St Barbara Gold announces that excellent progress has been made with the incorporation of the results from the FY24 diamond drilling program into the work being carried out to convert. Simberi Inferred Mineral Resources to Indicated Mineral Resources of gold as part of an Updated Mineral Resource and Ore Reserve estimate as at the end of the FY24 financial year.
The teams are on track to complete the Updated Mineral Resource and Ore Reserve estimate for announcement in the week commencing 29 July.
The success of the resource definition diamond drilling program and the Mineral Resource estimation work completed to date gives the Company confidence to lift the upgrade target for Inferred to Indicated Mineral Resource to 1.5 mn Oz. This is an increase from the original upgrade target of 1.0 mn Oz announced on 23 January 2024.
Managing Director and CEO Andrew Strelein said “We are very pleased with the success of the FY24 diamond drilling program and wanted to move quickly to maintain the momentum in FY25 with early commitment to retain the two diamond drill rigs on Simberi Island. We have accelerated approval of the 9,000 m FY25 diamond drilling campaign and have already commenced the first hole in the program to follow up great results at the Sorowar – Pigiput Trend.
The progress with the work on the Updated Mineral Resource so far enables us to lift our targeted upgrade of Inferred Mineral Resources by 50% to 1.5 mn Oz compared to our earlier target announced in January. This sets us up very well for the Ore Reserves to be announced in late July.”
Excellent potential exists for further increases to the Simberi Mineral Resource and Ore Reserves due to the recognition of the gold-molybdenum association with recent higher grade gold intercepts returned from the FY24 Sorowar-Pigiput drilling highlights additional targets around known molybdenum zones.
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