from Barton Gold Holdings Limited (ASX:BGD)
Challenger Underground MRE Doubles to 230koz @ 3.65 g/t Au
ADELAIDE, AU / ACCESS Newswire / October 27, 2026 / Barton Gold Holdings Limited (ASX:BGD)(FRA:BGD3)(OTC PINK:BGDFF) (Barton or Company) is pleased to announce updated MREs for each of its South Australian Challenger (Challenger) and Tarcoola (Tarcoola) Gold Projects.
Commenting on the Challenger & Tarcoola Resources update, Barton MD Alexander Scanlon said:
"Detailed remodelling of the Challenger high-grade underground has surprised to the upside, with Resources more than doubling to 230koz @ 3.65 g/t Au. This mine has extensive existing development and produced over 1 million gold ounces from 2002 to 2018. Third party review indicates significant growth potential through near-mine drilling.
"Barton is steadily building its platform, with Challenger and Tarcoola JORC Resources now totalling 400,000oz Au. This mineralisation has also now been modelled on a more conservative basis and constrained to optimised pit shells, increasing the potential for these materials to support a future ‘Hub 1' operation based at our Challenger project site.
"Our fully permitted Central Gawler Mill offers considerable infrastructure leverage with a potentially shorter, lower-cost, and lower-risk pathway to operations. Reanimation of the mill would also materially enhance the development optionality of our adjacent Challenger underground mine, and our regional assets Tarcoola, Tolmer, and Wudinna."
1 Refer to Prospectus dated 14 May 2021
Updated Challenger JORC (2012) MRE
The new Challenger MRE reflects the original open pit (Challenger Main), the ‘West' open pit (Challenger West), the 'SSW' Deposit (CSSW), historical Tailings Storage Facilities 1 and 2 (TSF1 and TSF2, respectively) the historical Challenger underground mine (UG), and a newly defined Challenger 3 Deposit (Challenger 3 or C3).2
All mineralisation is adjacent to the Company's Central Gawler Mill (CGM). The updated MRE excludes various lower-grade stockpiles and higher-grade mill residuals (eg. ball mill rejects) which are located adjacent to the CGM on the Run of Mine (ROM) pad. These materials will likely also form a component of early mill feed as the hard rock crushing and grinding circuits are recommissioned for the start of fresh rock processing operations.
Figure 1 - Challenger site map with locations of key infrastructure and JORC (2012) MRE deposits
2 Refer to Prospectus dated 14 May 2021
Comparison with prior Challenger JORC (2012) MRE
Challenger's updated JORC (2012) MRE (see Table 1 below) is based upon the integration of 9,387m new reverse circulation (RC) and diamond (DD) drilling results.3 Key modelling updates and outcomes include:
- the confirmation of a new open-pittable 'Challenger 3' Deposit along strike of the existing open pits;
- remodelling of ‘open pittable' Resources on a more conservative basis by constraining mineralisation to optimised open pit shells with revenue factors from 1.2 to 1.5 (base gold price of AUD $5,000 / oz);
- remodelling of underground mineralisation following further on-site review by third party consultants, including some mineralisation previously modelled as Challenger 'Main' open pit JORC Resources.
In particular, underground mineralisation has surprised to the upside with significant mineralisation added into the block model and Resources more than doubling to 230koz @ 3.65 g/t Au. A material grade improvement has also been observed where mineralisation previously modelled as 'open pit' Resources has been reclassified to 'underground' Resources with a view to more efficient and selective extraction.
Preliminary modelling by SRK Consulting Pty Ltd (SRK) has also indicated potential to bring significant additional high-grade mineralisation into a future MRE or mine plan through further near-mine drilling. An expedited review of potential underground development options is expected to commence shortly.
Additionally, a new 'Challenger 3' Deposit has been defined along strike of the CSSW Deposit and the existing Challenger 'West' and 'Main' open pits. Review indicates potential for additional growth through infill drilling (conversion of unclassified mineralisation) and growth / extensional drilling along strike of the new MRE.
| Zone | Measured | Indicated | Inferred | TOTAL | ||||||||
Mt | g/t Au | Koz Au | Mt | g/t Au | Koz Au | Mt | g/t Au | Koz Au | Mt | g/t Au | Koz Au | |
| Challenger Underground (above 215mRL) | -- | -- | -- | 0.11 | 4.82 | 17 | 1.64 | 3.60 | 190 | 1.75 | 3.68 | 207 |
Challenger Deeps (below 90mRL) | -- | -- | -- | -- | -- | -- | 0.21 | 3.50 | 23 | 0.21 | 3.50 | 23 |
| Challenger Main Open Pit | -- | -- | -- | 0.15 | 2.23 | 10 | 0.05 | 1.94 | 3 | 0.20 | 2.15 | 14 |
| Challenger West Open Pit | -- | -- | -- | 0.01 | 6.66 | 2 | 0.00 | 3.3 | 0.2 | 0.01 | 6.1 | 2 |
| Challenger SSW Deposit | -- | -- | -- | 0.18 | 0.86 | 5 | 0.20 | 0.69 | 4 | 0.38 | 0.77 | 9 |
| Challenger 3 Deposit | -- | -- | -- | 0.21 | 0.89 | 6 | 0.07 | 0.68 | 1.63 | 0.29 | 0.84 | 8 |
| Tailings Storage Facility 1 | -- | -- | -- | 3.19 | 0.54 | 56 | -- | -- | -- | 3.19 | 0.54 | 56 |
| Tailings Storage Facility 2 | -- | -- | -- | 5.13 | 0.31 | 52 | -- | -- | -- | 5.13 | 0.31 | 52 |
| TOTAL | -- | -- | -- | 8.98 | 0.51 | 148 | 2.17 | 3.18 | 222 | 11.2 | 1.03 | 370 |
| * Totals subject to rounding; tonnages are dry metric tonnes; all Mineral Resources classified as 'Inferred' are approximate; cut-off grades applied are 2.0 (Deeps) 1.0 g/t Au (UG above 215 mRL), 0.3 g/t Au (Main Open Pit, Challenger West, SSW, Challenger 3) and 0.0 g/t Au (TSF1 and TSF2). | ||||||||||||
Table 1 - Challenger JORC (2012) Mineral Resources Estimate (October 2026)
The prior Challenger JORC (2012) MRE, reported on 8 September 2025, was:4
| Zone | Measured | Indicated | Inferred | TOTAL | ||||||||
Mt | g/t Au | Koz Au | Mt | g/t Au | Koz Au | Mt | g/t Au | Koz Au | Mt | g/t Au | Koz Au | |
| Challenger Underground (above 215mRL) | -- | -- | -- | -- | -- | -- | 0.98 | 2.84 | 89.4 | 0.98 | 2.84 | 89.4 |
Challenger Deeps (below 90mRL) | -- | -- | -- | -- | -- | -- | 0.21 | 3.50 | 23.0 | 0.21 | 3.50 | 23.0 |
| Challenger Main Open Pit | -- | -- | -- | 0.17 | 2.69 | 14.8 | 0.48 | 3.61 | 55.2 | 0.65 | 3.36 | 70.0 |
| Challenger West Open Pit | -- | -- | -- | -- | -- | -- | 0.03 | 10.7 | 11.6 | 0.03 | 10.7 | 11.6 |
| Challenger SSW Deposit | -- | -- | -- | -- | -- | -- | 0.40 | 0.95 | 12.2 | 0.40 | 0.95 | 12.2 |
| Challenger 3 Deposit | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Tailings Storage Facility 1 | -- | -- | -- | 3.19 | 0.54 | 55.5 | -- | -- | -- | 3.19 | 0.54 | 55.5 |
| Tailings Storage Facility 2 | -- | -- | -- | 5.13 | 0.31 | 51.8 | -- | -- | -- | 5.13 | 0.31 | 51.8 |
| TOTAL | -- | -- | -- | 8.49 | 0.45 | 122 | 2.09 | 2.84 | 191 | 10.6 | 0.92 | 313 |
| * Totals subject to rounding; tonnages are dry metric tonnes; all Mineral Resources classified as ‘Inferred' are approximate; cut-off grades applied are 2.0 (Deeps) 1.0 g/t Au (UG above 215 mRL), 0.5 g/t Au (Main Open Pit, Challenger West, SSW) and 0.0 g/t Au (TSF1 and TSF2). | ||||||||||||
Table 2 - Challenger JORC (2012) Mineral Resources Estimate (September 2025)4
3 Refer to ASX announcement dated 16 April 2026
4 Refer to ASX announcement dated 8 September 2025
Updated Tarcoola JORC (2012) MRE
During July 2024 Barton announced an updated Tarcoola MRE of 30koz Au (0.54Mt @ 1.70 g/t Au), with ~44% classified as JORC 'Indicated' category.5 Following remodelling, the Tarcoola MRE is now slightly revised to 29koz Au (0.53Mt @ 1.68 g/t Au), where the primary change is that ~72% is now classified as JORC ‘Indicated' category.
Comparison with prior Tarcoola JORC (2012) MRE
Tarcoola's updated JORC (2012) MRE (see Table 3 below) is based upon further review and validation of h