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Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to report updated drilling and assay information from recent drilling at its 100%-owned Dalgaranga Gold Project “DGP” in the Murchison region of Western Australia.
Highlights:
Never Never Gold Deposit – new gold intercepts:
- 27.26m @ 6.64g/t gold (11.68g/t uncut) from 441.46m down-hole, including:
- 2.36m @ 28.37g/t (86.54g/t uncut) and 4.22m @ 18.97g/t – DGRC1321-DT
- 11.10m @ 12.10g/t gold (40.18g/t uncut) from 444.90m down-hole, including:
- 5.10m @ 23.07g/t (84.17g/t uncut) including 0.28m @ 1,093g/t – DGRC1323-DT
- 9.50m @ 4.01g/t gold from 570.5m down-hole, including:
- 5.65m @ 6.23g/t – DGRC1305-DT – This assay comes from the previously reported visible gold intercept reported in late October: “Visible Gold Intercept Logged 130m Below Deepest Previous Assay” (see ASX: SPR release 23 October 2023).
- 13.00m @ 4.18g/t gold (4.71g/t uncut) from 520.0m down-hole, including:
- 6.63m @ 7.21g/t (8.26g/t uncut) - DGRC1328-DT – this assay comes from a ~15.0m intercept (down-hole) of “Never Never-style” mineralisation, including visible gold, ~110m beyond and down-plunge of the current 721koz Never Never Mineral Resource Estimate extent.
Ink Lode – new gold intercept:
- 0.82m @ 33.27g/t gold (98.94g/t uncut) from 250.34m - DGRC1309-DT this assay extends the potential strike length of high-grade mineralisation at the Ink lode by 135m. This hole is along- strike of the previously reported 10.00m @ 12.14g/t gold from 237.0m (DGRC1183-PC)
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “The assay records keep tumbling the more we drill at Never Never – another indication we have a fantastic orebody on our hands. The fact that we keep hitting visible gold in drill-core and RC chips the deeper we go is also a great sign. It tells us that gold is present in the targets we are drilling and, while never a substitute for actual assays, it continues to reinforce that our exploration model is valid. When we see alteration and damage in the core that is always a great sign but spotting visible gold is always a buzz for any gold exploration geologist!
“With these latest assays validating the very furthest extents of the Never Never Resource and multiple drill rigs spinning across multiple targets, we are applying a substantial amount of statistical pressure to good, proven, high-grade gold geology. We are working the numbers, closing the gaps, chasing down the leads and hunting those high-grade drill returns.
“Simultaneously, we are working to de-risk Dalgaranga for the future, turning concepts into actual prospects and then into deposits, delivering solid, consistent outcomes and hopefully providing insights to our investors along that journey.
“These latest drill-holes provide a window into the growing excitement at Spartan. Our Mineral Resource asset base is growing strongly with each drilling campaign, we are well on the path to establishing new high-grade reserves and we have shown we can discover, define and deliver. We are determined to keep driving sustainable and long-term value into our company for all our shareholders.”
Figure 1: Long-section of the Never Never Gold Deposit looking east. Note new interpreted flexure zone across the lower part of Never Never which appears to be related to an apparent shift in high-grade mineralisation laterally south towards the Gilbey’s mineralised system. Drilling has confirmed high-grade mineralisation below the flexure zone and further drill targeting work is ongoing to ascertain the orientation and potential significance of this feature.
Figure 2: Plan view of Dalgaranga Mine Complex with Never Never Gold Deposit to the north-east of the main Gilbey’s Open Pit
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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.
Click here for the full ASX Release
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.
