Drilling Report
January 27 2004 - 2:01AM
UK Regulatory
RNS Number:6606U
St. Barbara Mines Limited
27 January 2004
ASX SHAREHOLDERS REPORT
Paddys Flat Development -
Prohibition Resource Increase
Down plunge drilling at Prohibition
and the adjoining Red Spider have increased the resource inventory 170 percent
to 270,000 ounces of gold.
As part of the feasibility study on Paddys Flat, the Company has completed a 30
hole (9,700 metre) drilling programme, as a result of which the combined
resource estimate for Prohibition and Red Spider at a 1 g/t cut-off is now 2.35
million tonnes at 3.6 g/t for a contained 270,000 ounces (70 percent Indicated
and 30 percent Inferred).
The new resource is 170 percent higher than the previous estimate and now
includes Red Spider - a new, well-defined structure parallel to and shallower
than Prohibition. At a 4 g/t cut-off, the estimate is 0.77 million tonnes at
5.2 g/t for 128,000 ounces, compared to 80,000 ounces previously.
The resource estimate and new block model have been completed by Cube Consulting
Pty Ltd using Ordinary Kriging.
The recent drilling results and the geological setting suggest that both
Prohibition and Red Spider will continue to depth.
Prohibition/Red Spider - one of three major deposits in the Paddys Flat system,
which also includes Vivian - Consols (101,000 ounces) and Mickey Doolan (326,000
ounces) - is planned to be developed via a decline which will also provide
access to the high grade Vivian - Consols.
The new resource is currently being studied for preliminary mine planning
purposes.
A preliminary revision to the economic model incorporating the Prohibition/Red
Spider resource indicates significant improvements to cashflows and return on
assets.
Paddys Flat Stage 1 development, subject to board approval, is scheduled to
proceed in April 2004.
Stephen W. Miller
Executive Chairman
27 January 2004
Enquiries regarding this report may be directed to:
Stephen W. Miller Executive Chairman
Telephone (08) 9476 5555
Overseas +61 8 9476 5555
or
Colin G. Jackson
Investor Relations
Telephone 0417 929 107
St Barbara Mines Limited
Level 2, 16 Ord Street
West Perth
Western Australia 6005
Telephone (08) 9476 5555
Overseas +61 8 9476 5555
Dollar values in this report are Australian dollars unless otherwise stated.
Prohibition RC Drill Intercepts, December 2003 (not previously released)
Mineralised Intercept Lode
Hole No. North East Dec Azm Depth From To Width Au System
(Grid) (m) (m) (m) (m) (g/t)
PHRC 80 2700 3608 -50 90 310 41 43 2 7.73 Red Spider
100 102 2 1.57 Red Spider
141 144 3 1.24 Red Spider
182 184 2 3.31 Prohibition
192 196 4 4.09 Prohibition
209 212 3 8.04 Prohibition
226 230 4 3.00 Prohibition
234 236 2 3.08 Prohibition
244 252 8 11.26 Prohibition W
PHRC 78 2685 3611 -50 90 382 38 40 2 3.52 Red Spider
47 50 3 3.83 Red Spider
118 120 2 6.63 Red Spider
198 204 6 5.93 Prohibition
228 230 2 2.42 Prohibition W
235 237 2 3.20 Prohibition W
248 272 24 3.43 Prohibition W
inc 255 259 4 6.85 W
and 265 268 3 7.23 W
288 289 1 4.35 Prohibition W
293 297 4 3.64 Prohibition W
306 307 1 5.85 Prohibition W
309 317 8 2.76 Prohibition W
324 327 3 7.92 Prohibition W
330 345 15 2.76 Prohibition W
351 358 7 3.50 Prohibition W
361 363 2 2.48 Prohibition W
PHRC 70 2680 3610 -61 90 316 48 50 2 2.20 Red Spider
52 55 3 3.85 Red Spider
128 129 1 2.10 Red Spider
214 218 4 14.24 Prohibition W
PHRC 79 2660 3621 -50 90 160 38 40 2 3.29 Red Spider
61 63 2 7.25 Red Spider
73 75 2 2.32 Red Spider
113 115 2 2.83 Red Spider
122 123 1 9.20 Red Spider
154 156 2 6.59 Red Spider
PHRC 85 2660 3613 -62 90 358 15 20 5 5.00 Red Spider
26 28 2 1.57 Red Spider
35 38 3 1.47 Red Spider
40 41 1 1.46 Red Spider
45 46 1 1.93 Red Spider
51 52 1 2.50 Red Spider
63 69 6 2.58 Red Spider
inc 63 66 3 4.50
134 138 4 14.18 Red Spider
216 223 7 4.68 Prohibition
inc 219 220 1 23.30
269 275 6 3.87 Prohibition W
284 287 3 3.30 Prohibition W
307 317 10 1.96 Prohibition W
inc 313 317 4 3.18 W
320 321 1 2.35 Prohibition W
325 330 5 3.66 Prohibition W
336 344 8 2.21 Prohibition W
346 352 6 1.26 Prohibition W
353 355 2 8.13 Prohibition W
PHRC 82 2580 3629 -64 90 392 16 18 2 3.07 Red Spider
55 57 2 2.85 Red Spider
97 102 5 3.22 Red Spider
150 151 1 3.50 Red Spider
168 172 3 4.00 Red Spider
253 258 5 4.75 Prohibition
261 262 1 5.60 Prohibition W
320 324 4 1.58 Prohibition W
327 328 1 6.35 Prohibition W
372 377 5 10.96 Prohibition W
inc 373 374 1 47.10 Prohibition W
PHRC 76 2540 3630 -55 90 370 24 26 2 2.50 Red Spider
29 31 2 2.65 Red Spider
35 63 28 1.92 Red Spider
inc 45 61 16 2.49 Red Spider
93 94 1 3.65 Red Spider
149 150 1 7.75 Red Spider
153 159 6 1.41 Red Spider
167 168 1 2.20 Red Spider
183 185 2 7.20 Red Spider
250 251 1 1.49 Prohibition
282 284 2 4.05 Prohibition W
317 318 1 3.25 Prohibition W
364 365 1 2.20 Prohibition W
PHRC 75 2500 3628 -65 90 420 88 90 2 2.50 Red Spider
103 105 2 3.33 Red Spider
161 162 1 3.60 Red Spider
184 186 2 6.25 Red Spider
247 248 1 1.21 Prohibition
259 264 5 2.85 Prohibition W
277 280 3 5.82 Prohibition W
362 363 1 3.55 Prohibition W
396 397 1 1.55 Prohibition W
PHRC 62 2500 3628 -69 90 408 97 112 15 2.52 Red Spider
160 162 2 3.98 Red Spider
177 180 3 1.52 Red Spider
240 251 11 0.96 Red Spider W
268 279 11 1.13 Prohibition W
282 293 11 1.54 Prohibition W
PHRC 83 2465 3638 -67 90 402 32 34 2 0.90 Red Spider
60 65 5 1.13 Red Spider
71 78 7 1.30 Red Spider
86 102 16 1.62 Red Spider
107 120 13 2.74 Red Spider
inc 112 118 6 4.18 Red Spider
190 192 2 4.31 Red Spider
215 216 1 1.37 Red Spider
222 223 1 1.06 Red Spider
263 266 3 1.51 Prohibition W
270 273 3 3.20 Prohibition W
282 285 3 9.20 Prohibition W
337 338 1 1.72 Prohibition W
374 375 1 1.42 Prohibition W
PHRC 84 2420 3668 -69 90 450 10 12 2 0.67 Red Spider
26 35 9 1.82 Red Spider
108 110 2 4.23 Red Spider
141 414 Dolerite Dyke
Notes
1 True widths appear to be about 80% of intercept lengths
2 W Indicates an intercept based on sampling of wet RC drill
returns
3 All intercepts are based on 50 gm fire assaying
4 All intercepts are outside previously estimated resource block
Information in this report relating to mineral resources conforms to the
reporting requirements of the Australasian Code for Reporting of Identified
Mineral Resources and Ore Reserves (The JORC Code). It is based on information
compiled by Mr Ted Coupland of Cube Consulting Pty Ltd, a Competent Person as
defined by the Code. It is included in this report with his consent.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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