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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.
- 14.73m @ 11.42g/t gold from 553.73m down-hole, incl. 4.37m @ 36.80g/t (DGDH070):
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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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
Second LiDAR interpretation identifies additional compelling targets at GDM’s Devils Mountain Gold Project
Highlights:
- GDM purchased the Gympie 2023 LiDAR dataset from the QLD Government, totalling 80 km2, covering EPM 26135, which lies directly SE of the historical gold mining town of Kilkivan.
- A comprehensive LiDAR interpretation was undertaken by specialists GeoCloud Analytics. The interpretation indicated a total of 486 potential historical mine workings, including 40 adits, 16 shafts and 430 other prospecting pits. Many of the old workings were not previously known to GDM.
- The new LiDAR results, combined with previous exploration data has significantly enhanced GDM's dataset, used to identify and prioritise gold bearing targets for further follow-up exploration work.
Chief Executive Officer, Justin Haines, commented:
“This second LiDAR dataset for Devils Mountain has allowed GDM to get a more accurate picture of all of the historical gold mining at Kilkivan prospects area. Shafts and adits are good indicators of the presence of significant gold and base metal mineralisation, because of the effort invested in producing those old excavations. The LiDAR results confirm GDM’s strategy of targeting areas of abundant historical workings and applying modern exploration technologies to those targets”.
Devils Mountain Project
GDM’s Devils Mountain Project comprises 5 x EPMs (17685, 26062, 26135, 26709, 28438) located ~30 km northwest of Gympie (see Figure 1). The Project lies in the Palaeozoic Gympie and Wandilla Provinces of the New England Orogen in southeast Queensland.
Devils Mountain is highly prospective for gold and is host to an abundance of mineral occurrences. In addition to gold, the area contains occurrences of copper, silver, lead, zinc, tungsten and mercury, as well as a number of manganese deposits (see Figure 2). It’s geological setting has many similarities to the nearby Gympie goldfield.
Figure 1: Devils Mountain Gold Project Location Map
Figure 2: Devils Mountain Project Geology and known historical mining prospects
LiDAR Survey Data
LiDAR specialists GeoCloud Analytics purchased part of the Gympie 2023 LiDAR dataset from the QLD Government on behalf of GDM, over an 80 km2 area in the western part of the Devils Mountain Project, covering EPM 26135. The resolution of the raw data is 1 m. GeoCloud Analytics reprocessed the point cloud data to yield a 50cm resolution bare earth Digital Terrain Model (DTM).
The LiDAR survey was flown in 2023 with a minimum average density of 10.5 points per square metre with an average flying height of 1933m above ground level. Details of the survey are provided in the JORC Table 1, see Appendix 1.
A number of new LiDAR images were generated by GeoCloud Analytics in order to extract more information about the project. The enhanced 3D datasets and 2D images produced have facilitated detailed interpretations, allowing the identification of historical mine workings, prospecting pits, geological structures, access tracks and other surface features such as drill pads.
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This article includes content from Great Divide Mining, 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.
Gidji Drilling Delivers More Gold Results
Miramar’s 80%-owned Gidji JV Project (“Gidji” or “the Project) is located approximately 15 kilometres north of Kalgoorlie and surrounded by multiple gold mining and processing operations, including Northern Star Resources Limited’s Kalgoorlie gold operations (Figure 1).
Miramar’s Executive Chairman, Mr Allan Kelly, said the first results from the current programme confirmed and extended the extensive supergene gold footprint discovered in previous drilling.
“The new results increase the footprint of the high-priority Blackfriars target, which shares several similarities to the multi-million-ounce Paddington gold deposit along strike to the north, including its location at the contact between the Boorara Shear Zone and the Black Flag Beds,” he added.
“This is the first systematic drilling at Gidji after a break of almost 3 years whilst, at the same time, the Australian dollar gold price has risen from $2,500/oz to well over $5,000/oz,” Mr Kelly said.
Current and previous drilling has outlined an extensive area of flat-lying supergene gold across multiple targets at Gidji, despite the stripped weathering profile under the Gidji Paleochannel.
The current drilling programme consists of approximately 180 aircore holes and aims to further refine bedrock drill targets under the younger transported paleochannel sediments.
Drilling commenced before Easter, was suspended due to heavy rainfall and recommenced on 6 May.
Figure 1. Gidji JV Project (yellow outline) and Boorara Shear Zone(white) in relation to Kalgoorlie.
Figure 2. New aircore drilling results (squares) in relation to previous drilling (circles).
Table 1. Significant drill results from the first 34 aircore holes at Gidji JV.Note: results reported above 0.25g/t Au lower cutoff
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This article includes content from Miramar 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.
Asra to Secure 100% Ownership of Mt Cutmore at Leonora North Gold Project
Highlights
- Binding Term Sheet executed to acquire the remaining 49% of the Mt Cutmore prospects located at the Mt Stirling Leonora North Project subject to conditions, delivering 100% ownership upon completion.
- Consolidation of ownership aligns with Asra’s strategic focus to unlock further value within the Leonora Gold Project.
- Acquisition will strengthen Asra’s position in the renowned Leonora gold district, proximal to major operating mines and infrastructure.
The Project is situated in the Eastern Goldfields Super terrane of the Yilgarn Craton, where the area is known for orogenic gold deposits. The Project has a JORC (2012) Mineral Resource Estimate totalling 152,000 oz at 1.7g/t Au and is located within close proximity to significant gold mines, including Vault Minerals' 6Mtpa Au King of the Hills mine and Genesis Minerals' 2Moz Leonora and Kookynie operations.1
Asra Minerals Chief Executive Officer, Paul Stephen:
“Securing 100% of the Mt Cutmore prospects within the Project will be a pivotal step for Asra. This consolidation will enhance our strategic footprint in a highly prospective and active gold region.
Following the recently announced raise and with drilling permits in hand, we will be well placed to commence drilling the compelling, high-priority targets. This transaction will streamline our portfolio and provide a clear pathway to unlock value for our shareholders through focused exploration in one of WA’s premier gold districts.”
The Transaction consideration comprises of $200,000 cash and the issue of 75,000,000 fully paid ordinary shares in Asra at a deemed issue price of $0.002 per share (“Shares”) upon satisfaction of the conditions precedent of the Agreement (refer to the summary of the Agreement below for further details). The issue of the Shares is subject to shareholder approval under ASX Listing Rule 7.1, which Asra intends to seek at its upcoming annual general meeting, scheduled to be held in late May 2025.
Figure 1. Mt Stirling Leonora North
Mt Stirling Leonora North Project
The Mt Stirling Leonora North Project is strategically located approximately 40km northeast of Leonora within Western Australia’s Eastern Goldfields. This region is renowned for hosting numerous multi-million-ounce orogenic gold deposits and significant mining operations.
The Project is situated just 5km from Vault Minerals’ (ASX:VAU) major 6Moz King of the Hills mine and its recently expanded processing hub, which is the largest in the Leonora district. It is also proximal to Genesis Minerals’ (ASX:GMD) extensive 2Moz Leonora operations. The Project currently hosts a JORC (2012) Mineral Resource Estimate totalling 152,000 oz at 1.7g/t Au. This Mineral Resource Estimate provides a valuable foundation for the Project and future exploration efforts aimed at expansion.
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This article includes content from Asra Minerals 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.
