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St Barbara increases reserve, resource estimates after Atlantic Gold buy

St Barbara Ltd. said Aug. 21 that its ore reserve estimate increased to 5.9 million ounces of gold from 4.1 million ounces and its mineral resources estimate increased to 12.0 million ounces of gold from 9.6 million ounces after the company acquired Atlantic Gold Corp., the owner and operator of the Moose River Consolidated gold mine in Nova Scotia.

Moose River added to St Barbara's portfolio, which includes the Gwalia mine in Western Australia and the Simberi operations in Papua New Guinea.

Total ore reserves are estimated at 90.7 million tonnes grading 2.0 g/t gold for 5.9 million ounces of contained gold. Total mineral resources are estimated at 183.1 million tonnes grading 2.0 g/t gold for 12.0 million ounces of contained gold.

The company said its ore reserves increased above net depletion due to resource extension drilling at Gwalia, part of the Leonora gold operations. Ore reserves in Simberi were reduced after a mining depletion, but higher gold prices and revised pit design helped offset losses due to mining.

St Barbara incurred a 36% loss in net profit in fiscal 2019 to A$144.2 million from A$227.0 million a year ago amid lower production at the Gwalia gold mine.