Tunkillia JORC Resources Grow Another 20% to 1.38 Million oz

~224koz added at only A$16/oz; Barton total JORC Resources now ~1.5Moz

HIGHLIGHTS

• Tunkillia JORC Mineral Resources increase to 1.38 million oz (46.3Mt @ 0.93 g/t Au), with 224,000 oz Au added for an ‘all in' cost of only AUD ~$16 / oz
• Attractive characteristics:
  • 794koz Au of Tunkillia Project Resources are classified in the JORC ‘Indicated' category (~58%)
  • 277koz Au in shallow supergene zone starting from ~35m depth
  • ~80% of Resource tonnes and ounces are within 200m of surface; and
  • 300m long higher-grade zone located in the centre of the 223 Deposit
• Upgraded Tunkillia MRE includes:
  • 223 Deposit extensions, a new southern gold zone, and ‘Area 223 North' converted to MRE
  • +22% total tonnes (+8.3Mt) and +20% total Au metal (+224koz)
  • +80% Resource strike (from ~2km to ~3.5km)
• Conservatively modeled with a production mentality; tight grade capping and internal dilution targeting efficient, bulk open pit operations and strong metal reconciliation
• Near-term exploration upside, with Area 51, Area 191, and SE Offset assays pending
• Barton total JORC Mineral Resources increase to 1.46 million oz (47.2Mt @ 1.0 g/t Au), with 413,000 oz Au added during 2023 for an average ‘all in' cost of only AUD $14 / oz

Barton Gold Holdings Limited (ASX:BGD, FRA:BGD3, OTCQB:BGDFF) (Barton or the Company) is pleased to announce an updated JORC Mineral Resources Estimate (MRE) for the Tunkillia Gold Project (Tunkillia).

Approximately 15,200m of drilling has added ~224,000 oz Au in the cornerstone 223 Deposit and the 223 North satellite gold zone for an estimated ‘all in' cost of ~A$16 / new ounce. Total Tunkillia Mineral Resources are now 1.38Moz Au (46.3Mt @ 0.93 g/t Au), with ~58% classified in the ‘Indicated' category.

Commenting on the latest Tunkillia JORC Resources update, Barton MD Alex Scanlon said:

"This is the second time that Barton has grown the Tunkillia Project's JORC Resources during 2023, with a total of 413,000 ounces of gold added at an exceptionally low ‘all in' cost of only A$14 per ounce. These results continue to validate the Company's exploration thesis for Tunkillia, with its mineral footprint rapidly expanding.

"We look forward to sharing another ~8,000m of assays from target Areas 51, 191 and SE Offset in early 2024."

Updated Tunkillia JORC Mineral Resource Estimate (MRE)

An updated Tunkillia plan map showing the updated December 2023 MRE outlines, and regional targets Area 51, Area 191 and SE Offset, is shown at Figure 1 below. The updated Tunkillia MRE includes a northern extension of the 223 Deposit, a new offset zone of mineralisation proximal to its southern extent of the 223 Deposit (Southern 223), and the conversion of the 223 North gold zone into JORC classification.

Updated Tunkillia JORC Mineral Resource Estimate (MRE)

The updated JORC MRE for the Tunkillia Gold Project is now 1.38 Million ounces gold (46.3Mt @ 0.93 g/t Au), as reported in accordance with JORC (2012).

Background & additional information

Barton acquired Tunkillia in December 2019 as a 558koz Au deposit with the view that Tunkillia had significant growth potential due to limited historical exploration during a period of low gold prices. Around 77% of all Tunkillia drilling was completed from 1996 to 2005 (USD gold below $400/oz), with another ~8% from 2005 to 2008 (USD gold average price ~$650/oz).

As a result, approximately 85% of all historical drilling was therefore completed with a weighted average gold price below USD $425/oz, and was on average very shallow. Barton has since confirmed multiple Tunkillia depth extensions and three new gold zones at Areas 223 North, 191, and 51, with three JORC MRE updates. ¹

In November 2021 Barton confirmed the central zone of the 223 Deposit as a higher-grade priority development target area.² In April 2023 the 223 Deposit MRE was upgraded from 965koz Au (26.1Mt @ 1.15 g/t Au) to 1.15Moz Au (38Mt @ 0.94 g/t Au) via significant depth extensions of 50 - 150m in three key target zones.³

This MRE update adds ~800m of mineralisation into JORC classification in northern and southern zones proximal to the 223 Deposit, plus a further ~780m into JORC classification within the ‘223 North' satellite gold zone. A total ~8.3Mt and ~224,000 new ounces have been added for an estimated ‘all in' cost of only ~ A$16 / oz with 89 RC holes (15,189m) completed at an estimated ‘all in' cost of A$3.6m (including drilling, assays, logistics, labour, and Native Title costs).