St Barbara Limited (ASX: SBM) has updated the Mineral Resources Estimate (MRE) for its Beaver Dam-Fifteen Mile Stream project in Nova Scotia, reporting a 20% increase in contained gold. The hub’s resource now stands at 2.5 million ounces, comprising 62.4 million tonnes at an average grade of 1.2 grams per tonne of gold. This expansion follows a comprehensive validation process involving 436 historical drill holes, totaling 71,000 metres of data from the 1980s that had not previously been integrated into the company’s models.

The inclusion of this historical data, alongside a shift to Ordinary Kriging estimation methodology, has allowed for more refined geological interpretations across the project’s three key deposit areas. While previous estimates relied on earlier methodologies, this update provides a clearer view of mineralisation geometry and continuity.

"This is a substantial increase in resources at 15-Mile Processing Hub that continues the momentum we have at our Atlantic Operations following the environmental permit approvals and the final investment decision on the Touquoy Restart in April. The Mineral Resources growth of 0.5 Moz is related to study work that now incorporates updated geological interpretations, a revised estimation methodology and additional historical drilling data."

— Andrew Strelein, Managing Director and CEO

The January 2026 pre-feasibility study did not incorporate the latest historical drilling data; the current update represents a material expansion of the project's contained gold inventory. By integrating this substantial package of legacy drilling, St Barbara has improved confidence in the deposit's potential, particularly at depth. For instance, at the Old Austen Mine, the revised geological model demonstrates greater down-dip continuity, highlighting resource potential that extends beyond the current pit limits.

This upgraded resource base now serves as a foundation for the next stages of development. The company is working toward an updated Pre-Feasibility Study for the hub, which is expected to be finalised by the end of September 2026. This interim update will precede a full Feasibility Study, which remains on schedule for completion in the fourth quarter of the 2027 fiscal year. An updated Ore Reserves estimate will also follow the completion of the upcoming pre-feasibility work.

Beyond the ongoing studies, the company is maintaining its focus on further expansion. The geological modelling work has already identified new drill targets within the 15-Mile Mine area. These targets are currently undergoing evaluation, with the company planning an expanded drilling program for the 2027 fiscal year. These upcoming technical milestones—ranging from the next pre-feasibility report to future field work—are intended to continue the current pace of project advancement and geological refinement for the processing hub.

Read the full announcement: 15-Mile Processing Hub Mineral Resources Estimate Increases