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 Moz. This is an increase from the original upgrade target of 1.0 Moz announced on
Managing Director and CEO
The Company has accelerated the approval of the 9,000 m FY25 diamond drilling program at Simberi to maintain momentum and provide early commitment to the drilling contractors. The FY25 budget approval is for
The presence of ore grade intercepts located in the southeast corner of the current Sorowar conceptual sulphide pit highlights the potential for southeast strike and down dip extensions to the southeast portion of the Sorowar - Pigiput Trend; The current Sulphide pit optimisation at Samat is partly constrained at depth by the limits of drilling, including limited drilling into the 'productive window'; Based on metal zonation studies, higher grades can be expected to be encountered across the deposits in a 'productive window' between -25m and +75mRL which is not fully tested; 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; The interpretation of a diatreme breccia model potentially constraining a significant proportion of gold mineralisation at Sorowar, Pigiput and Pigibo combined with the recognition of limited drilling of the western portion of the diatreme surrounding Pigibo North and, Improved geological understanding of the controls on mineralisation following the insights gained from the extensive FY24 diamond drilling
Explanatory Notes
The eight target areas include individual drill hole collar locations and drill traces. The two resource definition drilling areas include the SorowarPigiput trend and Samat deposit and are highlighted by dark blue polygons. The six exploration and / or sterilisation drilling areas are highlighted by light blue polygons. The exploration targets include Pigibo North, Monun East, Southeast Pigibo, between Pigibo and Botlu, between Botlu and Pigicow, and North Samat. The target areas, preliminary drill hole collar locations and drill traces are displayed relative to the conceptual sulphide pit designs and all previous >0.6 g/t Au drill intercepts. The proposed exploration drilling in the Pigibo North area will test a large portion of the western side of the interpreted diatreme breccia margin where there has been limited shallow drilling to date.
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Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by Dr
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