The Conversation (0)
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
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.
SPR:AU
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
Click here for the full ASX Release
This article includes content from Asian Battery Metals PLC, 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.
