St Barbara unveils bold Canadian push as it accelerates exploration in Nova Scotia. The Australian gold miner advances plans to redevelop the 15-Mile open pit and processing hub. Meanwhile, the company reshapes its global portfolio to prioritize Canadian growth.
St Barbara has assembled a 697 sq. km land package in Nova Scotia over two years. The company consolidated ground around its proposed 15-Mile hub despite licensing reviews. It also navigates permitting challenges as the Touquoy mine winds down.
St Barbara Unveils Bold Canadian Push Around 15-Mile Gold Hub
St Barbara unveils bold Canadian push by targeting 56 exploration prospects within 75 km of the 15-Mile hub. The targets focus on the Moose River Formation and Goldenville Group metasediments. As a result, the company now controls 164 km of prospective anticlines.
Seventy-five kilometers expose favorable Moose River Formation at surface or shallow depth. In some areas, cover measures less than 30 meters. St Barbara compares these mesothermal gold systems to Victoria’s goldfields and California’s Mother Lode belt.
Field teams will begin surface sampling and reverse circulation drilling in May. The company refined targets using structural reviews and new geophysical data. It also secured ground at Rocky Lake to test extensions of the Mooseland Anticline.
Financial Metrics Strengthen the Canadian Gold Strategy
St Barbara unveils bold Canadian push with strong project economics at 15-Mile. A prefeasibility study projects annual output of 103,000 ounces. The study estimates all-in sustaining costs at $1,188 per ounce over 11 years.
At a $3,000 gold price, the project delivers a post-tax NPV of A$1.4 billion. It also achieves an internal rate of return of 80%. The company expects to repay the C$283 million relocation cost within 12 months.
Before 15-Mile production begins, St Barbara will process Touquoy stockpiles containing 38,000 ounces. Meanwhile, spot gold prices remain above $5,000 per ounce, supporting sector sentiment.
The Nova Scotia focus follows a failed attempt to divest Atlantic Gold assets last year. Consequently, St Barbara chose to advance development under improved permitting conditions.
Simultaneously, the company moves to exit its Simberi project in Papua New Guinea. It agreed to sell a 50% stake to Lingbao Gold Group and Kumul Mineral Holdings. The deal could reach A$470 million in staged payments and loans.
Shares in St Barbara rose 10.5% to 79 Australian cents in Sydney. The stock has gained 34% year to date, reflecting renewed investor confidence.
SuperMetalPrice Commentary:
St Barbara unveils bold Canadian push at a pivotal moment for Atlantic Canada’s gold sector. Strong gold prices and robust project economics enhance Nova Scotia’s appeal. Moreover, portfolio simplification reduces geopolitical risk and sharpens capital allocation. If permitting proceeds smoothly, 15-Mile could anchor St Barbara’s long-term North American growth strategy.
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