Barton Gold Completes 39,000m Tunkillia Drilling Phase, PFS Targets Early 2027

Intensive Drilling Campaign Completes with Resource Upgrade Focus

Barton Gold Holdings Limited (ASX:BGD) has completed its Phase 2 drilling program at the Tunkillia Gold Project in South Australia, delivering a total of 38,760 metres over 311 reverse circulation and diamond drill holes. This follows Phase 1’s 57,653 metres drilled across 520 holes, cumulatively representing a substantial 5-month, four-rig effort focused on upgrading mineral resources within optimised open pits to JORC Indicated and Measured categories.

The company’s Managing Director, Alexander Scanlon, praised the team’s efforts and noted that initial results have generally exceeded expectations, with some zones showing material upside potential. These upgrades are critical to underpinning the forthcoming Pre-Feasibility Study (PFS), which Barton plans to publish in the first quarter of 2027.

Robust Economics Backed by High-Grade Assays

The Tunkillia project’s S1 ‘Starter Pit’ is modelled to produce 206,000 ounces of gold and 491,000 ounces of silver at a cash cost of just A$997 per ounce. This pit alone is forecast to generate over A$800 million in operating cash flow, repaying development costs more than twice over within the first year of production. The broader project, as outlined in Barton’s May 2025 Optimised Scoping Study, targets annual production of approximately 120,000 ounces of gold and 260,000 ounces of silver, with a net present value (NPV) of around A$1.4 billion and an internal rate of return (IRR) exceeding 73%.

Phase 1 drilling successfully infilled key open pit areas with broad, high-grade gold intersections, including standout results such as 44 metres at 3.68 g/t gold and multiple narrower high-grade intervals exceeding 20 g/t. Phase 2 assays, particularly from the Area 51 and southern Area 223 zones, have validated existing models and revealed higher-grade zones than anticipated, suggesting potential for further resource and grade upgrades within the current pit outlines.

Pre-Feasibility Study Led by GR Engineering Services

Barton has appointed GR Engineering Services (GRES), a respected Australian consultancy with global mineral processing expertise, to lead the PFS. This study will build on the robust foundations of the 2025 Optimised Scoping Study and incorporate the latest drilling results to refine development plans and economic forecasts.

The PFS aims to confirm Tunkillia’s strong cash flow generation potential, with the project modelled to produce approximately A$1.75 billion in operating profit during the first 27 months, repaying upfront capital expenditure more than four times over. Barton expects to submit a Mining Lease application following the PFS publication.

Strategic Positioning in South Australia’s Gawler Craton

Tunkillia forms part of Barton Gold’s broader portfolio in the Gawler Craton, which includes the Challenger, Tarcoola, and Wudinna gold projects. With a combined resource base of 2.2 million ounces of gold and 3.1 million ounces of silver, Barton is positioning itself as a significant regional player with a fully permitted gold mill and multiple brownfield mines.

The ongoing resource upgrade drilling and PFS work at Tunkillia are pivotal steps in advancing the project towards production, with strong assay results and economic modelling supporting the company’s development trajectory.