous, granted exploration coal permits and one application exploration coal permit covering an area of 6,732 square kilometres, and is located 375 kilometres east of Mt Isa and 16 kilometres west of the town of Richmond.

This location is close to the northern margin of the Eromanga basin, which overlies the coal bearing Galilee Basin and in part the newly defined Millungera Basin.

It is located 110 kilometres west of Guildford Coal’s (ASX: GUF) plus one billion tonne Hughenden Project, which lies at the northern end of the Galilee Basin.

Historically there has been very little exploration for coal deposits within and around the project area and a majority of the drilling in the surrounding areas were either targeted at petroleum or stratigraphic (geological) holes.

However, there has been increasing interest in the northern portion of the Galilee basin over the last 12 months.

Galilee region exploration hotting up

The potential of the Galilee Basin to host large coal deposits is evidenced by Linc Energy’s (ASX: LNC) project area in a similar basin margin stratigraphic setting, 120 kilometres to the east, with Indicated and Inferred Resources of thermal coal respectively of 161.4 million tonnes and 78.3 million tonnes.

To the south-east, on the eastern margin of the Galilee Basin, both Linc Energy and Waratah Coal have reported Inferred Resources of 326 million tonnes and 4.3 billion tonnes of thermal coal respectively.

Baru Resources targets coking coal in Galilee Basin within months

Tue, 15 Nov 2011 11:28:00 +1100

Exploration activity in the Galilee Basin is hotting up due to its potential to host large coal deposits and Baru Resources is well placed to take advantage of this with drilling soon to commence at West Galilee.

Baru Resources listed on the ASX this week, dialled into coal exploration success in Queensland

Thu, 22 Sep 2011 08:56:00 +1000

Baru Resources, a new Queensland coal play has successfully completed an IPO which offered 30 million shares at $0.20 to raise $6 million. Timing is sweet due to recent corporate interest in Queensland coal explorers, with Rinehart Prospecting thought to have acquired stakes in Endocoal, Australian Pacific Coal and Carabella Resources.

Baru Resources a new Queensland coal play, admitted to the ASX

Tue, 20 Sep 2011 16:17:00 +1000

Baru Resources (ASX: BAC) holds large scale coal exploration targets and acreage in the under explored but prospective North Western Galilee Basin - and after a successful IPO - has been admitted to the ASX.

Baru will hit the ASX boards at 11:00am AEST on Thursday 22 September.

The company's short term aim is to define a JORC Resource, with a focus on the exploration and development of hard coking and thermal coals for the export market.

Baru currently holds six Exploration Permits and one Exploration Permit for Coal Application known as the West Galilee Project, which covers an extensive 7140 square kilometres of the Eromanga Basin in northern Queensland.

The Exploration Permit contains 2,100 sub blocks or 5,880 square kilometres and is drill ready – with no native title or strategic cropping issues, and is positioned 200 kilometres from Hughenden and 375 kilometres from Mount Isa.

The potential of the Galilee Basin to host large coal deposits is evidenced by Linc Energy's (ASX: LNC) project area in a similar basin margin stratigraphic setting, 120 kilometres to the east, with Indicated and Inferred resources of thermal coal respectively of 161.4 million tonnes and 78.3 million tonnes.

Exploration spend

With the IPO successfully complete, Baru has set a first year exploration budget of $940,000 to cover drilling, contractor expenses, mapping, surveying, down-hole geophysics and sundry expenses.

The second year of exploration will absorb up to $2.11 million that includes 15 Rotary Chip drilling programs and 10 Partially Cored drilling programs.

Baru Resources to list on ASX, taps investor demand for Queensland coal “plays”

Fri, 02 Sep 2011 08:54:00 +1000

Baru’s coal tenements in Queensland are in the underexplored West Galilee Basin. Its neighbours are Guildford Coal, Waratah Coal, Linc Energy and Carpentaria Exploration. Given the Mount Isa-Townsville rail line through Baru’s project, there is early stage upside in soon to list - Baru Resources.