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Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to provide an update on exploration activities at its 100%-owned Dalgaranga Gold Project (“DGP”), located in the Murchison region of Western Australia.
HIGHLIGHTS
Pepper Gold Prospect – new intercept significantly expands known extents of high-grade discovery:
- 25.24m @ 16.66g/t gold (uncut) from 616.41m down-hole (DGRC1431-DT-W1), including:
- 5.21m @ 18.74g/t, 4.65m @ 52.46g/tand 5.44m @ 12.39g/t gold in three separate high grade sub-intervals within the overall high-grade drill intercept.
- The intercept in DGRC1431-DT-W1 confirms that high-grade gold mineralisation extends more than 115 metres down-plunge from DGDH070, which returned 14.73m @ 11.42g/tgold as well as northward more than 85m beyond the previous deepest Pepper intercept of 11.28m @ 5.94g/t gold from previously announced drill-hole DGDH069.
- A maiden Mineral Resource Estimate for the high-grade Pepper Gold Prospect will be completed as part of the scheduled mid-year resource update for the Dalgaranga Gold Project.
Figure 1: Long Section of the Never Never Gold Deposit, Pepper, Four Pillars and West Winds Gold Prospects looking East. New high- grade intercept assay at Pepper highlighted in gold callout box. Note the proposed exploration drill drive design in black.
This release contains new assay results from recent surface drilling targeting extensions of the recently discovered high-grade Pepper Gold Prospect (DGRC1431-DT-W1), as well as in-fill (DGDH062) and exploration drilling (DGDH067) from the immediately adjacent and growing 0.95Moz @ 5.74g/t Never Never Gold Deposit.
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “Just weeks after its discovery in May 2024, Pepper is already emerging as a significant new high-grade ore system immediately adjacent to our flagship deposit, the 0.95Moz Never Never Gold Deposit, discovered in 2022.
“This latest drill intercept in DGRC1431-DT-W1 of 25.24m @ 16.66g/t gold is the best and also the deepest Pepper drill intercept to date and, at 420.5 gram x metres, is the fourth best intercept ever recorded at the Dalgaranga Gold Project, Never Never included!
“The other two results reported today are certainly lower grade, however the intercept of 20.38m @ 0.92g/t gold in DGDH067 comes from within the shear zone that defines the northern margin of Never Never, and the other intercept of 12.55m @ 1.00g/t gold in DGDH062 defines the lower grade zone that
sits between Never Never and the new Pepper Gold Prospect, these holes provide useful information for constraining the ‘edges’ of the mineralisation ahead of the upcoming mid-year resource updates.
“Owning high-grade resources close to relatively new processing infrastructure is a great formula and the foundation behind many highly successful and resilient producers, past and present. What differentiates our opportunity – the Spartan story – is that we are generating excitement, momentum and value by drilling and actively growing our high-grade gold resources through continuous discovery, right in front of our existing infrastructure.
“While we continue to increase the value of our assets and our company through the drill bit, the next key phase in our strategy will get underway shortly with the commencement of our underground exploration drill drive. This will provide the key drill platforms from which we will continue to drive resource growth, generate reserves and grade control the key Never Never Gold Deposit, as well as explore for more high- grade discoveries.
“The added benefit of the drill drive is that it can rapidly become the natural backbone, a critical piece of capital development, for any future underground mining scenarios – providing access to the Never Never, Pepper and West Winds target zones.
“Considering what we have achieved with surface drilling over the past two years, the development of the exploration drill drive has the potential to take the Spartan story to the next level as we get up close and personal with our recent high-grade discoveries and continue to focus on delivering tangible outcomes for our shareholders.”
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This article includes content from Spartan Resources, 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
Second LiDAR interpretation identifies additional compelling targets at GDM’s Devils Mountain Gold Project
Highlights:
- GDM purchased the Gympie 2023 LiDAR dataset from the QLD Government, totalling 80 km2, covering EPM 26135, which lies directly SE of the historical gold mining town of Kilkivan.
- A comprehensive LiDAR interpretation was undertaken by specialists GeoCloud Analytics. The interpretation indicated a total of 486 potential historical mine workings, including 40 adits, 16 shafts and 430 other prospecting pits. Many of the old workings were not previously known to GDM.
- The new LiDAR results, combined with previous exploration data has significantly enhanced GDM's dataset, used to identify and prioritise gold bearing targets for further follow-up exploration work.
Chief Executive Officer, Justin Haines, commented:
“This second LiDAR dataset for Devils Mountain has allowed GDM to get a more accurate picture of all of the historical gold mining at Kilkivan prospects area. Shafts and adits are good indicators of the presence of significant gold and base metal mineralisation, because of the effort invested in producing those old excavations. The LiDAR results confirm GDM’s strategy of targeting areas of abundant historical workings and applying modern exploration technologies to those targets”.
Devils Mountain Project
GDM’s Devils Mountain Project comprises 5 x EPMs (17685, 26062, 26135, 26709, 28438) located ~30 km northwest of Gympie (see Figure 1). The Project lies in the Palaeozoic Gympie and Wandilla Provinces of the New England Orogen in southeast Queensland.
Devils Mountain is highly prospective for gold and is host to an abundance of mineral occurrences. In addition to gold, the area contains occurrences of copper, silver, lead, zinc, tungsten and mercury, as well as a number of manganese deposits (see Figure 2). It’s geological setting has many similarities to the nearby Gympie goldfield.
Figure 1: Devils Mountain Gold Project Location Map
Figure 2: Devils Mountain Project Geology and known historical mining prospects
LiDAR Survey Data
LiDAR specialists GeoCloud Analytics purchased part of the Gympie 2023 LiDAR dataset from the QLD Government on behalf of GDM, over an 80 km2 area in the western part of the Devils Mountain Project, covering EPM 26135. The resolution of the raw data is 1 m. GeoCloud Analytics reprocessed the point cloud data to yield a 50cm resolution bare earth Digital Terrain Model (DTM).
The LiDAR survey was flown in 2023 with a minimum average density of 10.5 points per square metre with an average flying height of 1933m above ground level. Details of the survey are provided in the JORC Table 1, see Appendix 1.
A number of new LiDAR images were generated by GeoCloud Analytics in order to extract more information about the project. The enhanced 3D datasets and 2D images produced have facilitated detailed interpretations, allowing the identification of historical mine workings, prospecting pits, geological structures, access tracks and other surface features such as drill pads.
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This article includes content from Great Divide 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.
Gidji Drilling Delivers More Gold Results
Miramar’s 80%-owned Gidji JV Project (“Gidji” or “the Project) is located approximately 15 kilometres north of Kalgoorlie and surrounded by multiple gold mining and processing operations, including Northern Star Resources Limited’s Kalgoorlie gold operations (Figure 1).
Miramar’s Executive Chairman, Mr Allan Kelly, said the first results from the current programme confirmed and extended the extensive supergene gold footprint discovered in previous drilling.
“The new results increase the footprint of the high-priority Blackfriars target, which shares several similarities to the multi-million-ounce Paddington gold deposit along strike to the north, including its location at the contact between the Boorara Shear Zone and the Black Flag Beds,” he added.
“This is the first systematic drilling at Gidji after a break of almost 3 years whilst, at the same time, the Australian dollar gold price has risen from $2,500/oz to well over $5,000/oz,” Mr Kelly said.
Current and previous drilling has outlined an extensive area of flat-lying supergene gold across multiple targets at Gidji, despite the stripped weathering profile under the Gidji Paleochannel.
The current drilling programme consists of approximately 180 aircore holes and aims to further refine bedrock drill targets under the younger transported paleochannel sediments.
Drilling commenced before Easter, was suspended due to heavy rainfall and recommenced on 6 May.
Figure 1. Gidji JV Project (yellow outline) and Boorara Shear Zone(white) in relation to Kalgoorlie.
Figure 2. New aircore drilling results (squares) in relation to previous drilling (circles).
Table 1. Significant drill results from the first 34 aircore holes at Gidji JV.Note: results reported above 0.25g/t Au lower cutoff
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This article includes content from Miramar 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.
Asra to Secure 100% Ownership of Mt Cutmore at Leonora North Gold Project
Highlights
- Binding Term Sheet executed to acquire the remaining 49% of the Mt Cutmore prospects located at the Mt Stirling Leonora North Project subject to conditions, delivering 100% ownership upon completion.
- Consolidation of ownership aligns with Asra’s strategic focus to unlock further value within the Leonora Gold Project.
- Acquisition will strengthen Asra’s position in the renowned Leonora gold district, proximal to major operating mines and infrastructure.
The Project is situated in the Eastern Goldfields Super terrane of the Yilgarn Craton, where the area is known for orogenic gold deposits. The Project has a JORC (2012) Mineral Resource Estimate totalling 152,000 oz at 1.7g/t Au and is located within close proximity to significant gold mines, including Vault Minerals' 6Mtpa Au King of the Hills mine and Genesis Minerals' 2Moz Leonora and Kookynie operations.1
Asra Minerals Chief Executive Officer, Paul Stephen:
“Securing 100% of the Mt Cutmore prospects within the Project will be a pivotal step for Asra. This consolidation will enhance our strategic footprint in a highly prospective and active gold region.
Following the recently announced raise and with drilling permits in hand, we will be well placed to commence drilling the compelling, high-priority targets. This transaction will streamline our portfolio and provide a clear pathway to unlock value for our shareholders through focused exploration in one of WA’s premier gold districts.”
The Transaction consideration comprises of $200,000 cash and the issue of 75,000,000 fully paid ordinary shares in Asra at a deemed issue price of $0.002 per share (“Shares”) upon satisfaction of the conditions precedent of the Agreement (refer to the summary of the Agreement below for further details). The issue of the Shares is subject to shareholder approval under ASX Listing Rule 7.1, which Asra intends to seek at its upcoming annual general meeting, scheduled to be held in late May 2025.
Figure 1. Mt Stirling Leonora North
Mt Stirling Leonora North Project
The Mt Stirling Leonora North Project is strategically located approximately 40km northeast of Leonora within Western Australia’s Eastern Goldfields. This region is renowned for hosting numerous multi-million-ounce orogenic gold deposits and significant mining operations.
The Project is situated just 5km from Vault Minerals’ (ASX:VAU) major 6Moz King of the Hills mine and its recently expanded processing hub, which is the largest in the Leonora district. It is also proximal to Genesis Minerals’ (ASX:GMD) extensive 2Moz Leonora operations. The Project currently hosts a JORC (2012) Mineral Resource Estimate totalling 152,000 oz at 1.7g/t Au. This Mineral Resource Estimate provides a valuable foundation for the Project and future exploration efforts aimed at expansion.
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This article includes content from Asra Minerals 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.
