Join our daily newsletter At The Bell to receive exclusive market insights
- Barton Gold (BGD) receives $300,000 co-funding grant from the South Australian Government
- This is part of the government’s Accelerated Discovery Initiative to encourage new discoveries and stimulate the state’s mineral and resources sector
- Managing Director Alexander Scanlon says he’s honoured by the support to explore the Tarcoola Project which has seen limited modern exploration
- Barton Gold plans to further investigate the project through gravity surveys, advanced geochemical techniques and drill testing
- Company shares ended the day 5 per cent in the red to close at 19 cents
Barton Gold (BGD) has been granted a $300,000 boost from the South Australian Government.
The funding award is part of the government’s Accelerated Discovery Initiative that provides companies with co-funding to encourage new discoveries and stimulate the state’s mineral and resources sector.
In May, Barton Gold was notified that its application for the co-funding grant was successful which would allow it to conduct exploration at its Tarcoola Project.
Managing Director Alexander Scanlon said he was honoured to receive the grant.
“We are honoured to receive such significant and continued support from the South Australian Government in our efforts to reinvigorate gold exploration in the central Gawler Craton,” Mr Scanlon said.
“The Tarcoola and Tunkillia project areas have been historically under-explored over the last 20 years. However, our recent work has identified considerable new discovery potential across large-scale structures.”
The Tarcoola Project is located 70 kilometres north-northwest of BGD’s Tunkilla Project which has a mineral resource of 26.1 million tonnes at 1.15 grams of gold per tonne for 965,000 ounces.
Tarcoola covers a 1202-square kilometre area which reportedly received significant historical interest during the early 1900s. However, until Barton acquired new data last year, it hadn’t been subject to much modern exploration.
Positively though, Barton’s high-resolution aeromagnetics and seismic reinterpretation identified a new, prospective system of shears and faults similar to the Perseverance shear zone.
Barton Gold plans to further investigate the project through gravity surveys, advanced geochemical techniques and drill testing.
Company shares ended the day 5 per cent in the red to close at 19 cents.
