Barton Gold (ASX: BGD) (OTCQB: BGDFF) celebrates a significant achievement following its aggressive exploration efforts in South Australia, revealing a remarkable 20% increase in the Tunkillia gold project’s Joint Ore Reserves Committee (JORC) Mineral Resource Estimate (MRE) to 1.38 million ounces.
The recently concluded 15,200-meter drilling campaign has proven fruitful, contributing approximately 224,000 ounces of gold to both the cornerstone 223 Deposit and the 223 North satellite gold zone. Impressively, this expansion comes at an estimated “all-in” cost of just around $16 per new ounce.
The cumulative Tunkillia mineral resources now stand at 1.38 million ounces, nestled within an ore body encompassing 46.3 million tonnes at an average gold grade of 0.93 grams per tonne. Of note, a significant 58% of these resources fall within the “indicated” category.
Enhanced Ounces and Extended Strike
Barton Gold’s recent multi-rig drilling campaign at the historic gold project not only increased the MRE but also extended the known strike at both the southern and northern ends of the primary 223 Deposit.
Identified during the campaign were two new zones, each approximately 300 meters in mineralization, located near the northern and southern ends of the 223 Deposit. These areas, distinct from the previously identified main strike trend in the April 2023 JORC mineral resources block model, further solidify Barton’s exploration success for Tunkillia.
Managing Director Alex Scanlon expressed satisfaction, stating, “This is the second time that Barton has grown the Tunkillia project’s JORC resources during 2023, with a total of 413,000oz of gold added at an exceptionally low ‘all-in’ cost of only $14 per ounce.”
Scanlon added, “We look forward to sharing another approximately 8,000m of assays from target Areas 51, 191, and SE Offset in early 2024.”
Three New Zones Added to JORC Classification
The JORC classification has now incorporated three new zones of mineralization, contributing an additional 224,000 ounces of gold (a remarkable 20% increase). Importantly, 3.8 million tonnes have been moved into the ‘indicated’ category, maintaining a consistent ~58% ‘indicated’ classification.
This marks the third MRE update for Tunkillia by Barton since late 2020 when the company acquired the project with a 558,000-ounce gold deposit, foreseeing substantial growth potential.
Unveiling Historical Depths and Extensions
Barton’s meticulous exploration efforts have unveiled multiple depth extensions at Tunkillia, identifying three new gold zones at Areas 223 North, 191, and 51 through three JORC MRE updates.
The company, in November 2021, prioritized the central zone of the 223 Deposit as a higher-grade development target. Subsequent MRE upgrades in April 2023, revealing 50 to 150 meters depth extensions in key target zones, added 189,000 ounces of gold at a remarkable all-in cost of only ~$12 per ounce.
The latest MRE upgrade, comprising 224,000 ounces, was achieved at an all-in cost of approximately ~$16 per ounce, bringing Barton’s total gold addition to the Tunkillia MRE for 2023 to an impressive 413,000 ounces at an average ‘all in’ cost of only ~$14 per ounce.
This update introduces approximately 800 meters of mineralization into JORC classification in the northern and southern zones proximal to the 223 Deposit. Additionally, around 780 meters are added within the ‘223 North’ satellite gold zone.
The entire endeavor, involving 89 reverse circulation holes (15,189 meters), was executed with an estimated all-in cost of $3.6 million, covering drilling, assays, logistics, labor, and Native Title costs.
