St Barbara announces confirmation of new mineralisation zone

St Barbara Limited (ASX: $SBM) has confirmed the presence of a new mineralisation zone at the Sorowar - Pigiput Trend portion of the 24-hole, 4,700-metre diamond drill program at the Simberi Operations in Papua New Guinea. Assay results for all 15 resource definition diamond drill holes have been received and will be included in the upcoming Mineral Resource and Ore Reserve update at the end of Q4 June FY24.

Executive commentary on the new mineralisation zone

Managing Director and CEO Andrew Strelein expressed optimism about the results, stating, 'We are very encouraged by the results so far. The gold price for Ore Reserve definition back in 2012 was just A$1,250 per ounce and many areas were unable to be drilled at that time because of difficult topography. We are getting positive results by applying more than 10 years of improvement in geological knowledge and targeting insufficiently drilled areas from drill pad locations now available because of more than 10 years of oxide mining.'

Summary of the announcement and outlook

The confirmation of the new mineralisation zone at the Sorowar - Pigiput Trend is a significant development for St Barbara. The company's exploration efforts have yielded promising assay results, indicating the presence of broad mineralisation outside any current Inferred Resource areas. The upcoming Mineral Resource and Ore Reserve update at the end of Q4 June FY24 is expected to incorporate these results. St Barbara's ongoing exploration and drilling activities demonstrate its commitment to leveraging geological knowledge and targeting underexplored areas. The company's outlook appears positive as it continues to pursue its corporate strategy of identifying and defining mineral resources in Papua New Guinea.