Star Minerals Limited (ASX: SMS) announced on 21 April 2026 extensional RC drilling results from its Tumblegum South Gold Project in Western Australia, headlined by TGRC086 returning 4m at 12.72 g/t Au from 46m, including a standout 1m at 46.70 g/t Au from 47m. Additional intercepts include TGRC086 2m at 2.23 g/t Au from 36m; TGRC092 2m at 7.67 g/t Au from 105m, including 1m at 14.80 g/t Au from 105m; and TGRC088 2m at 1.74 g/t Au from 37m. The drilling — 15 holes for 1,085m completed in early March 2026 — was designed to test west of the existing scoping study southern pit optimisation area and to sterilise planned waste rock dump locations.

Managing Director Ashley Jones described the results as demonstrating strong potential to grow shallow, high-grade gold beyond the current pit design. Importantly, the western extension defines a high-grade envelope that could be directly incorporated into ongoing development work with the Company's JV partner MEGA Resources.

Key Facts at a Glance

  • Company: Star Minerals Limited
  • ASX Code: SMS
  • Announcement Date: 21 April 2026
  • Project: Tumblegum South Gold Project, WA
  • Campaign: 15 RC holes for 1,085m completed early March 2026
  • Headline Intercept: TGRC086 — 4m @ 12.72 g/t Au from 46m (incl. 1m @ 46.70 g/t Au from 47m)
  • Other Highlights: TGRC086 2m @ 2.23 g/t from 36m; TGRC092 2m @ 7.67 g/t from 105m (incl. 1m @ 14.80 g/t from 105m); TGRC088 2m @ 1.74 g/t from 37m
  • Geometry Tested: Western extension to scoping study southern pit design
  • JV Partner: MEGA Resources

Announcement Overview

The March 2026 campaign targeted the western extension of the Tumblegum South deposit and sterilisation of waste rock dump locations. Nine of the holes were drilled on a 25m-spaced grid around the mid-2025 hole TGRC068 — which had previously returned 2m @ 4.20 g/t Au from 4m (including 1m @ 7.76 g/t Au) and 5m @ 2.12 g/t Au from 11m (including 1m @ 5.29 g/t Au). The follow-up programme has delivered TGRC086 as a standout hole that confirms the continuity and tenor of mineralisation at the western extent of the scoping study pit.

Company Background: Star Minerals Limited

Star Minerals Limited (ASX: SMS) is a WA-focused gold explorer and developer headquartered at 191B Carr Place, Leederville. The Company is progressing development of the Tumblegum South Gold Project alongside JV partner MEGA Resources. Managing Director is Ashley Jones.

Detailed Analysis

Significance of TGRC086

TGRC086's 4m @ 12.72 g/t Au from 46m — including 1m @ 46.70 g/t Au — is notable for three reasons: grade, shallow depth, and location beneath the previously encouraging TGRC068 intercept. In combination, these characteristics suggest a persistent high-grade mineralised structure at a depth ideal for open-pit inclusion. A 1m at 46.70 g/t Au interval is a very high-grade intercept by any standard, particularly in near-surface settings.

Second Confirmation — TGRC092

TGRC092's 2m @ 7.67 g/t Au from 105m (with 1m @ 14.80 g/t Au) extends the high-grade envelope down-hole and is particularly useful for understanding dip, plunge and resource continuity.

Sterilisation and Mine Planning

A subtle but important element: the program also tested ground beneath planned waste rock dumps to ensure the area is properly sterilised prior to construction. This sterilisation-first approach prevents future scenarios where waste dump footprints sit over undiscovered ore. Finding high-grade intercepts in this area is simultaneously good (resource upside) and operationally relevant (may require pit design modification).

Integration with MEGA Resources

Results will be incorporated into ongoing development work with JV partner MEGA Resources — the commercial partner through which Tumblegum South will be advanced. High-grade additions to the pit design can materially improve project NPV and payback.

Strategic Significance

The results validate the Company's strategy of prioritising near-surface ounces for mine planning and project economics. Every additional shallow high-grade tonne reduces the capex/opex hurdle at the project level and can pull forward payback in any future Definitive Feasibility Study.

Market and Investor Impact

For SMS holders, the announcement supports the resource-growth thesis. Near-term news flow to watch includes updated Mineral Resource Estimate incorporating new holes, further extensional drilling outputs, and any mine planning/study announcements reflecting revised pit economics.

What This Means for Investors

Investors should view TGRC086 as a high-confidence confirmation that Tumblegum South has depth and strike upside in the western extension zone. The intercept will need to be paired with continued drilling to translate into a material resource and economic uplift.

Risks and Opportunities

Risks

  • Exploration risk: a single hole does not define a resource; continuity must be confirmed.
  • Development risk: JV structures require alignment with partner MEGA Resources.
  • Funding risk: development-stage programs require ongoing capital.
  • Design risk: intercepts under planned waste dumps may require pit redesign.

Opportunities

  • Shallow, high-grade intercepts materially improve project economics if resourceable.
  • Western extension opens a new drilling target area.
  • Ability to incorporate results into an updated scoping study or subsequent feasibility work.
  • Strong MD commentary signalling continued investment in extension drilling.

Key Takeaways

  • TGRC086: 4m @ 12.72 g/t Au from 46m (incl. 1m @ 46.70 g/t Au).
  • TGRC092: 2m @ 7.67 g/t Au from 105m (incl. 1m @ 14.80 g/t Au).
  • 15 holes for 1,085m completed in March 2026.
  • Results support resource-growth thesis at western extension of southern pit.
  • Drilling also sterilised areas beneath planned waste rock dumps.

Bottom Line

A clean, high-grade extension drilling result that strengthens the case for shallow open-pit ounce growth at Tumblegum South and sets up further extension testing with MEGA Resources.

Disclaimer

This article is based solely on the corresponding ASX announcement and is for informational purposes only. It does not constitute financial, investment, legal, or tax advice. Investors should conduct their own due diligence and consult a licensed financial adviser before making investment decisions. Past performance is not indicative of future results.