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Star Minerals Limited (ASX: SMS, “the Company” or “Star Minerals”) is pleased to present its Half Year Report.
Directors’ Report
The directors submit the financial report of Star Minerals Limited and its subsidiaries (the Group) for the half-year ended 31 December 2022. This report should be read in conjunction with announcements to the Australian Securities Exchange (ASX). In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:
Directors
The names of the directors who held office during or since the end of the half-year and until the date of this report are noted below. Directors were in office for this entire period unless otherwise stated:
- Ian Stuart - Non-Executive Chairman
- Ashely Jones - Non-Executive Director
- Gemma Lee – Non-Executive Director (appointed 21 October 2022)
- Stephen Strubel - Non-Executive Director (resigned 21 October 2022)
REVIEW OF OPERATIONS
Corporate
The net loss for the half-year attributed to members of Star Minerals Limited was $508,617 (2021: loss of $433,952).
Projects
The Company is a gold and copper focused explorer with two projects.
The Tumblegum South Project is a gold resource approximately 40km south of Meekatharra, Western Australia.
The West Bryah Project is a gold and copper focused exploration project approximately 140km north of Meekatharra. (Figure 1).
Figure 1 - Location of Projects
Tumblegum South Project
The Company’s Tumblegum South Project consists of 2 areas of interest: the Tumblegum South mining lease and the Star of the East project.
The Tumblegum South mining lease consists of tenement M51/888 located approximately 40km south of Meekathara. This tenement is accessed along a short (1-2km) track from the Meekathara-Sandstone Road and hosts a gold resource of 600,000 tonnes @ 2.2g/t Au for a total of 42,500 ounces of contained gold. Tenement M51/888 has been a focus of activities, with work continuing to complete drilling programs to allow for a Mineral Resource Estimate update.
Star of the East is a recently optioned1 project approximately 2.5 km to the west of the Tumblegum South mining lease, consisting of the tenement E51/1561. This tenement was the site of the historic “Star of the East” mine that produced about 27,700 ounces of gold.
For further details of the location, see Figure 2 below.
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SMS:AU
Star Minerals
Overview
Star Minerals (ASX:SMS) is a gold and copper exploration and development company focused on Western Australia, a region the Fraser Institute index has identified as a top mining jurisdiction for investment attractiveness, hosting some of the world’s most significant gold operations. Star Minerals owns three gold projects in Western Australia: its flagship project Tumblegum South, the West Bryah project and the Star of the East project.
More than 66 gold mines operate throughout Australia, including 14 of the world’s most significant gold operations. Western Australia accounts for nearly 70 percent of Australia’s total gold production.
Market analysts have indicated the global mined supply and physical demand for gold appear robust through year-end 2026. Mining projects in Western Australia are poised to capitalize on the state’s potential and benefit from the projected increase in demand.
Star Minerals’ Tumblegum South project is advancing toward production. The maiden mineral (inferred) resource estimate for the project announced in 2020 totals 600,000 tonnes, at a grade of 2.2 g/t gold. Phase 2 drilling provided excellent assay results, including 4 meters at 16.9 g/t gold and 3 meters at 14.74 g/t gold. These results confirmed Star Minerals’ previous interpretation of both geology and grade. In September 2022, Star Minerals commenced stage 3 resource-definition drilling to further define and expand on the current gold resource. Results of the completed diamond drilling activity prove gold mineralization with assays of 2.1 meters @ 20.49 g/t gold in hole BGDD002 from 26.7 meters downhole, 0.94 meters @ 42.59 g/t gold from 26.7 meters downhole and 0.4 meters @ 41.5 g/t gold in hole TDH004 from 62.7 meters downhole.
CEO Greg Almond confirmed progress at the flagship project in an interview. “Currently, we’re working on further exploration work at Tumblegum South. We’ve had drilling ongoing that’s just been completed. We’ve got environmental and engineering studies underway, and our intention is to bring that deposit into production.”
Star Minerals has two additional gold assets in Western Australia — the West Bryah project and the Star of the East project. The company is collaborating with Bryah Resources Limited (ASX:BYH) as it moves forward with exploration at the West Bryah project, initially focusing on soil sampling and rotary air blast (RAB) drilling set to commence in 2024.
The Star of the East project has promising non-JORC historical gold resources, with past production of 27,700 ounces. Star Minerals confirmed gold mineralization at the project through assay results from Phase-1 drilling which include 14 meters @ 8.3 g/t gold in hole SRC003 from 15 meters downhole, 8 meters @ 14.2 g/t gold from 18 meters downhole, 6 meters @ 4.95 g/t gold in hole SRC007 from 9 meters downhole and 4 meters @ 2.44 g/t gold in hole SRC006 from 16 meters downhole.
An experienced management team leads the company toward its goal of becoming a significant gold producer in Western Australia. Its management team and board members include experts in corporate and international finance, geology and project development. This range of experience throughout the mining industry builds confidence in the team’s ability to develop its promising assets fully.
Company Highlights
- Star Minerals is a gold and copper-focused exploration and development company with three assets in Western Australia.
- Stage 3 resource-definition drilling has commenced at the company’s flagship project, Tumblegum South.
- The maiden mineral (inferred) resource estimate for the project totals 600,000 tonnes, at a grade of 2.2 grams per ton (g/t) gold.
- Star Minerals owns two additional gold assets at varying stages of exploration moving towards development: West Bryah and Star of the East.
- The West Bryah project is a collaboration between Star Minerals and Bryah Resources, with both companies contributing to current exploration campaigns.
- The Star of the East project is a recent acquisition, and the company aims to generate JORC-compliant resource estimates using the data from the company’s 2022 reconnaissance gold drilling campaign.
- The company is led by an experienced management team with expertise throughout the mining industry, creating confidence in the team’s ability to reach its goals.
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Progressing towards gold production in Western Australia
Star Minerals: Rapidly Moving Towards Production in Western Australia
Star Minerals (ASX:SMS) advances projects in Western Australia, a region the Fraser Institute index has identified as a top mining jurisdiction for investment attractiveness, hosting some of the world’s most significant gold operations. The company owns three gold projects in Western Australia: its flagship project Tumblegum South, the West Bryah project and the recently acquired Star of the East project.
More than 66 gold mines operate throughout Australia, including 14 of the world’s most significant gold operations. Western Australia, where Star Minerals operates, accounts for nearly 70 percent of Australia’s total gold production.
Market analysts have indicated the global mined supply and physical demand for gold appears robust through year-end 2026. Mining projects in Western Australia are poised to capitalise on the state’s potential and benefit from the projected increase in demand.
Company Highlights
- Star Minerals is a gold and copper focused exploration and development mining company with three assets in Western Australia.
- Stage 3 resource-definition drilling has commenced at the company’s flagship project, Tumblegum South.
- The maiden mineral (inferred) resource estimate for the project totals 600,000 tonnes, at a grade of 2.2 g/t gold.
- Star Minerals owns two additional gold assets at varying stages of exploration moving towards development: West Bryah and Star of the East.
- The West Bryah project is a collaboration between Star Minerals and Bryah Resources, with both companies contributing to current exploration campaigns.
- The Star of the East project is a recent acquisition, and the company aims to generate JORC-compliant resource estimates quickly. Initial drilling is currently underway.
- The company is led by an experienced management team with expertise throughout the mining industry, creating confidence in the team’s ability to reach its goals.
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