Treasury Boosted by Mill Cleanup & Record AUD Gold Prices
ADELAIDE, AUSTRALIA / ACCESSWIRE / June 14, 2024 /
HIGHLIGHTS
- Sale of ~165 ounces gold for total proceeds of ~$490,000
- Realised price of AUD $2,977.35 per ounce
- Ounces sold represent balance of prior June 2022 sale parcel (1)
- 10+ tonnes of gold bearing materials recovered in December 2022 still to be processed (2)
Barton Gold Holdings Limited (ASX:BGD) (Barton or the Company) is pleased to report that it has sold the balance of gold recovered from last years (June 2022) gold sale to ABC Bullion.1
A further 164.8 ounces gold has been sold at a price of $2,977.35 per ounce, for and cash received totalling $490,628.57.
During December 2022, the Company also announced that it had recovered a further 10+ (wet) tonnes of gold bearing materials from the Central Gawler Mill during a cleanout and preservation program.2
These materials have not yet been fully processed, or sold, and are expected to represent additional gold sales income for Barton in due course.
Commenting on the latest gold sale, Barton MD Alex Scanlon said:
“Our substantial asset base gives us unique advantages, not only in terms of a future low-cost and low-risk transition back to operations, but also opportunities to carefully monetise these assets and extend our treasury.
“Since our June 2022 IPO, our revenue initiatives have generated over AUD $5 million non-dilutive cash (net of costs) for Barton. We are very pleased to create this type of value for our shareholders.
“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.”
Authorised by the Board of Directors of Barton Gold Holdings Limited.
For further information, please contact:
1 Refer to Barton ASX announcement dated 30 June 2022
2 Refer to Barton ASX announcement dated 20 December 2022
About Barton Gold
Barton Gold is an ASX listed Australian gold exploration company with a total attributable ~1.1Moz Au JORC (2012) Mineral Resources endowment (28.68Mt @ 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.*
Tarcoola Gold Project
- Existing brownfield open pit mine within trucking distance of Barton’s processing plant
- Significant mineral extensions
- Under-explored asset with untapped scale potential
Tunkillia Gold Project
- 965koz Au Mineral Resources (26.1Mt @ 1.15 g/t Au)*
- Host structure extends 7km north and 7km south
- District-scale structures with advanced satellite targets
Infrastructure
- 650ktpa CIP process plant, mine village, workshop, labs and airstrip
- Tarcoola ~40 person lodging to support mine operations
- Tunkillia camp to support dedicated project team
Competent Persons Statement & Previously Reported Information
The information in this announcement that relates to the historic Exploration Results and Mineral Resources as listed in the table below is based on, and fairly represents, information and supporting documentation prepared by the Competent Person whose name appears in the same row, who is an employee of or independent consultant to the Company and is a Member or Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), Australian Institute of Geoscientists (AIG) or a Recognised Professional Organisation (RPO). Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to quality as a Competent Person as defined in the JORC Code 2012.
|
Activity |
Competent Person |
Membership |
Status |
| Tarcoola Mineral Resource | Dr Andrew Fowler (Consultant) | AusIMM | Member |
| Tarcoola Exploration Results (until 15 Nov 2021) | Mr Colin Skidmore (Consultant) | AIG | Member |
| Tarcoola Exploration Results (after 15 Nov 2021) | Mr Marc Twining (Employee) | AusIMM | Member |
| Tunkillia Exploration Results (until 15 Nov 2021) | Mr Colin Skidmore (Consultant) | AIG | Member |
| Tunkillia Exploration Results (after 15 Nov 2021) | Mr Marc Twining (Employee) | AusIMM | Member |
| Tunkillia Mineral Resource | Dr Andrew Fowler (Consultant) | AusIMM | Member |
| Challenger Mineral Resource | Mr Dale Sims (Consultant) | AusIMM / AIG | Fellow / Member |
| Western Gawler Craton JV Mineral Resource | Mr Richard Maddocks (Consultant) | AusIMM | Fellow |
The information relating to historic Exploration Results and Mineral Resources in this announcement is extracted from the Company’s Prospectus dated 14 May 2021 or as otherwise noted in this announcement, available from the Company’s website at www.bartongold.com.au or on the ASX website www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results and Mineral Resource information included in previous announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the Prospectus continue to apply and have not materially changed. The Company confirms that the form and context in which the applicable Competent Persons’ findings are presented have not been materially modified from the previous announcements.
Cautionary Statement Regarding Forward-Looking Information
This document may contain forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “expect”, “target” and “intend” and statements than an event or result “may”, “will”, “should”, “would”, “could”, or “might” occur or be achieved and other similar expressions. Forward-looking information is subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forward-looking statements. Such factors include, among other things, risks relating to property interests, the global economic climate, commodity prices, sovereign and legal risks, and environmental risks. Forward-looking statements are based upon estimates and opinions at the date the statements are made. Barton undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. Any estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and performance) are based upon the best judgment of Barton from information available as of the date of this document. There is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Any reliance placed by the reader on this document, or on any forward-looking statement contained in or referred to in this document will be solely at the readers own risk, and readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof.
* Refer to Barton Prospectus dated 14 May 2021 and ASX announcement 14 October 2021.
SOURCE: Barton Gold Holdings Limited