Quarterly Activities Report
Adelaide, July 25, 2023 AEST (ABN Newswire) - Barton Gold Holdings Limited (ASX:BGD) presents the 30 June 2023 Quarterly Activities Report with significant highlights.
Tunkillia Gold Project, SA (100%)
- Area 51 mineralisation extended to ~700m strike length
- 223 Deposit Mineral Resources grow 20% to 1.15Moz Au
- $5.2m net additional cash from asset monetisation initiatives delivers initial public offering (IPO) budget outperformance
- $3.5m oversubscribed institutional placement
- $1.23m oversubscribed Share Purchase Plan (SPP)
- ~1,190oz Au gold concentrates (~$3.4m contained Au) prepared to-date from December 2022 mill cleanout
- Central Gawler Mill valued at $100m+ replacement cost
- IIR Research values Barton Gold at $0.50 per share
- Exclusive Au-Cu technology R&D partnership agreed with SensOre Ltd (ASX:S3N) over 60,000km2 of Gawler Craton
- Barton's Tunkillia Project and MRE update featured on Channel 7's The Weekend Prospector television show
- Net quarterly cash increase of $1.6m following placement
- $10.45m cash balance (30 June 2023) before proceeds of SPP and pending additional concentrates recoveries and sales
Commenting on the Company's June 2023 quarter, Barton MD Alex Scanlon said:
"2023 is set to be a transformative year for Barton, and the June quarter has set the tone with a 189koz upgrade at our 'Stage 2 Expansion' project and an institutional placement to accelerate 'Stage 1' development pathways.
"The quarter end also marks an important corporate milestone for Barton, which celebrates two years as an ASX-listed company. We have considerably outperformed our IPO Prospectus budget for the period, with cash more than $5m higher than forecast owing to optimised exploration activities and asset monetisation initiatives.
"This performance is driving international awareness of Barton's strategy, an expanding shareholder register, and increasing corporate momentum as we target further 'Stage 1' and 'Stage 2' Resources growth during 2023.
We are also looking closely at potentially increasing gold concentrates production from existing stockpiles."
To view the full quarterly report, please visit:
About Barton Gold Holdings Limited
Barton Gold Holdings Limited (ASX:BGD) (FRA:BGD3) (OTCQB:BGDFF) is an ASX listed Australian gold exploration company with a total attributable ~1.1Moz Au JORC (2012) Mineral Resources endowment (28.74Mt @ 1.2 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.