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![Warriedar Resources](https://investingnews.com/media-library/warriedar-resources.png?id=52465532&width=980&quality=80)
Quarterly Activities Report for the Period Ended 30 June 2024
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 30 June 2024.
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- Remaining nine (9) assay results from Phase 1 2024 RC drilling at Ricciardo returned significant intervals of high-grade gold mineralisation, including:
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- 3m @ 22.38 g/t Au from 167m
- 8m @ 2.63 g/t Au from 160m (RDRC034)
- 4m @ 14.49 g/t Au from 188m (RDRC039), ending in mineralisation
- 12m @ 1.91 g/t Au from 74m (RDRC040), ending in mineralisation
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- Diamond drilling program, for 29 holes and approximately 2,500m, commenced at Ricciardo and M1. Results returned after the June quarter end for the first twelve (12) diamond tails (for 770m) intersected significant gold mineralisation, including:
- 19m @ 4.94 g/t Au from 188m (RDRC039 DD) (includes contiguous final RC result of 4m @ 14.49 g/t from 188m)
- 8.9m @ 8.93 g/t Au from 156m (M1RC191 DD), including
- 2m @ 23.83 g/t from 158m
- 12m @ 6.98 g/t Au from 110m (RDRC040 DD), including
- 3m @ 22.12 g/t Au from 112m
- 16m @ 2.30 g/t Au from 243m (RDRC055 DD), including
- 6m @ 3.13 g/t Au from 252m
- 17m @ 2.38 g/t Au from 264m (RDRC055 DD) including
- m @ 4.03 g/t Au from 273m
- Results to date at Ricciardo substantially increased the known extent of the high-grade shoots beneath the historic Silverstone and Ardmore pits; confirm the presence of a (new) high-grade shoot below the Eastern Creek pit; and expand the mineralised deposit area below the Silverstone and Silverstone South area.
- Results for the first Resource infill diamond hole at M1 returned significantly higher grade than expected, confirming the high-grade extension potential at this deposit.
- Phase 2 2024 RC drilling program at Ricciardo and M1, for 25 holes and approximately 5,024m is complete. A large proportion of these RC meters are ‘pre-collars’ for the diamond tails.
- The diamond drilling program, the first at Ricciardo and M1 in over 10 years, is still ongoing and expected to be completed by mid-August.
Big Springs Project, Nevada
- Proposed Plan of Operation (PoO) application continues to progress.
Corporate
- Asset Sale Agreement pertaining to the acquisition of non-core tenements E59/1324-I, M59/386-I, M59/387-I and M59/425-I (Deferred Assets) terminated, with the date for satisfaction of required conditions precedent passing.
- Cash of A$3.6 million as at 30 June 2024 and zero debt (excluding typical trade creditor balances).
Western Australian Projects
The Golden Range and Fields Find Projects (the Projects) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (refer Figure 1). The total consolidated land package of the Projects is 788 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
Total historical gold production from Golden Range and Fields Find was 350 koz, with the existing oxide plant placed on care and maintenance in August 2019.
The current JORC (2012) Mineral Resource estimate for Golden Range is 15.2 Mt at 1.7 g/t Au for 816 koz contained gold (of which 412 koz at 1.7 g/t Au sits in the Measured and Indicated classifications). For further Mineral Resource estimate details, refer to ASX release dated 28 November 2022.
Click here for the full ASX Release
This article includes content from Warriedar 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.
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Warriedar Resources
Overview
Warriedar Resources (ASX:WA8) is an advanced gold and copper exploration company backed by a highly skilled team of experts, Warriedar maintains an incredibly strong and stable portfolio of gold assets in both Western Australia and Nevada. Between its three projects – Golden Range, Fields Find and Big Springs – it currently holds more than 2 million ounces of high-grade gold resources with blue-sky potential for growth, and a robust pipeline of high-quality drill targets. Warriedar is well-funded for its planned 2024 drill programs focused on rapidly building its gold resources.
Two of its brownfield projects – Golden Range and Fields Find – are located in Western Australia's Murchison Province, widely known as an active mining and exploration region. Both projects are situated on previously mined and underexplored land, and surrounded by successful, operating gold and base metal mines. Golden Range hosts approximately 950,000 oz gold resource and an existing 800 ktpa processing plant and associated infrastructure (placed on care and maintenance during 2019 by its previous owner). To the east of Golden Range is the Fields Find project, which contains significant levels of gold, copper and nickel.
Warriedar’s Big Springs gold project in Nevada, USA, is adjacent to First Majestic Silver’s Jerritt Canyon gold mine complex, an operating mine with a production history of over 10 Moz gold. Big Springs has an existing resource base of approximately 1 Moz gold within a granted mining licence, surrounded by approximately 93 square kilometers of prime exploration ground prospective for Carlin-style gold.
Warriedar also prides itself on the expertise and experience of its leadership team, driving the company towards successfully achieving its goals and increasing shareholder value. Geophysicist Dr. Amanda Buckingham serves on Warriedar's board of directors, bringing three decades of experience to her role. Mark Connelly, Warriedar’s non-executive chairman, is a financial and commercial executive with extensive experience in the resource industry. Dianmin Chen, a seasoned mining engineer, completes the complementary skill set of the board.
Company Highlights
- Warriedar Resources is an advanced gold and copper exploration company with a portfolio of assets well-positioned to take advantage of the positive gold market.
- Two of the company's three projects are located in the Murchison Province of Western Australia.
- Golden Range, a 945,000-oz gold project with on-site infrastructure that includes an 800-ktpa plant.
- Fields Find, which hosts the historic Warriedar copper mine.
- The company also maintains a 1.01-million-ounce gold project in Nevada, USA, known as Big Springs.
- All three projects are underexplored, with significant resource potential.
- Warriedar is backed by a highly skilled team with decades of experience and leadership in mining and exploration.
- The company is expected to have a steady newsflow through 2024, with a well-funded drilling plan aimed at rapidly expanding its gold resource.
Key Projects
Golden Range
Situated in the middle of Western Australia's highly active Murchison exploration and mining province, the Golden Range project is strategically positioned between several major operating mines and advanced exploration projects. Together with the nearby Fields Find project, it represents a belt-scale opportunity, covering a combined area of 813 square kilometres.
A brownfields project with considerable past exploration and development, Golden Range hosts a gold resource of 945,000 ounces along a dominant central shear corridor. Existing on-site infrastructure includes an 800-ktpa oxide processing plant, which was placed on care and maintenance by the project's previous owner in 2019. This provides Warriedar with an accelerated, low-capital-intensity pathway to future gold production pending the success of an ongoing exploration program.
Project Highlights:
- Prime Location: Golden Range is bordered by multiple existing mines and deposits, each serving as a valuable analogue to the resources it may potentially contain. These include: Deflector Copper-Gold Mine, owned by Silver Lake Resources (ASX:SLR); Rothsay Gold Mine, owned by Silver Lake Resources; Mt. Magnet. owned by Ramelius Resources (ASX:RMS); Mt Gibson, owned by Capricorn Metals (ASX:CMM); and Golden Grove Copper-Zinc-Silver-Gold mine, owned by 29Metals (ASX:29M).
- Untapped Potential: Historical drilling at Golden Range was largely focused on shallow oxide gold in proximity to the existing mill, with an average drill depth of 42 metres. Historical pits on-site range in depth from 20 to 80 metres, with an average depth of 60 metres. This leaves substantial exploration upside for primary gold discoveries both below and along strike from existing shallow open pits.
- Exploration Results: Warriedar undertook an aggressive exploration program in 2023, which included drilling as well as airborne and ground electromagnetic (EM) surveying at both Golden Range and Fields Find. A total of ~ 36,000m of Reverse Circulation (RC) drilling was completed, resulting in the extension of 5 of the 5 gold Resources drilled (all in Mining Leases) and the advancement of several key Prospects. Importantly, the 2023 work highlighted where the 2024 focus should be – along the main mineralized shear within a 25 km long trend called the Golden Corridor. This trend already hosts 736 koz Au across 6 deposits and 16 historic pits. Results from 2023 and early 2024 included:
- Ricciardo (RDRC019): 32 m @ 3.59 g/t gold from 148 m (ended in mineralization)
- Ricciardo (RDRC020): 6 m @ 4.69 g/t gold from 142 m
- Ricciardo (RDRC002): 7 m @ 4.48 g/t from 251 m
- Ricciardo (RDRC031): 11 m @ 3.43 g/t gold from 149 m
- Windinne Well (WORC056): 4 m @ 5.17 g/t from 52 m
- Austin (AURC086): 20 m @ 1.98 g/t gold, 7.2 g/t silver, 844 ppm lead from 160 m
- Rothschild (BRRC083): 18 m @ 2.43 g/t gold from 191 m
- Mugs Luck (MLRC209): 8 m @ 2.28 g/t gold from 72 m
The Ricciardo deposit, an existing 476-koz resource in the middle of the Golden Corridor along the main shear. Assay results from drilling undertaken at the Ricciardo deposit confirmed the presence of high-grade shoots below existing oxide open pits and demonstrated the excellent exploration potential for further discoveries at Ricciardo
- Current MRE: The current mineral resource estimate for Golden Range is 945 koz contained within 19,429 kt at 1.5 g/t gold:
- 20 koz contained within 282 kt at 2.2 g/t gold measured.
- 441 koz contained within 8,887 kt at 1.5 g/t gold indicated.
- 485 koz contained within 10,080 kt at 1.5 g/t gold inferred.
- Exploration Roadmap: Warriedar has a clear line of sight on pursuing substantial resource growth and exploration success for its Western Australia projects. The focus during 2024 will be drilling for quality gold ounces to grow existing resources along the Golden Corridor, and drilling for new discoveries along the 70 km shear (ground all held by Warriedar).
Fields Find
The Fields Find Project and the location of key prospects.
Located just to the east of Golden Range, Fields Find is most notable for its highly irregular geology. Due to an intrusive complex within the greenstone sequence, the area is known to contain elevated levels of nickel, copper and gold. Although the brownfields project has been the site of previous exploration, the focus was exclusively on gold with one notable exception.
At Fields Find's southwest corner stands the historic Warriedar copper mine, which is located at the end of Warriedar's target zone, known as the Warriedar Corridor. It is also worth noting that the Murchison Province is generally known to be rich in copper with both the Golden Grove and Deflector copper mines in geological proximity.
Project Highlights:
- Copper Region: The Murchison province is known for its rich copper resource. Fields Find also encompasses the Warriedar Corridor.
- Exploration Results: Warriedar carried out a decent exploration program during 2023 which included drilling, airborne and ground-based EM surveying, at Fields Find. Results include:
- At the Rothschild gold deposit: the main gold lode along the entire strike length of the deposit was extended at depth by 150 m. Assay results included: 18 m @ 2.43 g/t gold from 191 m (BRRC083), 11 m @ 3.39 g/t gold from 197 m (BRRC081).
- New 2023 airborne electromagnetic (AEM) data covering a substantial part of the tenure which was previously un-flown. Follow-up ground EM identified several well constrained priority 1 targets, ready for drilling. Many of these are located with the layered mafic-ultramafic intrusion (the Fields Find Intrusive Complex).
- Drilling at Fields Find West confirmed a multi-phase porphyry intrusive system hosting polymetallic mineralisation comprising gold, copper, molybdenum and silver. At the Mopoke Prospect within this porphyry system, assay results returned 4 m @ 5.00 g/t gold from 92 m (MOR005).
Big Springs
Located in the prolific Nevada Gold Trend, the Big Springs Gold Project stands adjacent to First Majestic Silver's (TSE:FR) Jerritt Canyon Gold Mine Complex, which has a production history of more than 10 Moz gold. The project itself has an existing resource base of roughly 1 Moz gold and is surrounded by approximately 93 square kilometres of exploration ground prospective for Carlin-style gold.
Warriedar is currently collecting the necessary geoscience data to optimise its drill targets while also advancing its exploration permitting. It plans to recommence its drilling program upon approval of expanded permits, with a suitable partner.
The company believes the tenement package offers enormous untapped potential for growth in existing gold resources.
Project Highlights:
- Current MRE: The mineral resource estimate for Big Springs is 1,014 koz contained within 15,490 kt at 2 g/t gold:
- 129 koz contained within 860 kt at 4.7 g/t gold measured
- 428 koz contained within 6,000 kt at 2.2 g/t gold indicated
- 459 koz contained within 8,630 kt at 1.7 g/t gold inferred
Management Team
Mark Connelly - Non-executive Chairman
Mark Connelly is a seasoned financial and commercial executive with extensive resource industry experience in management leadership and board roles. His direct operational and capital markets experience spans many jurisdictions including Australia, North America, South America, Africa and Europe.
Connelly’s North American operating and development experience includes several years based in the U.S. working for Newmont Mining, one of the world’s leading gold mining companies. This included extensive exposure to and knowledge of Newmont’s flagship Nevada gold operations.
Connelly also has an outstanding track record of shareholder value growth and realisation, particularly over the last decade. This includes the development and eventual sale of Papillon Resources for approximately US$570 million and the US$597 million consolidation of Endeavour Mining with Adamus Resources.
Amanda Buckinghamn - Managing Director and CEO
Dr. Amanda Buckingham is a geophysicist who has been involved in mineral exploration for 30 years. She co-founded award-winning and industry-leading geophysical consulting firm Fathom Geophysics in late 2007, based in both Australia and the United States.
Buckingham has extensive exploration experience globally. Her early career involved work as a geoscientist and project manager at majors such as Rio Tinto, listed juniors in both Canada and Australia and several years consulting at SRK.
She also co-founded Cygnus Metals (ASX:CY5) and Desert Minerals (ASX:DM1). She is currently a director of several private companies and a research fellow at the University of Western Australia.
Dianmin Chen - Non-executive Director
Dr. Dianmin Chen is a mining engineer with more than 35 years of experience in metal mining. He has held a wide range of roles in the mining industry including technical, production and management positions in Australia, China and Canada.
Chen held executive roles with Sino Gold (general manager), Citic Pacific Mining (chief operating officer), CaNickel (executive director and CEO) and Norton Goldfields (managing director and CEO) and served as a non-executive director for several publicly listed companies in Australia and Canada, including Kalgoorlie Mining, Bullabulling Gold Mines, Sherwin Iron, Norton Goldfields, NKWE Platinum and CuDeco. He is currently a non-executive director of Global Lithium Resources (ASX:GL1).
Chen holds a Bachelor of Engineering in mining, a PhD in mining geomechanics and a WA First Class Mine Manager’s Certificate of Competency.
Stuart Burvill - GM Corporate/General Counsel
Stuart Burvill is a legal, commercial and compliance manager and civil and structural engineer with over 30 years of experience in mining, petroleum, energy, shipbuilding, defence and civil infrastructure development including rail, roads, bridges and tunnels.
Burvill has extensive experience in M&A, corporate and project finance, capital raising, ownership and funding structuring, joint ventures, construction contracts and disputes, corporate governance and administration and enterprise risk management. He holds a Bachelor of Engineering (Hons), Bachelor of Laws, MBA and Grad Dip in Applied Corporate Governance.
Graeme Morissey - Chief Financial Officer
Graeme Morissey joins Warriedar from previous director-level roles in the audit divisions of global accounting firms EY, KPMG and Grant Thornton. He has over 15 years of direct experience in servicing clients within the mining exploration and development sector. This includes specific expertise extending across compliance with Australian Securities Exchange (ASX) and Department of Mines regulation.
Morissey has also consulted directly with CFOs within the Australian mining sector, which has included optimisation of internal reporting processes on performance, cash flow forecasting, and adherence to budgets. He is a chartered accountant and a fellow of the Governance Institute of Australia.
Morissey holds a Bachelor of Commerce from McMaster University in Canada.
David Palumbo - Company Secretary
David Palumbo from Mining Corporate is a chartered accountant and graduate of the Australian Institute of Company Directors with over 14 years of experience across company secretarial, corporate advisory and the financial management and reporting of ASX-listed companies. He currently acts as company secretary for a number of ASX-listed companies and serves on the board of Krakatoa Resources (ASX:KTA) and Kaiser Reef (ASX:KAU).
Steve McMillin - Exploration Manager (Nevada)
Steve McMillin is a highly experienced and well-respected exploration geologist. He has over 35 years of practical mineral exploration experience in the United States, with particular expertise in Carlin-style gold projects in Nevada.
Before joining Warriedar Resources, McMillin was at Jerritt Canyon Gold for seven years, including as chief mine geologist. The producing Jerritt Canyon Gold Mine is located only 20 kilometres away from Big Springs along the same mineralisation trend. During his time there, he led underground near-mine exploration and resource development, helping to discover 12 new economic deposits and develop several.
Prior to 2016, McMillin was chief mine geologist at Fire Creek with Klondex, senior exploration geologist with Midway Gold at the Spring Valley and Pan-Goldrock deposits, senior mine geologist at Jerritt Canyon with AngloGold and Queenstake Resources and project geologist with Newmont Exploration in Nevada.
He is a certified professional geologist with American Institute of Professional Geologists, and member of the Geological Society of Nevada and the Society of Economic Geologists.
Thomas Dwight - Exploration Manager (Western Australia)
Thomas Dwight has worked in mineral exploration for several years across Australia and within multiple commodities. He has previously focused on Western Australia gold exploration, including the development of the Tampia Hill Resource with Explaurum Operations, but also has experience in porphyry copper mineralisation managing exploration for Duke Exploration in Queensland.
During his time in the industry, his focus has been exploration, project development and database management. Dwight holds a Bachelor of Science with Honours from the University of Otago, majoring in geology/earth science.
Peng Sha - Chief Geologist
Peng Sha is a geologist with more than 12 years experience in the exploration and evaluation of copper, gold, lead, zinc, silver, rare earth and lithium mining and exploration projects. He has extensive expertise working with several different deposit types across prospective mining jurisdictions, including Australia, Serbia, China and Latin America.
Sha held senior geologist roles in Global Ore Discovery, Ballarat Gold Mine and AuKing Mining. He was also the exploration manager for Zijin Mining Serbia, where he led the exploration team in the development of annual greenfield and brownfield exploration programmes for world-class porphyry, high and low sulphidation epithermal gold and copper deposits and VMS lead-zinc-silver deposits.
Sha holds a Master of Applied Science, Geology and an Honours Degree in Economic Geology (first class) from James Cook University. He is a member of the Society of Economic Geologists and AusIMM.
Diamond Drilling Program Expanded and High-Grade M1 Intercept Returned
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to provide an update on drilling progress and assay results from its Golden Range Project, located in the Murchison region of Western Australia (Figure 1).
HIGHLIGHTS:
- Drilling activities along the ‘Golden Corridor’ progressing well; current Reverse Circulation (RC) program complete (28 holes for 5,024m) and diamond tails program expanded to 2,500m (approx. 1,900m complete across 19 holes).
- Represents the first diamond drilling undertaken at the 2.3km-long Ricciardo deposit, and the nearby M1 deposit, by any operator in ten years.
- Assay results for the first diamond hole at M1 (infill focus) were significantly higher grade than expected:
- 8.9m @ 8.93 g/t Au from 156m, incl. 2m @ 23.83 g/t from 158.3m
- M1 offers clear high-grade extension potential, which is planned to be a focus of further drilling in H2 2024.
- Diamond holes drilled beneath the Silverstone Central pit (Ricciardo), in an area with no historical drilling, returned:
- 7m @ 2.59 g/t Au from 229m, incl. 1m @ 10.81 g/t Au from 233.7m
- 4.6m @ 1.20 g/t Au from 235m
- Extensional RC drilling under the Eastern Creek pit (Ricciardo) returned:
- 7m @ 2.54 g/t Au from 170m, incl. 1m @ 7.48 g/t from 172m
- 9m @ 1.42 g/t Au from 180m
- Ricciardo and M1 both sit in the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Diamond drilling set to be completed in mid-August, with all assays expected by mid-September and update of the Ricciardo MRE targeted for Q4 2024.
- Further growth-focussed drilling of the ‘Golden Corridor’ planned for H2 2024.
The results reported in this release are for a further eight (8) of the diamond holes and the first nine (9) of the RC holes drilled in the current program (representing all outstanding results received to date). Results for the first four (4) diamond holes were previously reported (refer WA8 ASX release dated 3 July 2024). The new results continue to demonstrate the outstanding Mineral Resource Estimate (MRE) growth potential that exists at Ricciardo, M1, and along the broader ‘Golden Corridor’ trend.
Figure 1: The Golden Range and Fields Find Projects. Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at Golden Range is annotated.
M1 deposit
The M1 deposit is located 7km north of the Ricciardo deposit, and right alongside the existing processing plant (refer Figure 2); within the 25km long Golden Corridor trend.
Initial results have been returned from diamond tails drilled at the M1 deposit, with significant intersections returned in both holes. The holes were planned to test the existing MRE model,
Figure 2: The Golden Corridor within the Golden Range Project. The M1 deposit is located 7km north of the Ricciardo deposit. The image on the LEFT is gravity over shaded residual magnetic RTP.
potential parallel lodes and gaps within the MRE area. This drilling represents the first time this deposit has been revisited and drilled since 2013.
Hole M1RC191 was drilled in the centre of the modelled resource area and returned significantly higher grade than expected (refer Figure 3). This is an excellent result and aids Warriedar in the larger goal of building high-priority MRE areas for rapid development.
Click here for the full ASX Release
This article includes content from Warriedar 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.
First Diamond Drilling Results at Ricciardo Deliver High-Grade Gold Extensions
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to provide an update on drilling progress and release the first results from diamond drilling undertaken at the Ricciardo deposit within its Golden Range Project, located in the Murchison region of Western Australia (Figure 1).
HIGHLIGHTS:
- Next phase of drilling activities progressing strongly at Ricciardo and M1.
- Approximately 5,030m RC (29 holes) and 1,420m diamond drilling (16 holes) completed to date.
- The first diamond drilling undertaken at the 2.3km long Ricciardo deposit by any operator in ten years.
- Assay results returned for the first four (4) diamond tails (255m) of the program at Ricciardo have seen all holes intersect significant gold intervals, including:
- 19m @ 4.94 g/t Au from 188m (RDRC039 DD) * includes contiguous final RC result of 4m @ 14.49 g/t from 188m
- 12m @ 6.98 g/t Au from 110m (RDRC040 DD) inc. 3m @ 22.12 g/t Au from 112m
- 16m @ 2.30 g/t Au from 243m (RDRC055 DD) inc. 6m @ 3.13 g/t Au from 252m
- 17m @ 2.38 g/t Au from 264m (RDRC055 DD) inc. 8m @ 4.03 g/t Au from 273m
- Delivers further high-grade extensional success to existing Mineral Resource Estimate (MRE) model below the Silverstone North pit (Holes 40, 55) and infill confidence to MRE below northern end of the Ardmore pit (Hole 39).
- These outcomes build on the growth in high-grade deposit margins delivered at Ricciardo from the significant RC program executed earlier this year.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- The ‘Golden Corridor’ is Warriedar’s key exploration focus in 2024.
This is the first diamond drill program at Ricciardo since 2014, when just three (3) diamond holes were drilled by the previous operator.
The results reported in this release are for four (4) (255m) of the 16 (1420m) diamond holes drilled to date. Approximately 2,200m of diamond drilling is planned as part of the current phase of combined RC and diamond drilling at Ricciardo and M1.
The results from these initial four diamond holes extend the high-grade shoot below the Silverstone North pit and infill a previous gap in the high-grade zone of the MRE below the northern part of the Ardmore pit (adding confidence and continuity to the MRE in this area).
These outcomes, while stemming from only a small part of the overall current phase of drilling, continues to demonstrate the outstanding MRE growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend.
Figure 1: The Golden Range and Fields Find Projects Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at the Golden Range Project is annotated
The Ricciardo gold system (within the Golden Range Project) spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Update on acquisition of Deferred Assets
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) provides an update on the Deferred Assets arrangement announced to the ASX on 28 November 2022.
The Company acquired subsidiary DC Mines Pty Ltd (DC Mines) in February 20231 . DC Mines had acquired the Golden Range and Fields Find Projects from Minjar Gold Pty Ltd (Minjar) in 2022. Under the 2022 Asset Sale Agreement between Minjar and DC Mines, completion of the acquisition of four tenements the subject of the acquisition (E59/1324-I, M59/386-I, M59/387-I and M59/425-I (Deferred Assets)), was deferred pending the satisfaction or waiver of certain conditions precedent related to consents or approvals from third parties.
The date for satisfaction of the conditions precedent has now passed and the Asset Sale Agreement has been terminated with respect to the Deferred Assets.
The Deferred Assets included an existing JORC-compliant Mineral Resource of 4.0 Mt at 1.0 g/t Au for 129.8 koz Au (Mt Mulgine). The Company’s Mineral Resource table has been updated to reflect this change and is provided below.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“We are resolutely focussed on our strategy to rapidly build high-grade Mineral Resources within the ‘Golden Corridor’ at Golden Range. This is a 25km long trend hosting 6 known gold deposits, 18 historic shallow open pits and an existing Mineral Resource of 736koz gold – and which comprises the great majority of the existing Mineral Resources defined at our Golden Range Project. Mt Mulgine does not form part of the Golden Corridor and was not a focus area for our growth drilling activities.”
Engage with this announcement at the Warriedar InvestorHub
This announcement has been authorised for release by: Amanda Buckingham, Managing Director.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Analyst Report Cites Warriedar’s High-grade Gold Play, Copper Potential in Upside Valuation
Description:
With a hugely untapped high-grade gold resource and compelling potential base metal discoveries, Warriedar Resources (ASX:WA8) is poised for a significant upside in its current market valuation, according to a new report from analyst firm East Coast Research.
“Applying a peer-based EV/resource multiple approach, we derive the valuation of AU$0.09 in a base case scenario and AU$0.11 per share in a bull case scenario,” analyst Behzad Golmohammadi wrote in the report.
Warriedar Resources is an advanced gold and copper exploration company with an existing resource base of about 2 million ounces of gold between its projects in Western Australia (Golden Range and Fields Find) and Nevada, USA (Big Springs). The analyst report cites Warriedar’s successful exploration to date of Golden Range and Fields Find with highly encouraging results suggesting a potential for high-grade gold discoveries and a porphyry system hosting polymetallic mineralisation, including gold, copper, molybdenum and silver.
“Successful resource expansion from the upcoming aggressive drilling campaigns, enhanced by
positive metallurgy and new discovery potential could drive a substantial rerating, in our view,” Golmohammadi wrote.
The report also cited the current positive gold outlook that is expected to drive gold prices higher, adding to the upside potential of Warriedar Resources.
Report highlights include:
- Warriedar Resources holds a largely underexplored portfolio of high-grade gold assets, with significant base metals discovery potential, in tier 1 jurisdictions surrounded by existing gold deposits and producing mines.
- The company’s diverse exploration programmes in 2023 yielded encouraging results, highlighting the substantial inherent potential in Warriedar’s key projects.
- A positive gold outlook expected to drive gold prices higher
- Using a sum-of-the-parts-driven asset base comparable valuation methodology and a conservative resource estimates assumptions, East Coast Research’s valuation of Warriedar is at AU$0.09 per share in the base-case scenario and AU$0.11 per share in the bull-case scenario, representing a price/NAV of 0.41x, which offers ~150 percent upside probability for potential investors.
For the full analyst report, click here.
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Further High-Grade Gold Success at Ricciardo
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to release the results of drilling undertaken at the Ricciardo deposit (previously known as Silverstone) within its Golden Range Project, located in the Murchison region of Western Australia.
HIGHLIGHTS:
GOLDEN RANGE
- Assay results for the remaining (3) RC holes drilled at the Ricciardo deposit have been received, with all holes intersecting significant gold intervals including:
- 4m @ 14.49 g/t Au from 188m, ending in mineralisation (RDRC039)
- 12m @ 1.91 g/t Au from 74m, ending in mineralisation (RDRC040)
- 7m @ 1.17 g/t Au from 119m (RDRC038)
- Results continue to increase the known extent of the high-grade shoot beneath the historic Ardmore pit.
- Drilling demonstrates significant additional mineralisation outside the current Mineral Resource model, with mineralisation remaining open at depth.
- These results build on the high-grade results already released for the Ricciardo deposit.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- The ‘Golden Corridor’ is Warriedar’s key exploration focus in 2024, with further growth-focussed RC drilling set to commence in the next week.
FIELDS FIND
- Results from drilling at Rothschild continue to extend mineralisation along strike to the east (and remains open).
- New greenfields gold zone intersected at Provenance, located approx. 700m north of the Rothschild deposit.
Today’s results extend the high-grade shoot below the Ardmore pit and broaden the mineralisation envelope. Drilling continues to demonstrate the outstanding Mineral Resource growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend.
Assay results from drilling carried out at the Fields Find Project late last calendar year have also been received. Drilling at Fields Find successfully extended Rothschild to the east and highlighted a new greenfields discovery at the Provenance prospect (approximately 700m north of Rothschild).
Figure 1: The Golden Range and Fields Find Projects Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at the Golden Range Project is annotated.
Robust high-grade depth extensions continue at Ricciardo
The Ricciardo gold system (within the Golden Range Project) spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Aurum Resources: Game-changing Gold Exploration at Prolific Côte d’Ivoire, West Africa
Aurum Resources (ASX:AUE) offers a compelling value proposition by primarily focusing on gold through its flagship Boundiali gold project located in Côte d’Ivoire, West Africa. Côte d'Ivoire's gold mining sector is experiencing significant growth and development as its political, legal, tax and operational risk metricsout performs most developing countries in the world.
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 to 88 percent interest), PR414 (100 percent interest), and PR283 (70 percent interest).
Company Highlights
- Aurum Resources is a precious metals company with exploration prospects in the same greenstone belt as the Syama (11.5 Moz), Sissingué (1.0 Moz), Tongon (5.0 Moz) and Kone Gold (4.5 Moz) deposits of West Africa.
- Upcoming catalysts include a maiden mineral resource estimate expected to be completed by the end of 2024. The company believes mineralization is open at depth and along strike and highlights the existence of numerous gold mineralization targets within the large land holding of Aurum’s Boundiali Gold Project.
- Aurum operates its own drill rigs, allowing the company to significantly reduce its exploration costs relative to peers.
- Management has a track record of creating value for shareholders from exploration through to project development, mine construction and gold production.
- Strong leverage to increasing gold prices that will benefit from a declining interest rate environment and rising global geopolitical risk factors.
- Well funded for greater than 12 months and over 100,000 metres diamond drilling programs and metallurgical study
This Aurum Resources profile is part of a paid investor education campaign.*
Click here to connect with Aurum Resources (ASX:AUE) to receive an Investor Presentation
Quarterly Activities Report for the Period Ended 30 June 2024
Summary:
Exploration / Growth
- High-grade assays from the 952koz Never Never Gold Deposit including the deepest-ever result from the Dalgaranga Project:
- 12.54m @ 14.32g/t gold from 570.91m, incl. 2.52m @ 67.49g/t (DGRC1430- DT)
- 13.75m @ 10.08g/t gold from 667.00m, incl. 3.00m @ 38.10g/t (DGRC1429- DT)
- 12.80m @ 8.13g/t gold from 603.00m, incl. 1.00m @ 96.47g/t (DGDH055)
- 10.50m @ 7.95g/t gold from 1,042.50m (DGDH064) – deepest “project” assay
- 11.60m @ 15.10g/t gold from 861.40m (DGDH068)
- 19.67m @ 19.43g/t gold from 765.33m, incl. 3.74m @ 62.98g/t (DGDH066)
- 10.14m @ 11.26g/t gold from 966.6m, incl. 0.77m @ 126.45g/t (DGDH064- W1)
- Assays from significant new high-grade gold discovery at the Pepper Prospect, immediately south of Never Never, including:
- 17.52m @ 15.86g/t gold from 522.0m, incl. 9.22m @ 27.89g/t (DGRC1432- DT)
- 11.28m @ 5.94g/t gold from 585.72m (DGDH069)
- 14.73m @ 11.42g/t gold from 553.73m, incl. 4.37m @ 36.80g/t (DGDH070)
- 17.67m @ 6.58g/t gold from 561.85m, incl. 7.53m @ 11.93g/t (DGDH069- W1)
- 25.24m @ 16.66g/t gold (uncut) from 616.41m (DGRC1431-DT-W1), incl:
- 5.21m @ 18.74g/t, 4.65m @ 52.46g/t and 5.44m @ 12.39g/t gold in three separate high grade sub-intervals within the overall high-grade drill intercept.
- 30.79m @ 12.12g/t gold from 647.67m, incl. 3.47m @ 92.19g/t (DGRC1431- DT)
- Further positive assays from West Winds and Sly Fox:
- 28.65m @ 4.25g/t gold from 458.00m, incl. 4.60m @ 18.30g/t (DGRC1446- DT)
- 23.60m @ 2.45g/t gold from 457.40m, incl. 7.00m @ 4.07g/t (DGRC1408-DT)
- 24.00m @ 1.58g/t gold from 250.00m, incl. 7.00m @ 3.24g/t (DGRC1436)
- Updated Mineral Resource Estimates for Never Never and Sly Fox, as well as maiden standalone MRE’s for the Four Pillars, West Winds and Pepper Gold Prospects due for imminent release.
- Development of the underground exploration drill drive awarded to Barminco with commencement in Q3 2024. Finalisation of approvals and support activities well in train. The decline will provide underground drill platforms to more effectively define existing deeper resources, explore for further high-grade targets and shoots, and provide critical underground infrastructure as Spartan develops its future mine plan.
Care and Maintenance (Dalgaranga)
- Mining and processing operations remained on care and maintenance, with scheduling of ongoing care and maintenance activities underway to maintain the process plant and associated site infrastructure.
Corporate
- Successful $80.0 million capital raising completed, comprising a $69.0 million Placement and Accelerated Institutional Entitlement Offer and an $11.0 million Retail Entitlement Offer.
- Mr Hansjoerg Plaggemars resigned as a Non-Executive Director, effective 30 June 2024.
- Mr David Coyne was re-appointed as an Executive Director and Joint Company Secretary, effective 1 August 2024.
- Total cash and listed company investments at 30 June 2024 of $93.8 million.
Spartan Managing Director and CEO, Mr Simon Lawson, commented:
“It’s been another huge quarter for Spartan, with a new high-grade gold discovery at the Pepper Prospect, further outstanding intercepts from across our existing deposits – including our deepest project assay to date from Never Never, which graded almost eight grams per tonne more than 1km down-hole – and a landmark $80 million capital raising that will enable us to substantially ramp-up exploration and development activities.
“Our drilling throughout the Quarter has continued to reinforce our ability to deliver high-grade ounces in front of Dalgaranga’s existing infrastructure.
“The new Pepper discovery has provided plenty of excitement for our geology team, delivering a new zone of high-grade Never Never-style mineralisation in between the existing Never Never and Four Pillars deposits, with the discovery hole returning an intercept of 17.52m grading 15.86g/t gold, including 9.22m grading 27.89g/t.
“Since first announcing the discovery in mid-April, we have had a drill rig continuously turning at Pepper, with the Company on-track to deliver a maiden Mineral Resource Estimate for the deposit as part of our scheduled mid-year Resource update for Dalgaranga. This Resource update will also include inaugural estimates for the Four Pillars and West Winds deposits, as well as updates for both Never Never and Sly Fox.
“All of the drill results reported during the Quarter were returned from steeply-dipping deposits along a single, 800m-long stratigraphic horizon, with planning now complete for the development of an exploration drill drive to provide underground drill platforms to better target this zone. We expect to be in a position to commence construction of this drill drive during the September Quarter, positioning the Company for plenty of exciting drilling in the second half of the year.
“Development of this drill drive, as well as our ongoing exploration and development programs, will be underpinned by the highly successful $80 million capital raising completed during the Quarter. This raising was well supported both by institutional and retail investors and I would like to sincerely thank all shareholders who participated.”
Click here for the full ASX Release
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.
Rich Checkan: Gold Still "Dirt Cheap" at All-time Highs, Buy Now if You Haven't
The gold price remains historically high, but for Rich Checkan, president and CEO of Asset Strategies International, the yellow metal is still "dirt cheap."
He urged those who haven't made allocations to gold and silver yet to consider buying now.
"We're heading into the doldrums, we're kind of consolidating here. China's off the market ... so the prices are low here — at all time-highs, the prices are low. And because western investors aren't buying coins and bars, the premiums are low," Checkan explained. "You've got the perfect storm here of low prices, low premiums — take advantage of it."
Watch the interview above for more from Checkan on gold and silver.
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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Dana Samuelson: Never More Bullish on Gold, Silver Can Easily Break Higher
Dana Samuelson of American Gold Exchange discussed his outlook for gold and silver prices in both the short and long term, and mentioned which physical products he recommends investors look into.
"I wouldn't be surprised to see silver make a US$5 or US$10 move from here very quickly, especially if gold can break a little above its all-time high," he explained on the sidelines of the the Rule Symposium.
He was speaking a week before gold did exactly that. Samuelson added, "If gold makes a run at a new high and gets into the US$2,500 (per ounce) range, I think silver could be US$45, US$50 (per ounce) very quickly."
Watch the interview above for more from Samuelson on gold and silver, as well as platinum and palladium
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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Development Contract for Underground Exploration Drill Drive Awarded to Barminco
New drill drive to provide underground drill platforms to in-fill and extend existing deposits and identify new high-grade shoots
Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to announce that it has awarded the contract for the development of an underground exploration drill drive at its 100%-owned Dalgaranga Gold Project (“DGP”), located in the Murchison region of Western Australia, to specialist underground mining services contractor, Barminco Limited, a wholly owned subsidiary of the ASX-listed global diversified mining services company Perenti Limited (ASX: PRN).
Highlights:
- Development contract for the underground exploration drill drive at the Dalgaranga Gold Project awarded to Barminco Limited.
- The contract, which is valued at ~$18.3 million, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in- fill and extend mineralisation within the Never Never, Pepper, Four Pillars and West Winds areas.
- The drill drive has also been designed to support future mine production activities.
- All regulatory mining approvals are now in place and all major support services have been engaged to facilitate the commencement of construction in the current quarter.
- Surface exploration drilling at Dalgaranga will shortly re-commence, with rigs arriving on site later this month.
Figure 1: Long Section of the Never Never Gold Deposit and the Pepper, Four Pillars and West Winds Gold Prospects looking east. Proposed exploration drill drive design in black.
The contract, which is valued at ~$18.3 million including an allowance for fuel and contingencies, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in-fill and extend mineralisation across the Never Never, Pepper, Four Pillars and West Winds deposits.
All of these steeply-plunging, high-grade gold zones are located along a single 800m-long, semi- continuously mineralised north-south stratigraphic horizon (see Figure 1). The exploration drill drive has been designed to run parallel and adjacent to this horizon to provide underground drill platforms to more effectively define these existing deposits and prospects, as well as explore for further high-grade shoots and provide critical underground infrastructure as Spartan develops its future mine plan.
Construction of the drill drive is on-track to commence in the September Quarter, with all regulatory mining approvals and support services in place. In addition, the Company has established an experienced on- site project team to manage and oversee the development and construction process. Establishment of the drill drive, and an initial underground drilling programme, is fully funded from the Company’s existing cash reserves.
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “We are delighted to have Barminco on board to complete the construction of this new drill drive, which represents a very exciting initiative that will enable us to drill from platforms located right alongside our high-grade deposits and targets. This will provide for cheaper, more accurate and quicker drilling to continue to accelerate our Resource growth and conversion to Ore Reserves.
“All of the high-grade deposits and prospects discovered at Dalgaranga over the past two years remain open at depth – with mineralisation at the Never Never deposit now defined to beyond 1km below surface – and we’re very excited to get the underground rigs in place to help determine just how deep this high- grade mineralisation extends.
“Importantly, the drill drive is being constructed using the same dimensions as a standard underground mine development, ensuring it can be incorporated into our infrastructure planning for the future re- commencement of mining operations.
“Construction of the drill drive is set to kick-off later this Quarter and is expected to take approximately 10 months to complete. In addition, we will also shortly re-commence surface drilling programs, targeting the Pepper, Four Pillars, West Winds and other near-surface anomalies, ensuring plenty of exciting news- flow for shareholders in the months ahead.”
Click here for the full ASX Release
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.
Boundiali Preliminary Metallurgical Test Work Delivers Gold Recoveries up to 99%
Highlights
- Excellent Gold Recovery: Bottle roll tests on 50 samples from BDT1 confirm gold mineralization is free milling, with cyanide leach recoveries consistently exceeding 93% for samples grading 0.25 g/t gold or higher
- Oxidized Ore Excels: Oxide samples exhibit exceptional gold recoveries, averaging 97.5% and reaching a maximum of 99%
- Consistent with Expectations: The metallurgical response aligns with typical free-milling ores found in similar deposits
- Further Testing Planned: Additional metallurgical work will be conducted to establish and optimise processing flowsheets
- Well-Funded: Aurum received firm commitments for a $17M Share Placement in June with Shareholders to vote on Tranche 2 on 6 August 2024
Aurum’s Managing Director Dr. Caigen Wang said: “Preliminary gold recoveries meet our expectations and confirm gold at BDT1 is highly amenable to standard cyanide leaching. While further work is needed, these are very encouraging results.
We are well funded following a recent Share Placement and Share Purchase Plan and rapidly expanding our drilling program at Boundiali. We will have six Aurum-owned diamond rigs running from the end of August as we target delivery of an initial JORC resource for Boundiali by the end of 2024.”
Metallurgical Test Work Summary
Preliminary test work involved 50 coarse reject samples from various depths, lithologies, and oxidation states at BDT1. Samples were prepared and analysed by Intertek laboratories in Ghana.
These samples were selected from a representative range of gold grades (likely to be encountered in an open pit), lithologies and oxidation states. Samples were selected from diamond core holes drilled by Aurum at BDT1 this year and cover a subset of that prospect over a volume bounded by 300m (east to west) and 550m (south to north) and down to 328m below surface (average depth of 106m below surface).
Preparation and analysis of the samples was undertaken by Intertek laboratories in Ghana. Samples were pulverized to 85% passing 75-micron (85% of the particles are smaller than 75 microns) and then subjected to a bottle roll cyanide leach for 24 hours using the cyanide (CL1000/AA) technique with an analysis on the leach liquor to measure the leach gold grade. The residue was then filtered and analysed by 50g fire assay (FA50T/AA) to show the remaining gold (tail grade). The sum of the leach grade and the tail grade represents the calculated head grade of the original sample (total gold). The calculated gold recovery is estimated by dividing the leach grade by the total gold grade.
Click here for the full ASX Release
This article includes content from Aurum 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.
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