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- Barton Gold (BGD) ends the last quarter of 2022 well-funded to continue drilling at its Tunkillia project in South Australia
- For the three months to December 31, BGD spent over $2 million on exploration and evaluation, with its drilling programs at Tunkillia expanded twice
- The company began the period with $10.3 million and, taking into account its operating cashflow, ended the quarter with $8.8 million on hand
- A major discovery-focused drilling campaign is continuing at Tunkillia, and Barton aims to complete a resource estimate for the 223 deposit by April
- BGD shares are down 2.17 per cent to 22.5 cents at 3:39 pm AEDT
Barton Gold (BGD) has ended the last quarter of 2022 well-funded to continue drilling at its Tunkillia project in South Australia.
For the three months to December 31, BGD spent over $2 million on exploration and evaluation, with its drilling programs at Tunkillia expanded twice. This accounts for 78 per cent of the company’s net operating cashflow for the period.
The expanded drilling programs targeted deeper extensions to the 223 deposit’s main zone and evaluated a gold zone at a new area dubbed Area 51.
Assays received to date have returned shallow, high-grade results with up to 23.5 grams of gold per tonne and broad zones of mineralisation in previously un-tested areas.
A major discovery-focused drilling campaign is continuing at Tunkillia, and Barton is aiming to complete a resource estimate for the 223 deposit by April.
The company began the period with $10.3 million and, taking into account its operating cashflow, ended the quarter with $8.8 million.
Barton pocketed $67,397 from the South Australian Government’s Accelerated Discovery Initiative and South Australian Landing Pad programs during the quarter alongside the Federal Government’s Research and Development Tax Incentive program.
Barton estimates it has enough funding for 4.1 quarters if spending remains consistent.
BGD shares were down 2.17 per cent to 22.5 cents at 3:39 pm AEDT.
