Growth Drilling Begins at Tunkillia Gold Project

ADELAIDE, AUSTRALIA / ACCESSWIRE / November 18, 2024 /

HIGHLIGHTS

• Optimised Scoping Study underway, targeting comminution, power, schedule and pit design

• ~5,000m reverse circulation (RC) drilling targeting key extensions of block model and pit design

Barton Gold Holdings Limited (ASX:BGD)(FRA:BGD3)(OTCQB:BGDFF) (Barton or Company) is pleased to confirm that RC growth drilling has commenced at its South Australian Tunkillia Gold Project (Tunkillia).

In March 2024 Barton published an updated 1.5Moz Au Tunkillia JORC Mineral Resources Estimate (MRE), followed by an initial Scoping Study (July 2024) outlining competitive production of ~130kozpa gold with an all-in sustaining cost (AISC) of ~A$1,917/oz Au, a 40% equity internal rate of return (Equity IRR), and a 1.9 year payback driven by a higher-grade ‘Starter pit' producing ~180koz Au during the first ~18 months.1

An optimisation review is now underway targeting key cost drivers. The RC drilling is targeting extensions on lodes parallel to, and depth extensions of, the July 2024 optimised pit design in areas where gold mineralisation has been intersected in prior drilling but not yet included in the MRE block model.

Commenting on the current Tunkillia drilling program, Barton MD Alexander Scanlon said:

"Tunkillia has demonstrated its potential as a competitive large-scale gold producer based upon conservative assumptions relating to comminution design, power consumption, the development schedule and procurement.

We are now reviewing optimisation of these assumptions in parallel with selective drilling to reduce processing costs, expand the MRE block model, grow the optimised pit, extend Project life, and improve the project's economics. We look forward to sharing further updates as we advance Tunkillia toward feasibility studies. "

1 Refer to ASX announcements dated 4 March and 16 July 2024

Targets below and adjacent to current MRE block model

Review of the March 2024 MRE block model in conjunction with the July 2024 initial Scoping Study has identified two key ‘near mine' opportunities for expansion of the open pit design and mine life, being:

1. areas just below the July 2024 optimised open pit, where drilling intersected mineralisation which is excluded from the MRE block model due to an insufficient number of data points; and

2. areas adjacent to the March 2024 MRE block model and the July 2024 optimised open pit, where areas of known mineralisation may similarly be excluded from the MRE block model.

These represent an opportunity to add further ounces to the MRE block model, optimise the open pit design, and add new bulk efficient mineralisation tonnes into the life of mine (LoM) schedule.

2 Refer to ASX announcement dated 4 March 2024

About Barton Gold

Barton Gold is an ASX, OTCQB and Frankfurt Stock Exchange listed Australian gold developer targeting future gold production of 150,000oz annually, with ~1.6Moz Au JORC Mineral Resources (52.3Mt @ 0.94 g/t Au), multiple advanced exploration projects and brownfield mines, and 100% ownership of the only regional gold mill in the renowned central Gawler Craton of South Australia.*

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).