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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
Stage Two Gold Proceeds Exceed $18 Million. Highest Price Achieved is $3,727 per Ounce.
HIGHLIGHTS
- Gold sales for 2024 exceed $18.23 Million.
- Current campaign gold sales reach $13.77 Million.
- Highest gold price achieved is A$3,727 per ounce.
- 154,000 tonnes delivered to the Mill, haulage continuing.
- Current campaign to conclude on 4 September 2024.
- First cash of $3.0 Million to be received by Auric shortly.
Managing Director, Mark English, said: “Gold has sold at up to $3,727 per ounce during August with more to come.
“BML have delivered in excess of 154,000 tonnes to the Coolgardie mill with haulage and milling continuing. Some of that ore will be processed in another campaign later in the year. The current campaign is continuing to produce thousands of ounces of gold.
“Already we have passed $13.77 Million in gold sales for this current campaign of the year and total gold sales for 2024 passing $18.23 Million. We are in the middle of a highly successful time for the Company.
“By the middle of September, Jeffreys Find Gold Mine is expected to generate in excess of $25 Million in gross gold sales for 2024. This current campaign is due to finish in early September. Unforeseen power outages and some inclement weather have slowed the whole process down, but we are hopeful more than 130,000 tonnes of the 150,000 tonne allocation at the Mill will get utilised in this campaign.
“A further campaign is planned at the Greenfields Mill towards the end of this year.
“The mill contract is to process 300,000 tonnes in 2024 so everyone is focussed on making that happen,” said Mr English.
Photo: Jeffreys Find doré bars at Greenfields Mill.
The Greenfields Mill (Greenfields or Mill) is contracted to process up to 150,000 tonnes of ore for the current campaign through Auric’s Joint Venture partner, BML Ventures Pty Ltd of Kalgoorlie (BML). As of 25 August 2024, just over 110,000 tonnes have been processed by the Mill.
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This article includes content from Auric 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.
