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Spartan Resources Limited (“Spartan” or the “Company”) (ASX: Spartan) is pleased to announce the Updated Mineral Resource Estimate (“MRE”) for its 100%-owned Dalgaranga Gold Project “DGP”, located in the Murchison region of Western Australia.
HIGHLIGHTS
- Updated Mineral Resource Estimate (“MRE”) completed for the Dalgaranga Gold Project, located on granted Mining Leases and within 2km of the 2.5Mtpa processing plant:
- 16.1Mt @ 4.79g/t gold for 2,482,200 ounces, comprising:
- 5.72Mt @ 8.07g/t gold for 1,485,200 ounces – Never Never Gold Deposit
- 1.78Mt @ 7.66g/t gold for 438,100 ounces – Pepper Gold Deposit
- 8.63Mt @ 2.01g/t gold for 558,900 ounces – “Other” Underground MRE
- 16.1Mt @ 4.79g/t gold for 2,482,200 ounces, comprising:
- Resource Classification breakdown for the updated Dalgaranga Gold Project MRE:
- 8.70Mt @ 4.98g/t gold for 1,392,800 ounces (56%) classified as Indicated;
- 7.44Mt @ 4.56g/t gold for 1,089,400 ounces (44%) classified as Inferred.
- Resource Classification breakdown for the Underground Never Never Gold Deposit MRE:
- 3.88Mt @ 8.74g/t gold for 1,091,200 ounces (76%) classified as Indicated;
- 1.08Mt @ 9.95g/t gold for 346,200 ounces (24%) classified as Inferred.
- Maiden Mineral Resource Estimate for the Underground Pepper Gold Deposit:
- 1.78Mt @ 7.66g/t gold for 438,100 ounces (100%) classified as Inferred.
- Combined high-grade underground MRE for the Never Never and Pepper Gold Deposits:
- 6.75Mt @ 8.65g/t gold for 1,875,600 ounces (58%) classified as Indicated.
- The ounces per vertical metre (“ozpvm”) for the updated high-grade underground MRE has increased 24% to 2,284ozpvm, from 1,690ozpvm. Between 450mbsl and 650mbsl, through both Never Never and Pepper, the ozpvm averages 3,796ozpm.
- A focus on delineating higher grade underground Mineral Resources for the Four Pillars and West Winds gold prospects, as well as the nearby Sly Fox and Plymouth gold deposits has underpinned the “Other” Underground MRE of:
- 8.63Mt @ 2.01g/t gold for 558,900 ounces:
- Updated Spartan Group Mineral Resources for the Dalgaranga and Yalgoo (“Murchison”) and Glenburgh and Egerton (“Gascoyne”) Projects now stand at:
- 39.15Mt @ 2.62g/t gold for 3,302,000 ounces (61% or 2.01Moz Indicated)
This latest MRE update is a pivot towards Dalgaranga as an emerging high-grade underground gold mining operation, and comprises Never Never, Pepper, Four Pillar, West Winds, Applewood, Plymouth and Sly Fox deposits. MRE details are shown in Tables 1 to 4:
Table 1. Dalgaranga Gold Project Combined Resources at 30 June 2024*
Click here for the full ASX Release
This article includes content from Spartan Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
SPR:AU
NevGold
Investor Insight
With a sharp focus on discovery and resource growth, NevGold presents a compelling investment opportunity as an undervalued gold and critical metals explorer with projects in Nevada and Idaho—two of the world’s top mining jurisdictions.
Overview
NevGold (TSXV:NAU,OTCQX:NAUFF,FSE:5E50) is focused on discovering and growing a multi-million-ounce gold-equivalent resource base across Nevada and Idaho in the US. With a lean market capitalization of under C$50 million and a pipeline of highly prospective oxide and porphyry assets, the company is positioned for a significant valuation re-rate over the next 12 to 18 months as it executes on its resource growth and de-risking strategy.
The company is rapidly advancing toward its goal of defining a 5 Moz+ gold-equivalent resource base by Q4 2025, anchored by its flagship Limo Butte project – one of North America’s rare oxide gold-antimony systems – and its gold resource at Nutmeg Mountain, along with early-stage copper potential at Zeus.
The Limo Butte project is a high-grade oxide gold-antimony system in Nevada with strong analogues to Carlin-style mineralization and excellent near-surface drill results. Nutmeg Mountain in Idaho is an advanced-stage, heap-leach gold project with 1.3 Moz in defined resources and favorable metallurgy. Zeus, an early-stage copper project staked in 2023, provides blue-sky porphyry exploration potential in a district that has already attracted major interest, including a C$30 million investment by Barrick Gold in a neighboring property.
NevGold is actively executing on drill programs, metallurgical studies, and resource updates across all three projects, fully funded through its recent capital raise. The company is well positioned to benefit from rising gold and copper prices, increasing strategic demand for antimony, and a growing appetite among major mining companies for high-quality, undervalued juniors – all under the leadership of a proven team with deep expertise in mine development and M&A.
Company Highlights
- Multi-million-ounce Target: NevGold is on track to define 5+ Moz gold equivalent in combined resources at Limo Butte and Nutmeg Mountain by Q4 2025.
- Gold+Antimony Critical Metals Advantage: Limo Butte is emerging as a significant near-surface oxide gold-antimony system – one of only two of its kind in the United States.
- Substantial Resource Base: Nutmeg Mountain contains a 2023 NI 43-101 compliant oxide gold resource of 1.28 Moz (indicated + inferred), with strong exploration upside and favorable heap-leach characteristics.
- District-scale Copper Exposure: Zeus offers early-stage copper-gold-molybdenum potential in a highly active porphyry belt, adjacent to a Barrick-backed discovery.
- Strategic Location, Strategic Commodities: All projects are located in mining-friendly jurisdictions with excellent infrastructure, low geopolitical risk, and growing US demand for domestic gold and critical mineral supply.
- Fully Funded Growth: Recent C$6 million financing supports 2025 drill campaigns, metallurgical testwork, and updated NI 43-101 estimates across the portfolio.
- Tight Capital Structure & Strong Support: Backed by strategic shareholders including GoldMining and McEwen Mining.
- Significant Valuation Gap: Trading at a fraction of peers such as Perpetua Resources (~C$1.7 billion), despite similar resource and jurisdictional advantages.
Key Projects
Limo Butte Project
The Limo Butte Project is NevGold’s cornerstone development asset, located in eastern Nevada within a prolific Carlin-style geological setting. The project encompasses 1,724 hectares consisting of 210 unpatented claims, 12 patented claims and private land leases. Historically explored in the 2000s, a 2009 non-43-101-compliant resource estimate outlined 241 koz of gold in the measured and indicated category (0.78 g/t gold) and 51 koz in the inferred category (0.70 g/t gold).
In 2025, NevGold re-assayed approximately 50 legacy drillholes and completed more than 5,000 meters of new RC drilling across the Resurrection Ridge and Cadillac Valley zones, revealing a substantial near-surface gold-antimony mineralized footprint.
Notably, recent drill intercepts returned thick oxide intervals, including:
- 1.11 g/t gold and 0.30 percent antimony (2.46 g/t gold equivalent) over 86.9 m, including 1.83 g/t gold and 0.87 percent antimony (5.75 g/t gold equivalent) over 12.8 m
- 2.26 g/t gold and 0.32 percent antimony (3.69 g/t gold equivalent) over 22.3 m
- 1.20 g/t gold and 0.64 percent antimony (4.07 g/t gold equivalent) over 54.9 m
These results confirm strong grade continuity and a positive spatial correlation between gold and antimony mineralization. Importantly, historical assays had a detection limit of 1 percent antimony, meaning actual antimony content in several zones is likely underreported.
Mineralization begins within 20 meters of surface, supporting low-strip, open-pit mining scenarios.
Metallurgical test work is underway, evaluating flowsheet options for gold and antimony recovery. A conceptual flowsheet includes gravity concentration, flotation and leaching stages to produce marketable gold and antimony products, including potential for antimony metal recovery via roasting.
NevGold aims to complete a maiden NI 43-101 compliant gold-antimony resource estimate by Q4 2025, setting the foundation for future economic studies.
Nutmeg Mountain Project
Nutmeg Mountain is an advanced oxide gold project located 80 km northwest of Boise, Idaho. The project benefits from exceptional infrastructure, road access and proximity to water and power. NevGold’s 2023 NI 43-101-compliant mineral resource estimate defined 1.01 Moz of gold in the indicated category (51.7 Mt @ 0.61 g/t gold) and 275 koz inferred (17.9 Mt @ 0.48 g/t gold), using a 0.30 g/t cut-off.
Mineralization starts at surface and exhibits strong lateral and vertical continuity. The deposit is hosted in volcanic and sedimentary units, with mineralization controlled by both lithological and structural features. The pit-constrained resource has a strip ratio of less than 1:1, highlighting the project’s potential for low-cost, bulk tonnage heap leach development. Additional drilling has confirmed the presence of higher-grade core zones (1 to 2 g/t gold), as well as potential feeder structures below the 2023 pit shell.
Current work comprises approximately 2,500 meters of RC drilling, metallurgical test work and an updated MRE planned for late 2025. Exploration targets include untested lateral extensions and high-grade feeder structures at depth. Nutmeg Mountain compares favorably to peer heap-leach projects across the Western US in terms of grade and strip ratio. It offers near-term development optionality in a mining-friendly jurisdiction and is a key contributor to NevGold’s goal of surpassing 5 Moz in gold-equivalent resources.
Zeus Copper Project
Zeus is an early-stage copper-gold-molybdenum exploration asset located on the Hercules Copper Trend in western Idaho. The project spans 29 sq km and shares similar geologic features with Hercules Metals’ Hercules Project (TSXV:BIG), which received a C$30 million strategic investment from Barrick Gold in 2023.
Zeus sits at the structural intersection of the Olds Ferry and Izee terranes, and hosts Triassic to Jurassic intrusives associated with porphyry-style mineralization. Geological mapping and surface sampling have revealed two priority targets:
- Poseidon: 2.4+ km copper-gold-molybdenum soil anomaly with coincident structural and rock chip indicators
- Thorn Springs: 1+ km copper-gold-molybdenum soil anomaly with interpreted intrusive-hosted alteration
Soil surveys were completed in early 2025, and geophysical work is ongoing to refine drill targeting. Initial drilling is anticipated by late 2025. With no prior modern exploration, Zeus offers blue-sky potential for a significant copper discovery in a highly prospective but underexplored belt. Zeus enhances NevGold’s exposure to critical minerals and provides optionality in the copper sector – particularly relevant given tightening global copper supply and increasing US strategic interest in domestic copper sources.
Management Team
Brandon Bonifacio – President, CEO and Director
Brandon Bonifacio is a mining executive with over a decade of experience in project development and M&A. Previously served as finance director of the Norte Abierto JV (Cerro Casale/Caspiche) for Goldcorp (now Newmont), and a senior member of Goldcorp’s Corporate Development group. He holds an MASc in mining engineering and MBA from the University of Nevada, Reno.
Greg French – VP Exploration and Director
Greg French is a professional geologist with over 35 years of exploration and development experience in the US and Canada. He has held leadership roles in Nevada Copper, Homestake and Atlas Precious Metals, and has guided multiple projects through feasibility and into production.
Bob McKnight – EVP, CFO and Corporate Development
Bob Knight is a professional engineer with an MBA and more than 40 years of mining experience. He was involved in over $1.5 billion in debt, equity and M&A deals. Knight brings strategic and financial depth to NevGold’s growth trajectory.
