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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
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.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest 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.
