St Barbara Limited has reported notable results from its FY25 diamond drilling program at its Simberi Operations in Papua New Guinea. The program, which consisted of 61 drill holes totaling 10,463.5 metres, has returned assay results from 11 holes, with strong indications of high-grade gold mineralisation. In particular, the Samat deposit has generated excitement following the completion of two resource definition drill holes. One drill hole recorded an intercept of 17 metres at 4.2 g/t gold, including a segment of 6 metres at 6.4 g/t, while another hole returned 43 metres at 2.1 g/t gold combined with 27 metres at 1.7 g/t. These results suggest the presence of high-grade sulphide mineralisation immediately beneath the current open pit ore reserve boundaries. Similarly, drilling at the Sorowar – Pigiput Trend has identified further high-grade zones. One intercept returned 8 metres at an impressive 18.9 g/t gold, including 3 metres hitting 45.9 g/t gold, while additional lower grade intervals were also identified. The targeted zones are delineated as being just below the existing ore reserve pit designs, underlining the potential for additional resource expansion. The program has also spanned areas such as Pigibo North, Pigicow-Botlu, and Pigiput Northeast Trend, with additional assay results pending from 20 drill holes that will further clarify the continuity and extent of these mineralised zones. The technical details of the program highlight the strategic focus on exploring beneath previous oxide mining limits. With the drilling designed to extend into the ‘productive window’ between +80 m and -20 m RL, St Barbara is positioning its exploration to capture deeper sulphide mineralisation that has been historically underexplored. The thorough documentation of drilling techniques and assay protocols, coupled with robust QAQC procedures, enhances the credibility of the results, even as further assays are awaited. The news carries a bullish sentiment for St Barbara Limited. The identification of high-grade gold intercepts immediately below existing sulphide reserve pits indicates significant upside, potentially leading to an expansion of the company’s resource base. The technical indicators, including intercepts of up to 45.9 g/t gold in short intervals and consistent drilling performance, suggest prospects for reinforcing the company’s asset value and long-term production potential. On the other hand, caution is warranted as assay results remain pending for a substantial portion of the drilling program. The complexity of the geological environment and the need to confirm consistent grade distribution mean that the full implications of the drill results are still unfolding. For traders, while the initial findings are strong, the pending data and ongoing exploration risk suggest a balanced view as the company works to define a larger high-grade sulphide resource.