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Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to report drilling and assay information from recent drilling at its 100%-owned Glenburgh Gold Project “GGP” and Egerton Gold Project “EGP”, together the “Gascoyne Regional Project” in Western Australia.
Highlights – Glenburgh Gold Project:
- Resource extension drilling at the high-grade Zone 126 gold deposit has returned:
- 12.0m @ 4.40g/t gold from 157.0m, incl. 5.0m @ 9.10g/t, and;
- 4.0m @ 6.0g/t gold from 191.0m, incl. 1.0m @ 20.80g/t (GRC22002)
- 6.0m @ 6.40g/t gold from 145.0m (GRC22003)
- 13.0m @ 5.33g/t gold from 137.0m, incl. 5.0m @ 8.70g/t (23GBRC003)
Highlights – Egerton Gold Project:
- Exploration drilling at the Hibernian West target, located 0.5km west along-strike from the 27,000oz Hibernian gold deposit has returned:
- 4.0m @ 91.91g/t gold from 36m, incl. 1.0m @ 363.00g/t (MERC083)
- Exploration drilling at the Mako target, located 2.8km east along-strike from the 27,000oz Hibernian gold deposit has returned:
- 17.0m @ 5.85g/t gold from 36m, incl. 2.0m @ 19.58g/t (MERC092)
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “Our team has been very successful in finding and defining high-grade gold deposits and delivering some of the best drill intercepts seen in recent times at our flagship Dalgaranga Gold Project. This work has resulted in the discovery of the high-grade Never Never Gold Deposit and other emerging high-grade gold prospects along-trend, all within a 2km radius of our 2.5Mtpa Processing Plant.
“With our discovery momentum now well-established at Dalgaranga, the team has had the opportunity to progress other emerging high-grade gold opportunities within our portfolio. I am very pleased to present assays that continue this high-grade theme with some impressive drill intercepts at both of our non-core Glenburgh and Egerton Gold Projects, which make up our Gascoyne Region Gold Project.
“While these projects are non-core given our concerted focus on building the high-grade gold ounce inventory in front of our process plant at Dalgaranga, we have had to complete some drilling on them to maintain them in good standing over the past 12 months. The full assay results have now been received, processed and interpreted by our team and are presented in this announcement.”
The Glenburgh Gold Project is located approximately 320km north “as the crow flies”, or 450km by established secondary roads, from the Dalgaranga Gold Project. The Egerton Gold Project is approximately 165km east “as the crow flies”, or 250km by established secondary roads, from the Glenburgh Gold Project and more than 500km by road from the Dalgaranga Gold Project. Refer to Figure 12 for location details.
The Gascoyne Regional Project has a declared Mineral Resource Estimate (MRE) of 16.57Mt @ 1.01g/t for 537,100 ounces of gold.
The Glenburgh Gold Project has an MRE of 16.3Mt @ 1.0g/t for 510,100 ounces gold spread across a number of individual deposits along a ~20km long strike of mineralisation.
Glenburgh Gold Project
Figure 1: Satellite view of Spartan Resources’ Glenburgh Gold Project tenure showing the main gold prospects.
Figure 2: Plan view of the central Glenburgh Gold Project tenements and granted Mining Lease showing the main prospects, maximum gold grade down-hole projected to drill-hole collar, and recent assays from drilling.
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This article includes content from Spartan Resources Limited, 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
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, 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.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest limited, 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.
