Barton Gold Reports High-Grade Drilling at Tunkillia Area 223

High-Grade Gold Intersections Confirmed in Area 223

Barton Gold Holdings Limited (ASX:BGD) has reported a fresh batch of assay results from its ongoing Phase 2 reverse circulation (RC) drilling program at the Tunkillia Gold Project in South Australia. The latest results, focusing on the southern end of the main Area 223 optimised open pit, include broad intersections with some of the highest grades recorded to date in this zone, such as 13 metres at 5.01 grams per tonne (g/t) gold from 55 metres depth, including 3 metres at 15.8 g/t, and 17 metres at 3.09 g/t gold from 100 metres, with standout 1 metre hits as high as 36.9 g/t.

These assays not only infill the currently modelled mineralisation in Area 223 but also hint at broader and higher-grade extensions, underpinning the company’s resource upgrade ambitions. Barton plans to complete comprehensive cross sections once all assays are received, aiming to refine the geological model ahead of resource estimation updates.

Pre-Feasibility Study Progress and Project Economics

The drilling results feed directly into Barton’s recently launched Pre-Feasibility Study (PFS) with GR Engineering, targeting completion in the first quarter of calendar 2027. This PFS aims to incorporate expanded drilling data and explore upside potential in the mineral resources. The study will also support the submission of a Mining Lease application and facilitate project financing discussions.

Earlier, Barton’s May 2025 Optimised Scoping Study painted a compelling picture for Tunkillia, forecasting annual production of approximately 120,000 ounces of gold and 250,000 ounces of silver, a pre-tax net present value of around A$1.4 billion, and an internal rate of return exceeding 73%. The initial pit stages S1 and S2 alone are modelled to generate A$1.3 billion in operating free cash flow within the first 27 months, assuming gold prices of A$5,000 per ounce.

Comprehensive Work Programs Support Development

Alongside the drilling, Barton is advancing multiple technical and environmental programs including flora and fauna surveys, Aboriginal heritage clearances, geotechnical and metallurgical diamond drilling, and infrastructure planning such as tailings storage and renewable energy options. These efforts are designed to de-risk the project and align with regulatory requirements for the forthcoming mining lease application.

Managing Director Alexander Scanlon emphasised the significance of the new assays, stating, "We are pleased to confirm that Tunkillia continues to deliver broad, high-grade intersections in key areas. New assays from the southern Area 223 optimised open pit include some of the highest grade assays received to date in this zone." He highlighted the company’s focus on swiftly completing Phase 2 drilling to progress resource upgrades and the PFS.

Drilling Program and Geological Context

The Phase 2 drilling campaign, now exceeding 40,000 metres, targets infill and extensions across high-value pit areas including S1, S2, S3, Area 223 North, and Area 51. The southern Area 223 assays reported here complement previous results from Area 51 and Area 223 North, reinforcing continuity and grade consistency across the project’s core zones.

Tunkillia’s geological setting within the Gawler Craton features structurally complex greenstone belts with mineralisation hosted in quartz-sulphide veins and shear zones. The deposit exhibits supergene enrichment near the base of weathering profiles, contributing to the high-grade intercepts observed.

Looking Ahead for Barton Gold

As Barton Gold advances its PFS and resource upgrade work, the company is poised to clarify the project’s development pathway and capital requirements. The combination of strong assay results, robust economic projections, and comprehensive environmental and technical studies positions Tunkillia as a significant South Australian gold-silver development candidate.