High-Grade Pepper Discovery Extended

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:

• Pepper Gold Prospect – significant new intercepts expand high-grade discovery:
  • 14.73m @ 11.42g/t gold from 553.73m down-hole, incl. 4.37m @ 36.80g/t (DGDH070):
    • Intercept located approximately midway (~50m north) of the initial “Pepper” discovery hole DGRC1432-DT, which returned 17.52m @ 15.86g/t gold (previously announced)
  • 17.67m @ 6.58g/t gold from 561.85m down-hole, incl. 7.53m @ 11.93g/t (DGDH069-W1)
    • Intercept located down-dip of the Pepper discovery hole, midway between DGRC1432- DT and DGDH069, which returned 11.28m @ 5.94g/t gold (previously announced)
  • Maiden Mineral Resource Estimate to be calculated for the Pepper Gold Prospect as part of the scheduled mid-year resource update for the Dalgaranga Gold Project.

Figure 1: Long Section of the Never Never Gold Deposit, Pepper, Four Pillars and West Winds Gold Prospects looking East. New high- grade intercept assays highlighted in yellow callout boxes. Note the proposed exploration drill drive design.

This release contains new assay results from recent surface drilling targeting the high-grade growing Pepper Gold Prospect.

Figure 2: Plan-view of the key gold targets at the Dalgaranga Gold Project. The Pepper Gold Prospect is located between the 0.95Moz Never Never Gold Deposit and the Four Pillars Gold Prospect marking the north 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: “Our focus on drilling, closing the gaps and achieving significant outcomes in front of our established infrastructure continues to deliver in spades with our ongoing drilling success at the recently discovered Pepper Gold Prospect.

“Pepper is located less than 100m south of the high-grade 0.95Moz Never Never Gold Deposit and we couldn’t be happier to see the rapid emergence of another substantial high-grade body of mineralisation next to our flagship deposit with each new drill result.

“We are very confident that Pepper will become a standalone gold deposit and, to ensure that outcome, we will be completing a maiden Mineral Resource Estimate ("MRE”) for this exciting prospect as part of our foreshadowed mid-year MRE update for Dalgaranga.

“With the gold price continuing to hit new records, this is an exciting time to be making new high-grade gold discoveries. And, on the back of a well-supported capital raise, we are now moving rapidly towards developing the underground infrastructure required to chase and grow this high-grade system.

“With rigs still spinning around the clock, investors can look forward to more exciting drill results in the coming weeks, mid-year MRE update for Dalgaranga, the planned commencement of the underground exploration drill drive in the second half of 2024, and the expected publication of a maiden high-grade Ore Reserve for the Never Never Gold Deposit.

“The Spartan team also continues to progress a Feasibility Study to demonstrate what we believe will be powerful metrics from a growing set of high-grade gold structures and maybe even some more high- grade gold discoveries!”

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