Barton Gold begins scoping study program at Tunkillia project
Barton Gold (ASX: BGD) (OTCQB: BGDFF) has commenced scoping studies at the Tunkillia project, an important step along the road to commercialisation of the historic South Australian gold discovery.
The company has named the well-regarded GR Engineering Services and Mining Associates to lead the study, with the scope of work including mine design, production scheduling, process plant, tailings storage, equipment, personnel and supporting infrastructure.
Barton also plans to follow the study with a review of all technical data to determine the forward work program required to complete a pre-feasibility study.
Exciting step forward
Managing director Alex Scanlon said the commencement of the scoping study comes after the project surpassed 1.5 million ounces.
He told Small Caps it is an exciting step forward for the Tunkillia project, which had been long overlooked by a great many in the market including its previous owners.
“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.”
Strong investor support
The interest in Barton’s Tunkillia and nearby Tarcoola projects was reflected earlier this week when the company’s share purchase plan (SPP) closed early on the back of strong investor interest.
The SPP received applications significantly exceeding the targeted raising an amount of $1 million following robust early demand.
The strong support for the SPP followed the successful completion of Barton’s $3m share placement earlier in the month.
Mr Scanlon said Barton is heading into a highly active year with a strong bank balance after completing the placement that had uptake from several existing and new Australian, European and North American institutional and sophisticated investors.
Tarcoola drilling
In what is a very active period for Barton, the company recently recommenced the drilling program at Tarcoola.
The reverse circulation program is being conducted inside the Perseverance open pit mine at Tarcoola to examine the potential to extend the known mineralisation in the heart of the project.
The approximately 12-hole, 1,100-metre campaign is part of Barton’s aims to convert shallow extensions of the pit to initial JORC resources, with the balance of 2024 Tarcoola programs focused on high-priority regional targets identified in Barton’s recent seismic survey.