More Strong Drill Hits Across Key Prospects Paves the Way for Mid-Year Resource Update

Spartan Resources Limited (ASX: SPR) (Spartan or the Company) is pleased to report updated drilling and assay information from recent drilling at its 100%-owned Dalgaranga Gold Project (“DGP”) in the Murchison region of Western Australia.

Highlights:

Never Never Gold Deposit:

• 15.85m @ 20.23/t gold (100g/t top-cut) from 585.0m, incl. 2.50m @ 64.00g/t (DGRC1400-DT)
  • 9th best Never Never gram x metre intercept (320.65gxm) in-fills Inferred area of the current 0.95Moz Never Never Mineral Resource Estimate.
  • Uncut intercept – 15.85m @ 136.80g/t gold, incl. 2.50m @ 697.00g/t
• 18.60m @ 9.67g/t gold (uncut) from 696.25m, incl. 6.05m @ 18.17g/t (DGRC1392-DT)
  • Intercept located ~20m below and outside current 0.95Moz Mineral Resource Estimate.

West Winds Gold Prospect:

• 20.00m @ 3.49g/t gold from 322.0m, incl. 6.00m @ 7.30g/t (DGRC1422)

Figure 1: Long Section of Never Never Gold Deposit, Four Pillars and West Winds Gold Prospects looking east. Note location of cross-section A-A’ (see Figure 2). Recent assay results shown in gold.

The assays in this release include significant intercepts from resource in-fill and exploration drilling at the high-grade Never Never Gold Deposit, as well as a new broad intercept of significant gold mineralisation beneath the Gilbey’s Complex Mineral Resource, which is part of the developing higher grade West Winds Gold Prospect.

Figure 2: Cross-section A-A’ through the Never Never Gold Deposit illustrating the location of recent assays from DGRC1392-DT and DGRC1400-DT, as well as the previously reported deepest assay of 11.55m @ 36.77g/t gold in drillhole DGDH052. Note: Inset image of gold grade distribution in DGRC1392-DT intercept of 18.6m @ 9.67g/t gold.

Figure 3: Plan view of the Dalgaranga Mine Complex with recent highlight drill assay results in callout boxes across the main gold prospects at the Dalgaranga Gold Project.

Management Comment

Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “These latest drill-holes continue to demonstrate the untapped high-grade gold potential at Dalgaranga. Our drilling at the expanding Never Never Gold Deposit is consistently delivering high-grade gold drill intercepts, week after week, month after month.

“When you combine this with the high-grade intercepts that we’re also seeing from the nearby Four Pillars and West Winds gold prospects – such as 15m @ 6g/t gold including 3.0m @ 23g/t and 20m @ 3.5g/t gold including 6m @ 7g/t respectively, outside existing resources – you can see why we’re so excited about the potential ahead of us!

“We understand better than most just how difficult it is to exist as a gold producer with low grade ore feed and the consequential risk to cash margins. That is why as an exploration business we are focused and committed to finding high-grade ounces, delivering consistent high-grade resource growth and eventually solid high-grade reserves aimed at underpinning long-term, lower-risk re-start of gold production at Dalgaranga.

“These high-grade drill results continue to give us the confidence that we will succeed in our task to deliver value to all of our shareholders, rather than just talk about doing it.”

Click here for the full ASX Release

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.