The firm owns 45% of the property, while joint venture partner Agnico Eagle has the rest (55%), and the main goal is to define a gold deposit of between 1.5 million (mln) and 2mln ounces.
Significantly, until the ongoing pre-feasibility study is delivered, Agnico is responsible for all costs.
The total land package, 600km north of Stockholm, encompasses around 83,700 acres and there is potential for silver and copper at VMS (volcanic massive sulphide) deposits. It has been the scene of exploration for three decades.
There are major gold deposits nearby, including Bjorkdal, owned by Mandalay Resources (TSE:MND), Dragon Mining's Svartliden, as well as a major polymetallic VMS deposit - Bolidan Mining's Kristineberg underground mine, from which comes zinc, copper, lead, gold and silver.
Indeed, Barsele's management have form and the same team found Orko Silver Corp’s La Preciosa SilverGold deposit in Durango, Mexico.
Exploitation licences have been in place on the known area of mineralisation since 2007, which makes this a more advanced project than some.
Geology at a glance
Gold mineralisation mainly lies in an intrusion, where there major zones of gold have been identified - the Central, Avan & Skiråsen Zones.
A fourth mineralized gold zone, Skirträskbacken, lies around 3 km southeast of the Central Zone and extends into the Risberget gold prospect.
Meanwhile, the Norra Zone consists of massive sulphide mineralisation some 300 metres (m) in strike-length varying from 5m to 50m in width.
So what's Barsele hosting?
An NI 43-101 report four years ago resource showed, using a 0.6% g/t (gram per tonne) cut off, a higher confidence indicated resource of 14.1 million tonnes grading 1.21 gold grams per tonne (g/t) or 547,000 contained ounces of gold on the Central-Avan-Skiråsen gold zones (43% higher than a 2011 report).
Meanwhile, the inferred resource was put at 20.2 million tonnes grading 0.97 gold grams per tonne (g/t) or 627,000 contained ounces of gold - a very slight decrease on the previous report.
Work has been encouraging so far this year. From May to August between two and five diamond drilling machines were focused along the Central and Avan zones, as well as regional drilling of gold targets and selected volcanogenic massive sulphide (VMS) targets.
Highlight assays have included a 19.75 meter (m) core length, grading 5.07 grams per tonne gold uncut (3.49 g/t gold cut) at a midpoint depth of 265 meters below surface.
Another was 25 metres grading 5.34 grams per tonne gold at a midpoint depth of 265 metres below surface.
And in June, the group told investors that mining executive Alex Peter Tsakumis had joined the group as vice-president of corporate development.
Before this, Tsakumis had the same role at Timmins Gold Corp for nine years, where he was pivotal in developing it from a junior exploration firm to a production company.
Last year (2016), 135 holes totaling 1,366 meters of basal till drilling were completed with 1,040 samples collected.
In October alone, 6,000 metres of core was produced and 6,525 samples sent for analysis, with 2,452 results received.
Catalysts for 2017
The firm has said these included ongoing drill assays, the increasing gold price and the potential for a takeover..so whatch this space.