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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
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.
