Star's Tumblegum asset WA

Star Minerals shines on receiving ‘high-grade’ gold assays from Tumblegum South

Star Minerals (ASX:SMS) reports ‘high-grade’ gold assays following phase two of resource definition reverse circulation (RC) drilling at its Tumblegum South Project in Western Australia.

The results, generated from 25 drillholes for a total of 2,669m, have confirmed the continuation and extension of geology and grade.

Key assays include:

  • Hole TGRC042: 4m @ 16.8g/t Au from 155m, including 1m @ 58g/t Au
  • Hole TGRC028: 4m @ 8.23g/t Au from 73m depth, including 1m @ 23.8g/t Au
  • Hole TGRC031: 6m @ 3.03g/t Au from 98m depth

The company’s share price had risen by 13.64% to $0.125 as of 1.30pm AWST.

Speaking on the results, Star Minerals Chief Executive Officer Greg Almond commented: “We are very satisfied to have completed this phase two resource definition program.

“The assays … further support our decision to progress with our efforts to define and develop this gold deposit”

The assays confirm our initial assessment of the Tumblegum South, and further support our decision to progress with our efforts to define and develop this gold deposit.

These assays and geological logging provide further information to support the existing Resource and give us further untested potential targets.

The results confirm the tonnage and grade information that we have for Tumblegum South and will provide more information for an updated resource model as we progress our strategy to develop, mine, and monetise this asset.”

The company also notes that the results from the phase two drilling confirm its interpretation of geology and grade of mineralisation.

In addition, the results deliver confidence that the deposit is suitable for further work leading to a mining project study.

The Tumblegum South Project is located about 40km south of the township of Meekatharra and is prospective for gold and copper mineralisation.

The project currently boasts an existing Inferred Mineral Resource Estimate (MRE) of 600,000t @ 2.2g/t Au.

With assays finalised and returned, Star Minerals announces that it has commenced further resource work with initial work undertaken and the remainder to be completed once all outstanding assays are returned.

Star reports that the recent drilling, sampling, and assay work from two phases of drilling shows that the company is determined to execute on its announced strategy to immediately explore and develop the Tumblegum South asset.

This latest drilling and the accompanying assays provide more information on the geology and mineralisation of Tumblegum South, ‘and gives the company confidence’ that the deposit is suitable for further work leading to a mining project study.

These results will also be used to inform further resource work at Tumblegum and an independent update to the resource model will follow at the completion of this work.

Images: Star Minerals Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.