Barton brings in almost half-a-million from gold sale
Barton also has 10t (wet) of gold it will process and sell “in due course”.
Barton Gold (ASX: BGD) has boosted its bank balance with the sale of $490,000-worth of gold, and more is expected to be sold after further ore was found during clean-out and preservation of its Central Gawler Mill in South Australia.
The company has now sold 165.8 ounces of gold at A$2,977.35/oz, which brought in $490,628.57.
This represented the balance of the sale parcel from June last year.
Then in December, Barton announced it had recovered a further 10 wet tonnes of gold bearing materials from the mill.
These materials have not been fully processed or sold and are expected to further strengthen Barton’s bottom line when disposed of “in due course”.
Barton managing director Alex Scanlon said the company is “very pleased” to create this type of revenue for shareholders.
“Since our June 2022 IPO, our revenue initiatives have generated over $5 million non-dilutive cash (net of costs) for Barton.”
“We are focused on building additional resources for an optimal future restart of operations, and will continue to advance asset monetisation opportunities in parallel, including gold sales from our December 2022 work.”
Gawler Craton
Barton has built up more than 1.1 million ounces in contained gold resources across its flagship projects, which cover 5,100 square kilometres in South Australia’s Gawler Craton.
Tunkillia has a resource of 26.1 million tonnes at 1.15 grams per tonne gold for 965,000oz.
The other project Tarcoola hosts an historical open pit mine, which is within trucking distance of Barton’s 650,000t per annum processing plant, mine village, workshop, labs and airstrip.
Barton describes the region as a tier one jurisdiction for geology, industry and legislation.
The company is aggressively drilling Tunkillia to build the resource out to exceed 2Moz.
Barton aims to become South Australia’s largest independent gold producer in five years.
Under a stage one, Barton plans to exploit the higher grade mineralisation at Tarcoola and process it at its mill. This will then generate cash flow to fund a stage two expansion, which would involve bringing the larger Tunkillia source online.