A big jump in gold resources comes as Barton Gold looks to list
Barton Gold is delivering on its promise to find more gold in the SA outback, and is targeting a listing on the ASX.
SA Business
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THE owner of three South Australian gold projects has appointed advisers to bring its ASX listing aspirations to life, after significantly increasing its gold resources.
Barton Gold took ownership of the Tunkillia and Tarcoola gold deposits in the middle of the year,a s well as the Challenger mine and processing operations.
Since then it has had drilling success at both Tunkillia and Tarcoola, increasing the gold resource at the former by more than 70 per cent to 965,000 ounces at 1.15 grams per tonne of ore.
The Perth-based company has also appointed Taylor Collison and Sprott Capital Partners as managers for its pre-initial public offer and IPO raisings.
Barton managing director Alexander Scanlon said both “bring a significant combined advisory capacity and we are confident that the company is in good hands going forward’’.
Barton Gold took over the projects in June, after raising money to do further exploration drilling at Tunkillia and Tarcoola.
In August the company announced a detailed geology review at Tunkillia, including preliminary mining engineering studies.
In October Barton said it had upgraded the gold resource at Tunkillia, but had also increased the grade of the ore by identifying “discrete higher-grade zones of mineralisation’’.
“These higher-grade sub-domains therefore present opportunities for significantly improved overall resource characteristics, future optimisation of mine planning and mining method, and investment in resource extension,’’ the company said.
“Tunkillia mineralisation is extensive and the 223 Deposit remains open at depth and along strike.’’
At Tarcoola the company has identified a new “Perseverance West” gold zone, following a 5328m “phase one” drilling program.
“The new Perseverance West zone is relatively shallow (less than 100m depth), open to depth and along strike to the southwest, and was identified in the shallow intercepts of drill holes targeting the deeper ‘Deliverance Target’.’’