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Barton Gold (ASX:BGD / OTCQB:BGDFF) announced the completion of Phase 1 reverse circulation upgrade drilling at its Tunkillia Gold Project on November 24, 2025. The drilling program delivered 18,893 meters across 209 holes in 62 days, finishing ahead of schedule and under budget.
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Positive
S1 modelled 206 koz Au at A$997/oz
Phase 1 drilling 18,893m across 209 holes in 62 days
Drilling completed ahead of schedule and under budget
First assays from S1 expected imminently
Negative
No Phase 1 assay results reported yet; assays pending
S1 mineralisation requires conversion to JORC Indicated/Measured and reserve certification before development
11/24/2025 – 10:35 PM
First assays from highest value ‘S1’ area expected imminently
HIGHLIGHTS
* Phase 1 reverse circulation (RC) upgrade drilling on Tunkillia’s high value ‘Starter Pits’ complete1
* Drilling completed ahead of schedule and under budget, with over 300m completed per day
ADELAIDE, AU / November 24, 2025 / Barton Gold Holdings Limited (ASX:BGD)(OTCQB:BGDFF)(FRA:BGD3) (Barton or Company) is pleased to confirm that upgrade drilling for the S1 and S2 pits at its South Australian Tunkillia Gold Project (Tunkillia) has completed ahead of schedule and under budget, with 18,893m drilled across 209 holes and 62 days.
Tunkillia’s S1 ‘Starter Pit’ is modelled to yield 206koz Au at a cost of only A$997 / oz, producing over A$800m operating cash and repaying development 2x over during the first year of operations.1 This presents a compelling near-term production opportunity for the company. This rapid payback is predicated on the project’s high grades and shallow deposit profile.
Fig. 1 – Long section showing Area 223 ‘Main’ pit and stages, and Tunkillia JORC MRE block model1
Commenting on Tunkillia’s Phase 1 upgrade drilling, Barton Managing Director Alex Scanlon said:
“Tunkillia’s S1 pit area contains the project’s highest grades in a shallow central zone. Modelling indicates that the S1 pit will pay back Tunkillia’s entire development cost more than 2x over during the first year of operations.
“Having been approached by multiple prospective development and finance partners, upgrading this area to JORC ‘Measured’ category will underwrite confidence in this profile while we evaluate the optimal path forward.
“We would like to recognise and thank Raglan Drilling for their professionalism and coordination with the Barton Gold team, delivering this Phase 1 drilling program safely, under budget, and well ahead of schedule.”
**Strategic Significance of Tunkillia**
Barton Gold’s Tunkillia project is strategically positioned in the Gawler Craton, a region known for its significant gold endowment. The project’s scale, coupled with its location in a stable mining jurisdiction like South Australia, enhances its attractiveness to potential investors and development partners. The completion of Phase 1 drilling is a key step towards de-risking the project and unlocking its full potential.
**Drilling Program Details and Future Plans**
Figure 2 shows Tunkillia’s S1 and S2 optimised pit outlines, with completed Phase 1 drill holes (green dots). Drilling is designed to convert S1 and S2 to JORC (2012) ‘Indicated’ category, and some of S1 to ‘Measured’, to support future conversion to ‘Proven’ and ‘Probable’ Ore Reserves (subject to technical assessment).1 Successful conversion to these categories is critical for securing project financing and attracting further investment.
The central portion of the S1 pit contains a shallow, ~300m long zone of high-grade gold mineralisation within a broad (80 – 100m wide) zone of bulk open-pittable mineralisation.1 Historical drilling in the S1 area by Barton and others has yielded broad, high-grade assays such as 10m @ 15.7 g/t Au from 54m, 9m @ 6.57 g/t Au from 72m, 17m @ 5.90 g/t Au from 79m, and 15m @ 7.64 g/t Au from 100m depth.2 These historical results underscore the high-grade potential of the S1 zone and support the company’s ongoing exploration efforts.
Phase 2 RC upgrade drilling is planned for March to June 2026, targeting conversion of all other Tunkillia OSS modelled open pit mineralisation to JORC (2012) ‘Indicated’ category. Diamond drilling (DD) will infill and expand geotechnical and metallurgical data to support further pit optimisation and feasibility studies. This two-pronged approach aims to provide a comprehensive understanding of the ore body and optimize future mining operations.
Fig. 2 – Tunkillia S1 & S2 optimised open pit outlines with completed Phase 1 drilling (green dots)
Authorised by the Board of Directors of Barton Gold Holdings Limited.
**About Barton Gold**
Barton Gold is an ASX, OTCQB and Frankfurt Stock Exchange listed Australian gold developer targeting future gold production of 150,000ozpa with 2.2Moz Au & 3.1Moz Ag JORC Mineral Resources (79.9Mt @ 0.87g/t Au), brownfield mines, and 100% ownership of the region’s only gold mill in the renowned Gawler Craton of South Australia.* Barton Gold’s strategic advantage lies in its fully owned milling facility, allowing flexible processing and cost optimization for its diverse deposit portfolio.
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 (JORC).
|Activity |Competent Person|Membership|Status|
|—|—|—|—|
|Tarcoola Mineral Resource (Stockpiles)|Dr Andrew Fowler (Consultant)|AusIMM|Member|
|Tarcoola Mineral Resource (Perseverance Mine)|Mr Ian Taylor (Consultant)|AusIMM|Fellow|
|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|Mr Ian Taylor (Consultant)|AusIMM|Fellow|
|Challenger Mineral Resource (above 215mRL)|Mr Ian Taylor (Consultant)|AusIMM|Fellow|
|Challenger Mineral Resource (below 90mRL)|Mr Dale Sims|AusIMM / AIG|Fellow / Member|
|Wudinna Mineral Resource (Clarke Deposit)|Ms Justine Tracey|AusIMM|Member|
|Wudinna Mineral Resource (all other Deposits)|Mrs Christine Standing|AusIMM / AIG|Member / Member|
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, 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, and any production targets and forecast financial information derived from the production targets, continue to apply and have not materially changed. In accordance with ASX Listing Rule 5.19.2, the Company further confirms that the material assumptions underpinning any production targets and the forecast financial information derived therefrom 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.
**Analyst Perspective**
The successful completion of Phase 1 drilling at Tunkillia, under budget and ahead of schedule, represents a significant positive development for Barton Gold. The focus now shifts to the imminent release of assay results from the S1 area, which will be crucial in validating the resource model and supporting the project’s economic viability. Furthermore, the planned Phase 2 drilling and diamond drilling programs will provide valuable data for progressing Tunkillia towards feasibility and, ultimately, production.
**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 dated 8 September 2025. Total Barton JORC (2012) Mineral Resources include 1,049koz Au (39.7Mt @ 0.82 g/t Au) in Indicated category and 1,186koz Au (40.2Mt @ 0.92 g/t Au) in Inferred category, and 3,070koz Ag (34.5Mt @ 2.80 g/t Ag) in Inferred category as a subset of Tunkillia gold JORC (2012) Mineral Resources.
1 Refer to ASX announcements dated 11 December 2023, and 4 March and 5 May 2025
2 Refer to Prospectus and ASX announcement dated 15 November 2021
FAQ
Barton announced Phase 1 RC drilling completed with 18,893m across 209 holes in 62 days, finished ahead of schedule and under budget.
S1 is modelled to contain 206 koz Au at a cash cost of A$997/oz according to the announcement.
The company said first assays from the highest-value S1 area are expected imminently.
Phase 2 RC upgrade drilling is planned for March–June 2026, with diamond drilling to add geotechnical and metallurgical data for feasibility studies.
No; Phase 1 is aimed at upgrading S1/S2 to JORC Indicated and parts of S1 to Measured; reserve certification is still required.
Modelling indicates S1 could produce over A$800m operating cash and repay development more than 2x in the first year.
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