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Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to announce the Updated Mineral Resource Estimate (“MRE”) for its 100%-owned Dalgaranga Gold Project “DGP”, located in the Murchison region of Western Australia.
Highlights:
- Updated Mineral Resource Estimate (“MRE”) completed for the Dalgaranga Gold Project, located on granted Mining Leases and within 2km of the 2.5Mtpa processing plant:
- 21.15Mt @ 2.49g/t gold for 1,692,600 ounces, comprising:
- 5.16Mt @ 5.74g/t gold for 952,900 ounces – Never Never Gold Deposit
- 15.99Mt @ 1.45g/t gold for 739,800 ounces – Gilbey’s Complex
- Resource Classification breakdown for the updated Dalgaranga Gold Project MRE:
- 12.96Mt @ 2.67g/t gold for 1,119,000 ounces (66%) classified as Indicated;
- 7.93Mt @ 2.25g/t gold for 573,610 ounces (34%) classified as Inferred.
- Resource Classification breakdown for the updated Never Never Gold Deposit MRE:
- 3.67Mt @ 5.93g/t gold for 700,700 ounces (74%) classified as Indicated;
- 1.49Mt @ 5.28g/t gold for 252,100 ounces (26%) classified as Inferred.
- In-fill drilling from surface has converted circa 74% of the updated Never Never Gold Deposit MRE ounces to the higher confidence Indicated Resource classification, available for future conversion to Ore Reserves.
- The underground component of the updated Never Never MRE averages more than 1,690 ounces per vertical metre (“ozpvm”). Additionally, the apparent strike length of high-grade mineralisation at depth has increased to over 200m north-south and growing.
- Targeted in-fill drilling and updated Resource estimation of the higher grade Four Pillars and West Winds gold prospects has delivered an updated Gilbey’s Complex MRE of:
- 11.32Mt @ 1.34g/t gold for 486,500 ounces with 86% or:
- 9.28Mt @ 1.38g/t gold for 410,800 ounces classified as Indicated and constrained within a A$2,800/oz pit.
- Updated Spartan Group Mineral Resources for the Dalgaranga and Yalgoo (“Murchison”) and Glenburgh and Egerton (“Gascoyne”) Projects now stand at:
- 44.16Mt @ 1.77g/t gold for 2,512,400 ounces (69% or 1.7Moz Indicated)
This latest MRE update comprises an update for the high-grade Never Never Gold Deposit as well as an update for the Gilbey’s Complex, which comprises the higher-grade Four Pillars and West Winds Gold Prospects. The updated Mineral Resource Estimate is summarised below:
Table 1. Never Never MRE Dec 2023, reported by Mining Type and Resource Classification - combined open pit (>0.5g/t Au <270mRL) and underground >2.0g/t Au, >270mRL) *
Table 2. Gilbey’s Complex MRE Dec 2023, including, Plymouth and Sly Fox. Reported by Mining Type and Resource Classification - combined open pit (>0.5g/t Au within a A$2,800 pitshell) and underground >1.0g/t Au, below a A$2,800 pitshell) *
Table 3. Dalgaranga Gold Project Combined Resource as at December 2023
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “This is an exceptional result for our shareholders which reflects the hard work of the Spartan team over the past year. To be able to post a high-grade Resource for the Never Never discovery of just under 1 million ounces at an average grade of 5.74g/t less than a year after emerging from a 10c recapitalisation is an incredible outcome and a remarkable story – one of which we are justifiably proud!
“The centrepiece of this MRE update is once again the Never Never discovery, which has grown remarkably within short order from a resource of 303,000oz at the start of 2023, through to 721,000oz in July, and now, less than 12 months later, reaching 952,900oz – 74% of which is now classified as Indicated.
“Importantly, Never Never continues to emerge as an exciting growth story at depth, with recent visible gold intercepts having been logged below the current MRE boundary and awaiting assay. The deposit remains open and appears to be shallowing and flattening slightly to the south due to the flexure zone mentioned in Tuesday’s announcement. This presents as a tantalising target for a fan of directional drilling from a parent hole that we plan to drill early in the New Year to systematically understand the potential of Never Never Deeps.
“I would also like to highlight the importance of the recognition and structural re-interpretation of the high- grade Four Pillars and West Winds gold prospects, part of the larger Gilbey’s Complex MRE presented here. We believe these high-grade structures within and beneath the current Gilbey’s open pit, when combined with the incredible high-grade endowment of the Never Never Gold Deposit, are a key part of any longer-term future mine plan.
“We now have 739,800 ounces at an average grade of 1.45g/t in resource at Gilbey’s as a starting point for the future. That grade is more than 50 per cent above the average resource grade at which the Company was mining last year. The identification and focus on the higher-grade aspects of the Gilbey’s sequence bodes extremely well for the potential to add bulk tonnage open pit ore feed at very attractive grades into the high-grade ore feed that we expect will come from the Never Never underground mining complex. The Company’s mining strategy for these deposits located within the floor of the current Gilbey’s open pit is likely to be somewhat different from what was contemplated and mined before, albeit we are very excited about the possibilities here.
“Another key takeaway for investors is that while this is just an interim update in what is a rapidly unfolding growth story at Dalgaranga, the Company has more drill assays to come and many more high-grade targets sitting along-strike from Never Never, Four Pillars and West Winds. We have a full target set and we have shown what our team is capable of with our drilling strategies. We are well positioned and set to continue to deliver more high-grade ounces at very attractive gold grades.
“We are all looking forward to another massive year in 2024. If we can repeat anything like the success we have enjoyed in 2023 in terms of continued growth in high-grade resource ounces within a 2km radius of the Dalgaranga plant, then Spartan is set for a very exciting future!
“Upon reflecting on 2023, this has been a huge team effort, and I would especially like to thank our Exploration and Drill Management team on site, our Resource team and our incredible Finance team for their diligent stewardship of our exploration programs and prudent management of our finances.
“I would also like to thank and wish all of our loyal shareholders a very safe and festive summer season and we look forward to presenting more high-grade drill results, more rapid resource growth, and as a consequence an exciting mine plan and Ore Reserves in 2024.”
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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 Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox 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.
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.
