Barton Gold (ASX:BGD) reports it has received $1 million from the sale of gold materials to ABC Bullion, a precious metals refiner and bullion dealer based in Sydney.
Barton reports the $1 million represents an initial part payment, with a balance or ‘top up’ payment to be made to the company following the final processing and sale of the gold recovered from the materials.
The funds received will be directed towards ongoing large-scale exploration programs at the company’s primary area of interest, being the Southern Hub, which hosts the Tarcoola and Tunkillia Gold Projects in the Central Gawler Craton in South Australia.
“Barton has some unique advantages relative to traditional explorers, one of which is a valuable surplus asset base”
The sale follows a clean-up program at the company’s Central Gawler Mill, undertaken earlier this year.
Commenting on Barton’s first gold sale, Barton Managing Director Alexander Scanlon said: “Barton has some unique advantages relative to traditional explorers, one of which is a valuable surplus asset base.”
This sale is another opportunity for Barton to extract significant value from its assets, supplement the company’s balance sheet, and offset the costs of our various exploration programs.
“This sale is another opportunity for Barton to extract significant value from its assets”
We will continue building Resources for future development, while also mitigating future dilution. Barton shareholders can expect to see more of these initiatives undertaken in the months and years ahead.”
Barton Gold has a total attributable 1.1Moz Au JORC 2012 Mineral Resources endowment of 28.68Mt @ 1.2 g/t Au, and 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.
In early June, Barton completed drilling programs at its Tarcoola and Tunkillia projects as it pushes forward with aggressive exploration across its portfolio.
“Barton shareholders can expect to see more of these initiatives undertaken in the months and years ahead”
Samples from the Tarcoola Phase 3 and Tunkillia Phase 2 programs, taken from 6,427m of RC drilling were in early June partially submitted for laboratory analysis, with results expected in weeks.
The Tarcoola Gold Project is an existing brownfield open pit mine within trucking distance of Barton’s processing plant. The Tunkillia Gold Project has a 965,000oz Au Mineral Resource and the host structure extends 7km north and 7km south.