Challenger Project Resources Grow to 223koz Au, Total Barton Gold at 1.9Moz

Resource Growth at Challenger

Barton Gold Holdings Limited (ASX, BGD) has announced a significant update to its JORC (2012) Mineral Resources Estimate (MRE) for the Challenger Gold Project in South Australia. The newly reported 'Stage 1' resources near the Central Gawler Mill have grown to 223,000 ounces of gold contained within 9.56 million tonnes at an average grade of 0.72 grams per tonne. This includes 81,200 ounces in higher-grade open pit zones and underground areas, alongside substantial gold contained in two tailings storage facilities.

Strategic Importance of Central Gawler Mill

The Central Gawler Mill, a fully permitted 650,000 tonnes per annum processing plant, is a key asset for Barton Gold. The company plans to leverage this infrastructure to fast-track a lower-cost and lower-risk pathway to production. Managing Director Alexander Scanlon highlighted the mill’s role as a significant leverage point, enabling a shorter timeline to re-rating Barton Gold as a producer.

Detailed Resource Breakdown

The updated resource encompasses multiple zones, the Main open pit (69,600 ounces at 3.39 g/t), Challenger West open pit (11,600 ounces at 10.6 g/t), Main underground (21,900 ounces at 3.98 g/t), Challenger SSW deposit (12,200 ounces at 0.95 g/t), and two tailings storage facilities (TSF1 and TSF2) containing 55,500 and 51,800 ounces respectively. The tailings represent an attractive opportunity for reprocessing, with metallurgical testwork indicating potential gold recoveries of up to 70% through conventional regrinding.

Pathway to Production

Barton is progressing feasibility studies throughout 2025, including re-modelling of underground resources below 900 meters RL, capital cost estimates for recommissioning the mill, and mining studies to prioritise feed sources. The company targets commencing initial Stage 1 operations by the end of 2026, focusing on near-surface, higher-grade mineralisation and tailings to optimise economics and reduce development risk.

Broader Company Resource Base

Beyond Challenger, Barton Gold’s total JORC Mineral Resources now stand at 1.9 million ounces of gold and 3.1 million ounces of silver across 73 million tonnes at 0.79 g/t gold. This includes resources at the Tarcoola and Tunkillia projects, positioning Barton as a notable Australian gold developer with a regional processing advantage.

Technical and Environmental Considerations

The resource update is underpinned by extensive drilling data, including over 3,200 surface reverse circulation holes and 2,300 underground diamond holes, supplemented by sludge and face sampling. The geological model reflects structurally controlled quartz vein mineralisation within high-grade metamorphic rocks. Environmental permits are in place, and the waste material is non-acid generating, supporting the project's development viability.