ADELAIDE, AUSTRALIA / ACCESSWIRE / June 14, 2024 /
HIGHLIGHTS
Tunkillia Scoping Studies launch following institutional Placement and early close of SPP
GR Engineering and Mining Associates engaged for detailed Scoping Study and PFS Gap Analysis
Barton Gold Holdings Limited (ASX:BGD)(OTCQB:BGDFF)(FRA:BGD3) (Barton or the Company) is pleased to advise that scoping studies have commenced for the Tunkillia Gold Project (Tunkillia). During March Tunkillia's JORC (2012) Mineral Resource Estimate (MRE) grew to 1.5Moz Au (51.3Mt @ 0.91 g/t Au)).1
Barton has appointed GR Engineering Services Limited (GRES) and Mining Associates Pty Ltd (Mining Associates) to lead a detailed scoping study for Tunkillia including mine design, production scheduling, process plant, tailings storage, equipment, personnel and supporting infrastructure (Scoping Study).
Following completion of the Scoping Study, Barton will also complete a review of all technical data to determine the forward work program necessary to complete a pre-feasibility study (PFS Gap Analysis).
The launch of Tunkillia Scoping Studies follows the completion of Barton's recent share placement to institutional investors (Placement) and Share Purchase Plan (SPP).2 The Placement and SPP were both strong supported by the Company's institutional, sophisticated and retail shareholders, with applications significantly exceeding the targeted raise amounts and final SPP allocations yet to be determined.2
Commenting on the start of Tunkillia Scoping Studies, Barton Managing Director Alex Scanlon said:
"We have rapidly advanced Tunkillia since its acquisition in early 2020, leading to multiple expansions of its mineralised footprint and four cost-efficient JORC Resource upgrades. It is very exciting to now step forward into early development studies as we continue building the district scale potential for our South Australian assets."
Authorised by the Board of Directors of Barton Gold Holdings Limited.
For further information, please contact:
Alexander Scanlon Managing Director [email protected] +61 425 226 649
1 Refer to ASX announcement dated 4 March 2024 2 Refer to ASX announcements dated 27 March, 5 April, 9 April and 16 April 2024
About Barton Gold
Barton Gold is an ASX, OTCQB and Frankfurt stock exchange listed Australian gold exploration company with a total attributable 1.3Moz Au JORC Mineral Resources endowment (40.6Mt @ 1.0 g/t Au), a pipeline of advanced exploration projects and brownfield mines, and 100% ownership of the only regional gold mill in the central Gawler Craton of South Australia.*
Tarcoola Gold Project
Existing brownfield open pit mine within trucking distance of Barton's processing plant
Under-explored asset with untapped scale potential
Tunkillia Gold Project
1.15Moz Au Mineral Resources (38Mt @ 0.94 g/t Au)*
District-scale structures with advanced satellite targets
Infrastructure
650ktpa CIP process plant, mine village, and airstrip
Tarcoola ~40 person lodging to support mine operations
Tunkillia camp to support dedicated project team
Competent Persons Statement & Previously Reported Information
The information in this announcement that relates to the historic Exploration Results and Mineral Resources as listed in the table below is based on, and fairly represents, information and supporting documentation prepared by the Competent Person whose name appears in the same row, who is an employee of or independent consultant to the Company and is a Member or Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), Australian Institute of Geoscientists (AIG) or a Recognised Professional Organisation (RPO). Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to quality as a Competent Person as defined in the JORC Code 2012.
Activity
Competent Person
Membership
Status
Tarcoola Mineral Resource
Dr Andrew Fowler (Consultant)
AusIMM
Member
Tarcoola Exploration Results (until 15 Nov 2021)
Mr Colin Skidmore (Consultant)
AIG
Member
Tarcoola Exploration Results (after 15 Nov 2021)
Mr Marc Twining (Employee)
AusIMM
Member
Tunkillia Exploration Results (until 15 Nov 2021)
Mr Colin Skidmore (Consultant)
AIG
Member
Tunkillia Exploration Results (after 15 Nov 2021)
Mr Marc Twining (Employee)
AusIMM
Member
Tunkillia Mineral Resource
Dr Andrew Fowler (Consultant)
AusIMM
Member
Challenger Mineral Resource
Mr Dale Sims (Consultant)
AusIMM / AIG
Fellow / Member
Western Gawler Craton JV Mineral Resource
Mr Richard Maddocks (Consultant)
AusIMM
Fellow
The information relating to historic Exploration Results and Mineral Resources in this announcement is extracted from the Company's Prospectus dated 14 May 2021 or as otherwise noted in this announcement, available from the Company's website at www.bartongold.com.au or on the ASX website www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results and Mineral Resource information included in previous announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the Prospectus continue to apply and have not materially changed. The Company confirms that the form and context in which the applicable Competent Persons' findings are presented have not been materially modified from the previous announcements.
Cautionary Statement Regarding Forward-Looking Information
This document may contain forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "expect", "target" and "intend" and statements than an event or result "may", "will", "should", "would", "could", or "might" occur or be achieved and other similar expressions. Forward-looking information is subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forward-looking statements. Such factors include, among other things, risks relating to property interests, the global economic climate, commodity prices, sovereign and legal risks, and environmental risks. Forward-looking statements are based upon estimates and opinions at the date the statements are made. Barton undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. Any estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and performance) are based upon the best judgment of Barton from information available as of the date of this document. There is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Any reliance placed by the reader on this document, or on any forward-looking statement contained in or referred to in this document will be solely at the readers own risk, and readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof.
* Refer to Barton Prospectus dated 14 May 2021 and ASX announcement 4 March 2024. Total Barton attributable JORC (2012) Mineral Resources include 824koz Au (26.8Mt @ 0.96 g/t Au) in Indicated and 750koz Au (25.4Mt @ 0.92 g/t Au) in Inferred categories.
