31/05/2021 - 09:44

Barton gold projects set for big drilling hit after strongly supported IPO

31/05/2021 - 09:44

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ASX-bound Barton Gold is set to close the door early on its initial public offering after receiving more than enough subscriptions to fill the $15 million capital raising. The company says the offer gained strong support from both Australian and overseas institutional investors and got a very warm response from the Australian retail sector.

Barton Gold’s management team inspects drilling at Tarcoola in 2020. Credit: File

ASX-bound Barton Gold is set to close the door early on its initial public offering after receiving more than enough subscriptions to fill the $15 million capital raising. The company says the offer gained strong support from both Australian and overseas institutional investors and got a very warm response from the Australian retail sector.

In light of the phenomenal market reception, Barton now anticipates winding up its IPO well ahead of its planned June 11 deadline.

Barton Gold Managing Director, Alexander Scanlon said: “We are honoured to have received broad support for our initial public offer, and very pleased to have surpassed applications for the maximum subscription following only the fifth day of the offer period.”

Barton Gold is looking forward to an exciting year ahead as we systematically test multiple priority targets across the Tarcoola and Tunkillia projects. We expect to commence drilling immediately following the admission of Barton shares to the ASX.”

Barton Gold’s IPO is one of the most highly anticipated listings for 2021 and will give punters exposure to an enviable suite of gold projects in South Australia.

The company’s tenure stretches across the richly-endowed Gawler Craton and includes the significant Tunkillia gold deposit, which boasts close to one million ounces in open-pittable resources and has the mantle of the largest undeveloped gold project in South Australia.

The company’s tenure in SA covers more than 4,700 square kilometres and extends over more than 200 kilometres of strike, from Tunkillia in the south to the shuttered Challenger gold mine in the north.

Whilst Barton has raised a modest amount of cash in the past 12 months to fund its first-pass exploration programs, the company’s oversubscribed IPO is now set to super-charge its exploration efforts. Initial targets will include extensional drilling across the Perseverance pit area at Tarcoola and development drilling at Tunkillia as the company looks to build a multi-million-ounce resource inventory and put its mothballed Challenger gold plant to good use.

With the company now set to bank $15 million from its IPO and a wealth of gold targets in South Australia begging to the feel the drill bit, Barton is primed to make its ASX debut and make an aggressive charge towards the ranks of Australia’s gold producers.

 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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