Barton Gold Advances Tunkillia with PFS Targeting Q1 2027 Completion

Pre-Feasibility Study Launches with Strong Economic Backdrop

Barton Gold Holdings Limited (ASX:BGD) has formally commenced a Pre-Feasibility Study (PFS) for its flagship Tunkillia Gold Project in South Australia, appointing GR Engineering Services Limited to lead the technical work. The study aims for completion in the first quarter of calendar 2027, with an expanded drilling program set to feed into resource upgrades and mine planning.

The timing follows Barton’s May 2025 Optimised Scoping Study (OSS), which painted a compelling picture: annual production of around 120,000 ounces of gold and 260,000 ounces of silver, generating an estimated A$1.75 billion in operating profit within the first 27 months. This rapid payback profile, with upfront capex repaid more than four times over in just over two years, underpins the project’s financial allure.

Expanded Drilling Program Targets Resource Growth and Grade Upside

Supporting the PFS, Barton has ramped up its drilling campaigns. A completed Phase 1 program delivered nearly 19,000 metres of reverse circulation (RC) drilling, successfully infilling the high-value ‘S1’ and ‘S2’ starter pits with broad, high-grade mineralisation. Phase 2 drilling has now expanded to approximately 40,000 metres, focusing on resource extension and grade upgrades within these optimised open pit areas, including the ‘Area 51’ zone where recent assays have revealed promising higher-grade extensions and potential strike and depth growth.

This expanded drilling approach is designed to elevate mineral resources from inferred to indicated and measured categories, critical for converting resources into mineable reserves. Barton is targeting completion of this program by September 2026, allowing the PFS to incorporate any material resource upside discovered during the campaign. The company’s confidence in the drilling’s potential is reflected in the decision to extend Phase 2 drilling to capture further upside within these key pits. These efforts align with the goal of refining open pit designs and optimising mine scheduling.

Comprehensive Technical and Environmental Workstreams Underway

Beyond drilling, Barton is advancing multiple technical and environmental programs essential for progressing towards a Mining Lease application and project finance discussions in 2027. These include flora, fauna, and water surveys, Aboriginal cultural heritage clearances, geotechnical and metallurgical studies, and infrastructure planning such as tailings storage facilities and accommodation camps. Notably, Barton is evaluating renewable energy solutions to reduce diesel reliance, reflecting a broader industry trend towards sustainability.

The PFS will update capital and operating cost estimates to Class 3 accuracy (±25%), validate plant throughput scenarios, and convert JORC Mineral Resources into Ore Reserves. This comprehensive scope aims to deliver a robust development case that stakeholders and financiers can rely on.

Project Economics and Next Steps

According to Managing Director Alexander Scanlon, the Tunkillia project’s economics are underpinned by the ‘Starter Pits’ which alone account for 365,000 ounces of gold and 923,000 ounces of silver, generating the bulk of the early operating cash flow. The PFS will build on this foundation, incorporating updated drilling results to potentially enhance the project’s scale and value.

Following PFS completion, Barton plans to advance a Mining Lease application and engage with stakeholders and financiers to secure project funding and development approvals. The company’s approach signals a clear intent to expedite Tunkillia’s path to production, leveraging its existing resource base and infrastructure in the Gawler Craton.