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St Barbara upgrades Simberi resource by 5%, ore reserves by 40%

30th July 2024

By: Darren Parker

Deputy Editor Online

     

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ASX-listed St Barbara has announced a significant update to its mineral resources at the Simberi gold operations, in Papua New Guinea, as of June 30. The company has revised its mineral resources upward by 5%, or 300 000 oz, to a total of five-million ounces, net of depletion.

This increase is the result of the 2024 financial year resource definition and exploration drilling programme.

The drilling programme, alongside a revised geological model, has led to a higher-than-forecast conversion of inferred mineral resources to measured and indicated categories, totalling 1.9-million ounces.

"We are delighted with the upgrading of 1.9-million ounces of mineral resources from inferred to measured and indicated, compared to our revised target of 1.5-million ounces," St Barbara MD and CEO Andrew Strelein said on July 30.

Further, proved and probable ore reserves have increased by 40% to 2.8-million ounces, bolstered by the increased confidence in the underlying mineral resource.

"This upgrade ensures that our recently announced ten-year-plus mine plan outlook is completely underpinned now by proved and probable ore reserves," Strelein added.

With minimal inferred mineral resources left to convert, the focus of the 2025 financial year's 9 000 m diamond drilling programme will shift to expanding the mineral resource.

Specifically, the programme will follow up on last year's discovery of the Sorowar–Pigiput trend, test the sulphide potential of the Samat deposit and explore or sterilise various areas including Pigibo North.

St Barbara has confirmed the Simberi ore reserves are estimated at 47.3-million tonnes at 1.8 g/t gold for 2.8-million ounces of contained gold. The Simberi mineral resources are estimated at 113.6-million tonnes at 1.4 g/t gold for five-million ounces of contained gold.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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