Gold miner St Barbara Ltd (ASX:SBM) has increased the ore reserves at its Simberi project in Papua New Guinea by 40% to 2.8 million ounces (Moz) as a result of its resource definition and exploration drilling work, which also produced an upgrade in resource confidence for the project.
With the overall resource increasing 5% to 5Moz of gold, 1.9 million ounces of these have moved from the inferred to measured and indicated category of confidence through resource development drilling and modelling work carried out in the 2024 Financial Year.
The overall figures for the project now sit at 113.6. million tonnes Mt) at 1.4 grams per tonne (g/t) for 5.0 Moz of contained gold in terms of resource, and 47.3Mt at 1.8 g/t for 2.8 Moz of contained gold in terms of reserve.
Managing Director and CEO Andrew Strelein said the data had gone beyond expectations.
“We are delighted with the upgrading of 1.9 Moz of Mineral Resources from Inferred to Measured and Indicated, compared to our revised target of 1.5 Moz,” he said.
“Proved and Probable Ore Reserves have been increased by 40%, to 2.8 Moz, on the back of our increased confidence in the underlying Mineral Resource.
“This upgrade ensures that our recently announced 10 Year Plus Mine Plan Outlook is completely underpinned now by Proved and Probable Ore Reserves.”
This would now mean that focus for the 2025 Financial Year would be on exploration drilling, with up to 9000 metres planned for this.
“Specifically, we will follow-up last year’s discovery of the Sorowar – Pigiput trend and test the sulphide potential of the Samat deposit, and explore / sterilise various areas including at Pigibo North,” Mr Strelein said.
St Barbara has been trading at 20.5 cents.