Barton expands Tunkillia again at ‘low all-in’ costs

Barton Gold (ASX:BGD) has added 224,000 ounces to the Tunkillia Gold Project, increasing the total mineral resources by 20% to 1.38 million ounces – the second time Tunkillia’s JORC resources have grown during 2023.

The company, which is listed on the ASX, OTCQB, and Frankfurt Stock Exchange, says some 15,200m of drilling has added the ounces in the cornerstone 223 deposit and the 223 North satellite gold zone for an estimated ‘all-in’ cost of A$16 per new ounce.

Three new zones of mineralisation have been included into JORC classification with an additional 3.8Mt moved into the ‘indicated’ category to maintain a 58% ‘indicated’ classification.

This is the company’s third MRE update completed for Tunkillia since late 2020 and the second this year. In April 2023 the company added 189,000oz gold for only A$12/oz (‘all in’).

Commenting on the latest Tunkillia JORC resources update, Barton Managing Director Alex Scanlon says Tunkillia’s JORC resources now has a total of 413,000 ounces of gold added at an ‘exceptionally’ low average ‘all-in’ cost of only A$14 per ounce.

“These results continue to validate the company’s exploration thesis for Tunkillia, with its mineral footprint rapidly expanding. We look forward to sharing another 8,000m of assays from target Areas 51, 191, and SE Offset in early 2024.”

The updated Tunkillia MRE includes a northern extension of the 223 deposit, a new offset zone of mineralisation proximal to its southern extent of the 223 deposit (Southern 223), and the conversion of the 223 North gold zone into JORC classification.

Barton acquired Tunkillia in December 2019 as a 558,000oz gold deposit with the view that Tunkillia had significant growth potential due to limited historical exploration during a period of low gold prices.

About 77% of all Tunkillia drilling was completed from 1996 to 2005 (gold below US$400/oz), with another 8% from 2005 to 2008 (gold average price US$650/oz). As a result, some 85% of all historical drilling was therefore completed with a weighted average gold price below US$425/oz and was on average very shallow.

Barton has since confirmed multiple Tunkillia depth extensions and 3 new gold zones at Areas 223 North, 191, and 51, with 3 JORC MRE updates.

In November 2021, Barton confirmed the central zone of the 223 deposit as a higher grade priority development target area. In April 2023 the 223 deposit MRE was upgraded from 965,000oz Au (26.1Mt @ 1.15g/t Au) to 1.15Moz Au (38Mt @ 0.94g/t Au) via significant depth extensions of 50-150m in 3 key target zones.

This MRE update adds 800m of mineralisation into JORC classification in northern and southern zones proximal to the 223 deposit, plus a further 780m into JORC classification within the ‘223 North’ satellite gold zone.

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Written By Adam Orlando Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.