Star Minerals Advances Tumblegum South Gold Exploration Programme

Tumblegum South Reveals Promising Gold Expansion Potential 120m West of Known Lodes

Star Minerals (ASX: SMS) has unveiled promising shallow gold intercepts from its recent drilling program at the Tumblegum South Gold Project, highlighting potential to significantly expand the resource beyond the current pit design.

New Western Extension Discoveries Point to Resource Growth Potential

The standout result comes from hole TGRC068, located 120 metres west of the known high-grade gold lodes, which returned multiple significant gold intercepts including:

• 2m @ 4.20 g/t Au from just 4m depth, including 1m at 7.76 g/t Au
• 5m @ 2.12 g/t Au from 11m depth, including 1m at 5.29 g/t Au
• Additional mineralised zones at 17m and 47m depths

The presence of multiple mineralised zones within this western step-out hole suggests potential for a repeat duplex structure west of the currently defined mineral resource, intersecting gold mineralisation very near surface.

"The shallow intersection in the western step out hole 120m away from the main area confirms significant gold grades on a similar structure has the potential of a pit extension increasing the current resource," said Managing Director Ashley Jones.

This western extension discovery builds on the company's previously released high-grade results from infill drilling within the scoping study south pit design, which included exceptional intercepts such as:

• 5m @ 30.91 g/t Au from 21m in hole TGRC055
• 5m @ 10.85 g/t Au from 5m in hole TGRC046
• 8m @ 6.96 g/t Au from 17m in hole TGRC050

Understanding Structural Controls: The Key to Tumblegum South's Potential

The Tumblegum South by Star Minerals Ltd deposit represents an Archaean greenstone-hosted shear zone gold system. The project's geological setting features a thrust duplex structural arrangement, with the best mineralisation occurring along dilational accommodation shear contacts between basalt and ultramafic rock units.

What makes the western extension particularly interesting is that it appears to mirror the structural setting of the existing resource area. The multiple lodes of mineralisation identified in hole TGRC068 strongly suggest a repeat of the productive structural environment that hosts the current resource.

This geological insight is significant for investors because it indicates potential for predictable extensions to the resource, rather than isolated gold occurrences. The company's structural understanding is now guiding its exploration strategy to maximise resource growth potential, similar to how Mt Cannindah's copper-gold drilling results have revealed structural controls in Queensland.

Near-Term Mining Plans Remain on Track

Star Minerals remains firmly on schedule with its development timeline for Tumblegum South:

• Mining approvals submission on track for September 2025
• Production targeted for Q1 2026
• MOU signed with MEGA Resources for mine development and mining
• ResourcesWA appointed to manage the mine approvals process

The company's updated scoping study, released in May 2024, demonstrated strong project economics, with the updated Production Target ranging from approximately:

• 167kt @ 2.43g/t producing 11.8koz gold at A$3,000/oz, to
• 255kt @ 2.16g/t producing 15.9koz gold at A$3,800/oz

This production target is expected to generate an undiscounted accumulated cash surplus of approximately A$9.4M to A$19.6M after all working capital costs (excluding pre-mining capital requirements of A$0.7M to A$1.5M).

Understanding Gold Mineralisation at Tumblegum South

Gold mineralisation at Tumblegum South is typical of Archaean greenstone-hosted shear zone gold systems found throughout the Yilgarn Craton of Western Australia. These systems form when gold-bearing fluids move through fractures and weaknesses in ancient volcanic rocks.

At Tumblegum South specifically, the gold occurs:

• In multiple parallel structures (lodes)
• Near the contact between basalt and ultramafic rock units
• Within shear zones that formed during ancient tectonic movement
• Associated with quartz and other minerals that precipitated from hydrothermal fluids

The recent discovery of similar mineralisation 120m west of the known resource suggests the gold-bearing system may be more extensive than previously understood, with potential for additional parallel structures containing economic gold grades. Furthermore, this geological setting shares similarities with north Cobar copper-gold targets that have attracted exploration interest in other regions.

What's Next: Follow-up Drilling and Resource Update

Star Minerals has outlined clear next steps to capitalise on these promising results:

1. Additional drilling to evaluate the extent and grade of shallow western gold mineralisation
2. Testing of the potential repeat duplex structure west of the current resource
3. Updated JORC resource estimation, with the expectation of improvement in resource category
4. Progression of mining MOU with MEGA Resources to a binding agreement

The western extension discovery opens up significant potential for resource growth that wasn't factored into the company's previous economic studies. In addition, with Austin Metals beginning drilling near top producers in the region, there's increasing activity in gold exploration across promising Australian districts.

Why Investors Should Take Note

The Tumblegum South project offers investors exposure to a near-term gold development with several compelling advantages:

• Near-surface, high-grade gold: Multiple intercepts above 4 g/t Au within 50m of surface
• Resource expansion potential: The western extension discovery provides clear growth upside
• Near-term production timeline: Mining targeted for Q1 2026
• Strong gold price environment: Current gold prices significantly higher than those used in economic studies
• Clear development pathway: Mining approvals submission, contractor arrangements, and production timeline all clearly defined

For investors seeking exposure to gold with minimal time between discovery and cash flow, Star Minerals' Tumblegum South project presents an opportunity worth following closely. The combination of high-grade shallow intercepts, western extension potential, and a clear pathway to production positions the company for potential near-term success.

Recent powerful EM conductor discoveries in other regions highlight the ongoing exploration success in Australia's mining sector, while Tumblegum South's focus on production places it in a different category from pure exploration plays. Moreover, with some companies already reporting record profit from gold production, the timing for Tumblegum South by Star Minerals Ltd's development appears advantageous given the current market conditions.

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