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Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to announce that it has made a new shallow high-grade gold discovery immediately north of its high-grade Never Never Gold Deposit as assay results begin to flow from the ongoing 25,000m multi-rig drilling campaign at the 100%- owned Dalgaranga Gold Project in Western Australia.
Highlights:
- First Reverse Circulation (RC) hole drilled to test the new “Patient Wolf” gold prospect (geophysical target), immediately north of Never Never, has returned outstanding assay results, including:
- 10.00m @ 19.84g/t gold from 96.00m, incl. 4.00m @ 40.15g/t (DGRC1295) – 1,600m north of Never Never and 1,900m from Process Plant under site access/haul road. Follow-up RC drilling underway.
- Further significant high-grade gold assays from recent drilling at the Never Never Gold Deposit:
- 40.00m @ 7.03g/t gold from 160.00m incl. 14.30m @ 10.57g/t (DGDH037) – targeting high-grade mineralisation at base of conceptual Never Never open pit.
- 18.00m @ 11.95g/t gold from 315.00m incl. 3.00m @ 40.30g/t (DGDH038) – expands southern extent of thick high-grade mineralisation for future Resource update.
- 18.56m @ 6.71g/t gold from 495.00m incl. 2.56m @ 32.19g/t (DGRC1283-DT) – deepest mineralised intercept to date at Never Never, located on boundary of Indicated to Inferred classification.
- Targeting of the high-grade West Winds area within the previously planned but un-mined “Stage 3 Gilbey’s Open Pit”, directly south of Never Never, has returned:
- 20.52m @ 2.38g/t gold from 420.48m down-hole, incl. 5.00m @ 6.22g/t (DGDH039) – hole intersected the southern West Winds high-grade target zone.
- 12.00m @ 2.49g/t gold from 353.00m & 7.00m @ 2.23g/t & 5.00m & 2.25g/t (DGDH040) – hole deviated north of northern West Winds high-grade target zone.
- Drilling at the Arc gold prospect, 1,000m north of the Never Never Gold Deposit, has returned:
- 4.00m @ 8.33g/t gold from 106m, incl. 1m @ 30.66g/t (DGRC1245) – Follow-up drilling underway.
- Ongoing 25,000m multi-rig drill program to be expanded to 32,000m with up to six rigs on site. Updated global Mineral Resource statement for Dalgaranga scheduled for December 2023 Quarter. This will include an updated MRE for Never Never and the broader “Gilbey’s Complex” including West Winds and Four Pillars.
In light of the success being achieved with the current drilling program, Spartan has decided to expand the program to 32,000m with up to six rigs operating on-site. The expanded program will look to target extensions of known mineralisation, further upgrading the high-grade 721,200oz Mineral Resource Estimate (MRE) for the Never Never Gold Deposit.
In parallel, several “near-mine” targets are being aggressively drilled out, including the high-grade West Winds and Four Pillars structural targets, located within and beneath the former Gilbey’s Open Pit to the south of Never Never, as well as the nearby Arc and Patient Wolf gold prospects to the north.
The overall objective of the program is to grow the Company’s high-grade resource inventory within a close 2km radius of the 2.5Mtpa Dalgaranga Process Plant.
Never Never Gold Deposit Update
Figure 1: Long section of the Never Never Gold Deposit with location of recent drill assays and current targeted in-fill and extensional drilling in relation to the classified block model grade (underlay).
Drill Target Update
Figure 2: Long Section through the Gilbey’s to Never Never mineralised sequence looking east. The Never Never Gold Deposit is shown on the left and the Gilbey’s Open Pit/Gilbey’s Gold Deposit in the centre/right. The Four Pillars and West Winds targets within and beneath the Gilbey’s Open Pit are shown centre and centre-right respectively. Recent assays for intercepts at Never Never and West Winds are illustrated. Dedicated drill rigs are on each of the three targets shown here.**75 g/t Au Top-cut applied
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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.
