Spartan Announces Updated Exploration Target for the Never Never Gold Deposit

Spartan Resources Limited (ASX: SPR) (Spartan or the Company) is pleased to advise that it has calculated a new JORC-compliant Exploration Target for the high-grade Never Never Gold Deposit, part of its Dalgaranga Gold Project in Western Australia.

Highlights:

• New JORC-compliant “Exploration Target” completed for the Never Never Gold Deposit, part of Spartan’s flagship 1.69Moz @ 2.49g/t gold Dalgaranga Gold Project (100%-owned), located in the Murchison Region of Western Australia.
• The new Never Never Exploration Target set out here is inclusive of the recent Never Never Mineral Resource Estimate (“MRE”), updated in December 2023 to:
  • 5.16Mt at 5.74g/t Au for 952,900oz gold
• Spartan remains focused on delivering increased shareholder value through high-impact exploration and high-grade resource growth, with:
  • Never Never being one of the highest-grade and fastest growing new gold discoveries in Western Australia;
  • Never Never sitting immediately adjacent to a 100% owned, well maintained, 6-year- old 2.5Mtpa CIL gold processing plant and associated infrastructure;
  • Plus, a technically strong and focused management team with a proven track- record of rapidly growing asset value, rejuvenating existing mines, extending mine lives through exploration success and delivering on targets.
• An extensive 28,500m drilling program is currently underway, with four diamond rigs and one Reverse Circulation rig currently on site.

Exploration Target

The new Exploration Target comprises:

The potential quantity and grade of the Exploration Target is conceptual in nature and, as such, there has been insufficient exploration drilling conducted to estimate a Mineral Resource. At this stage it is uncertain if further exploration drilling will result in the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code (2012).

Note: The Exploration target is inclusive of the December 2023 Mineral Resource Estimate released for the Never Never Gold Deposit of 5.16Mt at 5.74g/t Au for 0.95Moz gold¹

Exploration Target Basis

During 2023, Spartan drilled 232 holes for 63,943m at Dalgaranga, with 111 holes (48%) for 38,328m (60%) completed at Never Never, growing the MRE from 303.1koz to 952.9koz (214%). To date, Spartan has spent A$14.7M on drilling at Never Never, resulting in a very low discovery cost of A$15.43 per resource ounce.

Click here for the full ASX Release

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.