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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
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, 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.
