Barton sells $1m worth of gold to cap off busy FY 2022
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Barton Gold has sold a tidy $1m worth of gold materials to ABC Bullion, a precious metals refiner and bullion dealer based in Sydney, Australia.
Not a bad return for gold that Barton – for real – essentially had a free kick from a clean-up program at the company’s Central Gawler Mill in South Australia. Seems Barton have been working on a few nice surprises for the year end, with today’s announcement following the recent dual news of $595,000 exploration grants from the South Australian Government and nearly $740,000 (pre GST) in surplus asset sales. All three pieces of news amount to a total of $2.3 million cash accretive transactions in June alone.
Plus, the $1 million payment is just an initial part payment, with a balance or ‘top up’ payment to be made to Barton Gold (ASX:BGD) following the final processing and sale of the gold recovered from the materials.
“Barton has some unique advantages relative to traditional explorers, one of which is a valuable surplus asset base,” MD Alexander Scanlon says.
“This sale is another opportunity for Barton to extract significant value from its assets, supplement the company’s balance sheet, and offset the costs of our various exploration programs.
“We will continue building Resources for future development, while also mitigating future dilution.
“Barton shareholders can expect to see more of these initiatives undertaken in the months and years ahead.”
The funds will go towards ongoing large-scale exploration programs at the Southern Hub, which hosts the Tarcoola 965,000oz) and Tunkillia (no resource, yet) Gold Projects
Tarcoola is a brownfields site within trucking distance of BDG’s processing plant, while Tunkillia sits on a host structure extending 7km north and 7km south of the existing resource.
Barton has already completed around 6,400m drilling since the start of the year, with over 20,000m of drilling in total expected during 2022 to grow BDG’s Tarcoola and Tunkillia project footprints, make new regional discoveries, and build on the current ~1.1Moz resource.
This article was developed in collaboration with Barton Gold Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.