Exceptional New Thick, High-Grade Intercepts

Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to provide an update on exploration activities at its 100%-owned Dalgaranga Gold Project (“DGP”), located in the Murchison region of Western Australia.

Highlights:

• Never Never Gold Deposit – strong in-fill drilling intercept strengthens deeper Resource extents:
  • 19.67m @ 19.43g/t gold from 765.33m down-hole, incl. 3.74m @ 62.98g/t (DGDH066)
• Pepper Gold Prospect – new deepest intercept expands potential high-grade Resource extents:
  • 30.79m @ 12.12g/t gold from 647.67m down-hole, incl. 3.47m @ 92.19g/t (DGRC1431-DT)

Figure 1: Long Section of the Never Never Gold Deposit and the Pepper, Four Pillars and West Winds Gold Prospects looking east. Newly reported drill intercept assays detailed in the gold callout boxes. Note the proposed exploration drill drive design in black.

• Mineral Resource Estimate updates for the Never Never and Sly Fox Gold Deposits, as well as maiden standalone MRE’s for the Four Pillars, West Winds and Pepper Gold Prospects will be completed as part of the scheduled mid-year market update for the Dalgaranga Gold Project.
• Underground Exploration Drill Drive – submissions from four major underground mining contractors have been received. Submissions are currently being evaluated and awarding of the exploration drill drive development contract is expected in July. Surface support works in preparation for underground development activities are underway in anticipation of receiving approvals to commence the works to support the planned timing of development beginning later in the September quarter.

This release contains new assay results from recent surface drilling targeting the recently discovered high-grade Pepper Gold Prospect (DGRC1431-DT and DGDH071), as well as the immediately adjacent and growing Never Never Gold Deposit (DGDH066 and DGDH072-W2).

Figure 2: Plan-view of the key gold targets at the Dalgaranga Gold Project. The Pepper Gold Prospect is located between the Never Never Gold Deposit and the Four Pillars Gold Prospect, marking the northern end of the former Gilbey’s Open Pit. Drill-hole intercept grades are shown coloured by gold grade and recent drill assays are highlighted in gold callout boxes.

Management Comment

Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “The parent hole to the recently reported deepest intercept at Pepper of 25.24m @ 16.66g/t gold (DGRC1431-DT-W1) rewrites history again, being deeper still and returning an exceptional intercept of 30.79m @ 12.12g/t gold (DGRC1431-DT). These two holes are separated by about 50m and demonstrate the continuity of thick, high-grade gold mineralisation at this exciting new and growing prospect.

“The Never Never Gold Deposit also continues to throw up pleasant surprises, with a new thick and consistently high-grade intercept of 19.67m @ 19.43g/t gold (DGDH066) from within the Inferred area of the existing Mineral Resource Estimate. This near 400 gram x metre result provides strong support for our objective of converting Inferred ounces to the higher confidence Indicated category by in-filling this part of the existing MRE.

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