- South Australia-focused explorer and producer Barton Gold (BGD) lists on the ASX following a $15 million initial public offering (IPO)
- The offer, which put new shares on the table at 25 cents each, garnered support from Australian, North American and European investors
- The proceeds will support a drilling campaign to discover, extend and convert mineralisation at the Tarcoola and Tunkillia projects
- Shares are trading in the red at 23.5 cents, down 6 per cent at 11:34 am AEST
South Australia-focused explorer and producer Barton Gold (BGD) has listed on the ASX following a $15 million initial public offering (IPO).
The IPO
The offer received support from Australian, North American and European investors. Based on the offer price of 25 cents per new share, the IPO gave the company an initial market capitalisation of $43.9 million.
Barton Managing Director Alexander Scanlon thanked the Barton team, advisors, shareholders and the South Australian government for their support as it moves into the next phase of its development in the central Gawler Craton.
“The company will begin initial major exploration programs quickly during the coming weeks, aimed at systematically testing multiple priority targets across Tarcoola and Tunkillia,” Mr Scanlon said.
“With the benefit of a total attributable approximately 1.1 million ounce JORC Mineral Resources platform and 100 per cent ownership of the region’s only gold mill, our objectives are to demonstrate the true scale potential of this asset package and pursue maximum long-term value creation.”
Upcoming exploration
Barton’s initial exploration focus will be on phase two reverse circulation drilling and geophysics at the Tarcoola Project, with these activities to kick off in July.
The geophysics survey is designed to assist the company in refining the Tarcoola regional structural model developed in 2020.
The drilling program will test strike and depth extensions of interpreted structure at the Perseverance Mine, and test a newly discovered zone as well as a newly interpreted target.
The rig will then mobilise to the Tunkillia project for a phase one drilling program testing a priority target area and possible extension to the north and south of the 223 deposit. This program is expected to run from August until September.
The company also holds the Challenger project, which includes a mine and mill, with the opportunity to process ore from other regional assets.
Shares were trading in the red at 23.5 cents, down 6 per cent at 11:34 am AEST.