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Barton Gold Holdings Ltd (ASX:BGD) has discovered a new gold mineralised system within the wider Tolmer target of its Tarcoola goldfield in South Australia through reverse circulation (RC) drilling which followed an earlier seismic survey, confirming its structural interpretation.
The system is notable for shallow gold sulphide veining, with high-grade assays including 2 metres at 2.55 grams per tonne of gold from 100 metres; 7 metres at 1.60 grams per tonne from 56 metres; and 9 metres at 3.92 grams per tonne from 202 metres.
The seismic survey which precipitated this find sought to map new and untested structures across Tarcoola, and in doing so, found key targets which were interpreted as ‘repeats’ of the Perseverance gold system.
This was followed up by 10,000 metres of RC drilling from May to July this year, which identified the new system at Tolmer.
Barton’s Managing Director Alexander Scanlon said he was pleased with the discovery, as well as other developments at Tarcoola.
“We are excited to confirm that the first significant test of Tarcoola’s new structural model has confirmed a new gold mineralised system at Tolmer,” he said.
“We have also successfully intersected high-grade mineralisation at multiple other targets, demonstrating Tarcoola’s broader potential to host multiple shallow, high-grade gold zones.
“We are also awaiting further assay results from the open pit Perseverance Mine, where we are hoping to convert further shallow mineralisation in the pit floor into additional high-grade Resources for a ‘Stage 1’ operation.
“This is another step toward the realisation of our lower-cost, lower-risk development strategy leveraging our existing processing infrastructure, and we are only just scratching the surface of the broader regional potential.”
The market was pleased with this news, and at 10:22 AEST, Barton Gold was trading at 26 cents, a rise of 6.12% since the market opened.
