Exceptional Intercept Extends Never Never to ~1km Deep: 11.55m @ 36.77g/t Au

Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to report updated drilling and assay information from recent drilling at its 100%-owned Dalgaranga Gold Project (“DGP”) in the Murchison region of Western Australia.

Highlights:

Never Never Gold Deposit:

• 11.55m @ 36.77g/t gold (424.7 g x m) from 875.0m, incl. 4.0m @ 101.07g/t (DGDH052)
  • Top-3 all-time Never Never gram x metre intercept located 170m below the current MRE and the deepest Never Never intercept to date.
• 13.00m @ 25.82g/t gold (335.7g x m) from 624.0m, incl. 4.0m @ 51.53g/t (DGRC1391-DT)
  • Top 5 all-time Never Never gram x metre intercept in-fills and strengthens lowest extent of the current 0.95Moz Never Never Mineral Resource Estimate.
• 11.04m @ 11.69g/t gold (129.1g x m) from 567.0m, incl. 2.83m @ 42.24g/t (DGDH051)
  • Intercept in-fills and strengthens the central area of the Inferred Resource.

Figure 1: Long Section of Never Never Gold Deposit, Four Pillars and West Winds Gold Prospects looking east. Note location of cross-sections A-A’ and B-B’ (see Figure 3 and 4 respectively). Recent assay results shown in gold.

The assays in this release includes significant intercepts from resource in-fill and exploration drilling at the high-grade Never Never Gold Deposit, as well as a highly significant assay result that has extended the known mineralisation to nearly 1km below surface – highlighting the growing strategic significance of this exceptional high-grade deposit.

Figure 2: Cross-section A-A’ through Never Never Gold Deposit illustrating the deepest assay result from DGDH052 and nearby logged mineralisation, including substantial widths of “typical” Never Never-style mineralisation and logged trace visible gold in DGRC1392-DT (see Table 1). The tallest building in the world, the Burj Khalifa, and A380 shown for scale.

Note: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Core processing is currently underway, with assay results expected by mid- March.

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