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Spartan Resources
Overview
Australia is the second largest producer of gold worldwide, according to the US Geological Survey, and Western Australia (WA) is the dominant player in the nation’s gold market accounting for nearly 70 percent of the total production. Gold mining is the third-largest commodity sector by value in WA, producing nearly 6.9 Moz (or 214 tonnes) in 2022 valued at A$17.8 billion. Eleven of the world’s biggest gold mines are in WA, where Spartan Resources is advancing its flagship Dalgaranga Gold Property.
Formerly known as Gascoyne Resources, Spartan Resources (ASX:SPR) is engaged in the exploration, evaluation and development of gold projects. The company is currently undergoing a pivotal transformation, underpinned by the exceptional high-grade Never Never gold discovery in 2022, less than 1 kilometre from its less-than-5-year-old, existing 2.5-Mtpa carbon-in-leach processing facility in care and maintenance, and the lower grade open pits at Dalgaranga.
Drilling at Never Never has led to the discovery of 721 koz at an average grade of 5.85 g/t gold. Driven by the potential for further resource upgrade, Spartan secured $50 million in funding in February 2023 to support its aggressive exploration program at Never Never. This program, which is intended to last 18 months, is targeting: more than 300 koz reserve at a grade exceeding 4.0 g/t gold; more than 600 koz resource at a grade exceeding 5.0 g/t gold; and the development of a 5-year mine plan capable of generating 130 to 150 koz of gold per annum.
The Dalgaranga property is in proximity to multiple gold-producing projects including Ramelius Resources’ Mt Magnet Project, Musgrave Cue Project, and Westgold Resources’ Tuckabianna gold mill. Historically, Mt Magnet has produced over 6 million ounces since discovery in 1891, which increases confidence in the resource potential of Dalgaranga.
In parallel with the company’s planned exploration program at Never Never, Spartan is progressing with permitting and evaluation of its 244-koz Yalgoo Gold Project, which is expected to provide an important source of ore feed to supplement the high-grade ore from Never Never. In addition, the company owns the 537-koz Glenburgh and Mt Egerton Gold Project in the Gascoyne region, which has the potential to become a second production hub for Spartan Resources.
Company Highlights
- Spartan Resources Limited is an Australia-based company engaged in the exploration, evaluation and development of gold projects. The company was formerly known as Gascoyne Resources but changed its name to Spartan Resources Limited (Spartan) in August 2023 after a series of incredible discovery drill holes and exploration success that justified the transformation of the business.
- Spartan is currently focused on the newly discovered high-grade Never Never gold deposit, part of its 100-percent-owned Dalgaranga Gold Project (Dalgaranga) in Western Australia. The Never Never discovery was made in mid-2022 and is less than 1 kilometre from the existing 2.5-Mtpa carbon-in-leach processing facility and the main open pit at Dalgaranga. The Dalgaranga Process Plant is less than five years old and is well suited to the new discovery and existing lower grade ore deposits.
- Spartan’s Dalgaranga gold project is located 475 kilometres northeast of Perth and approximately 65 kilometres west of the 6-Moz high-grade Mt Magnet gold camp in the Murchison Region of Western Australia.
- In November 2022, the company, then Gascoyne, suspended mining and milling operations of the former focus of its operations, the lower grade circa 0.8-1.0g/t Gilbey’s open pit to focus on the recently discovered high-grade Never Never gold deposit.
- The strategy has thus far paid off extremely well with drilling, defining a growing high-grade mineral resource of 3.8 Mt @ 5.85 g/t gold for 721,200 oz. The Never Never gold resource, when added to the existing lower-grade Dalgaranga Gold project mineral resources brings the total resource to 16.7 Mt at 2.2 g/t gold for 1.18 Moz. Keep in mind the discovery and establishment of the high-grade Never Never deposit has more than doubled the grade of the previous Mineral Resource Estimate on which the infrastructure was built.
- Spartan also has three other gold projects, the Yalgoo Gold Project, which is 110 kilometres west of, and two others roughly 500 kilometres further north of Dalgaranga, the Glenburgh and Egerton Gold Projects. With all resources combined, the global mineral resource estimate for Spartan currently stands at 38.51 Mt at 1.6 g/t gold for 1.96 Moz of contained gold.
- Looking to the immediate future, the potential for further growth within the Spartan portfolio is extensive. The current 32,000-metre drilling program at Dalgaranga is already underway with the aim to extend the existing Never Never resource at depth, as well as identify new look-alike targets along strike to the north and south, such as the newly identified higher-grade Four Pillars and West Winds shoots, and follow up of the Patient Wolf high-grade target 1.6 kilometres north of the Never Never discovery.
- The next resource update will summarise the efforts of the current drill campaign across multiple targets and is scheduled very shortly in Q4 2023.
- Spartan raised $50 million in February 2023 to underpin an 18-month exploration and strategic plan (the “365” strategy) aiming to develop a five-year mine plan with the goal of generating 130 to 150 koz of gold per annum. This strategy appears well on track with the resource target, the “600” already achieved with work underway on the “300” reserves and establishing the minimum “5-yr” mine life currently.
- An additional $25 million was raised in November 2023 to accelerate Spartan’s high-grade growth strategy and support an expanded exploration campaign at Dalgaranga in 2024.
- Also in February 2023, the company established an exploration target of 4 to 5 Mt @ 4.6-6.2 g/t for 600 koz to 1 Moz gold at the Never Never Gold Deposit.
- With a current resource of 3.8 Mt @ 5.85 g/t for 721 koz gold and an imminent resource update due, Spartan has delivered on what it said, and looks solid to continue to do so.
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Focused on Growing High-grade Gold Ounces in front of established infrastructure in Prolific Western Australia
Angkor Resources: Unlocking Cambodia’s Resource Potential through Energy and Minerals Assets
Founded in 2009 and listed in 2011, Angkor Resources (TSXV:ANK,OTCQB:ANKOF) has developed a dual focus on energy and minerals across Asia and North America.
Angkor Resources is advancing a dual-track strategy across energy and minerals. In Canada, its subsidiary EnerCam Exploration generates revenue from oil production, water disposal, and gas processing, while also pioneering carbon capture and conversion solutions.
In Cambodia, subsidiary EnerCam Resources is driving the nation’s first-ever onshore oil and gas exploration on Block VIII, positioning the company for transformational growth. On the mineral side, Angkor is a first-mover in Cambodia’s underexplored belts, with licenses at Andong Meas and Andong Bor targeting both precious and base metals, where exploration has already confirmed copper porphyry systems and high-grade gold mineralization.
Angkor mitigates risk by diversifying revenue, combining recurring Canadian cash flow with high-impact exploration in Cambodia, where management prioritizes hydrocarbons and copper, highlighting 25 million recoverable barrels and significant copper-gold potential.
Company Highlights
- Diversified Energy & Mineral Portfolio: Exposure to high-impact oil and gas exploration in Cambodia (Block VIII), recurring energy revenues in Canada, and copper-gold porphyry systems with gold epithermal near-surface prospects in Cambodia.
- Near-term Catalysts:
- Results from copper porphyry in Cambodia within 30 to 60 days;
- Seismic completion and interpretation for drill targets on Block VIII within 90 days; and
- Acquisition of oil production for increased recurring revenue streams.
- Transformational Asset: Block VIII is Cambodia’s first onshore oil and gas exploration license, strategically located near export infrastructure. Potential minimum targets estimated at 25 to 50+ million recoverable barrels.
- Revenue-backed Model: EnerCam Canada provides recurring revenue streams via oil production, water disposal, gas processing, and carbon capture solutions, insulating Angkor from over-reliance on equity markets.
- Strong ESG Commitment: Recognized at the United Nations for sustainability, Angkor integrates carbon capture, community partnerships and environmental responsibility into every project.
- Aligned Shareholder Base: Over 40 percent insider ownership with regular insider buying, demonstrating management’s confidence in long-term growth.
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Angkor Resources
Investor Insight
Angkor Resources is an emerging energy and mineral development company blending traditional oil and gas with copper and gold exploration in Cambodia, while generating revenue through oil production and carbon capture projects in Canada. With over a decade of operational experience in Southeast Asia and a reputation for sustainable practices, the company is strategically positioned to deliver both growth and resilience for investors.
Company Highlights
- Diversified Energy & Mineral Portfolio: Exposure to high-impact oil and gas exploration in Cambodia (Block VIII), recurring energy revenues in Canada, and copper-gold porphyry systems with gold epithermal near-surface prospects in Cambodia.
- Near-term Catalysts:
- Results from copper porphyry in Cambodia within 30 to 60 days;
- Seismic completion and interpretation for drill targets on Block VIII within 90 days; and
- Acquisition of oil production for increased recurring revenue streams.
- Transformational Asset: Block VIII is Cambodia’s first onshore oil and gas exploration license, strategically located near export infrastructure. Potential minimum targets estimated at 25 to 50+ million recoverable barrels.
- Revenue-backed Model: EnerCam Canada provides recurring revenue streams via oil production, water disposal, gas processing, and carbon capture solutions, insulating Angkor from over-reliance on equity markets.
- Strong ESG Commitment: Recognized at the United Nations for sustainability, Angkor integrates carbon capture, community partnerships and environmental responsibility into every project.
- Aligned Shareholder Base: Over 40 percent insider ownership with regular insider buying, demonstrating management’s confidence in long-term growth.
Overview
Founded in 2009 and publicly listed in 2011, Angkor Resources (TSXV:ANK,OTCQB:ANKOF) has built a unique dual-focused enterprise across energy and minerals in Asia and North America.
On the energy side, the company is advancing acquisition of cash flow through oil production and carbon capture in Canada, and is poised for transformational growth through the first-ever onshore oil and gas exploration program in Cambodia. Its Canadian subsidiary, EnerCam Exploration, is already generating revenue from oil production, water disposal and gas processing, while also implementing carbon gas capture and conversion solutions for provincial markets. In Southeast Asia, Angkor’s Cambodian subsidiary, EnerCam Resources, is spearheading a national-scale initiative to bring Cambodia its first domestic hydrocarbon energy, with exploration activities underway on the company’s Block VIII concession.
On the mineral side, Angkor has positioned itself as a first-mover in Cambodia’s underexplored mineral belts, holding licenses at Andong Meas and Andong Bor. These projects target both precious and base metals, with copper porphyry systems and high-grade gold mineralization now confirmed through exploration results.
Angkor’s strategy is designed to mitigate shareholder risk by diversifying revenue streams, blending recurring Canadian cash flow with high-impact exploration upside in Cambodia. The company’s management emphasizes hydrocarbons and copper as priorities, noting the potential value of 25 million recoverable barrels in Cambodia alongside significant copper-gold discoveries.
Key Projects
Onshore Cambodia – Block VIII Oil & Gas Concession
Angkor’s flagship asset is Block VIII, a 4,300 sq km oil and gas concession in Cambodia’s underexplored onshore sedimentary basin. The license, structured under a 30-year Production Sharing Agreement with renewal options, represents the first onshore hydrocarbon exploration license in the country. Geoscientific studies conducted by Danish, Canadian and European experts have identified strong indications of a foreland basin system and rift formations with significant petroleum potential. Over 21 natural oil seeps have been mapped and testing of the seeps by Schlumberger confirms the presence of hydrocarbons. Gas showings are also evident across the block.
The block is ideally located adjacent to export infrastructure, close to port with highway access to Phnom Penh and proximity to a deepwater port. Cambodia currently imports all of its petroleum products, making Block VIII strategically important both nationally and regionally. EnerCam, Angkor’s subsidiary, is implementing Cambodia’s first onshore 2D EnviroVibe seismic program, designed to minimize environmental footprint while mapping structural traps and stratigraphic features.
Technical projections suggest that once commercial quantity of recoverable hydrocarbons is proven, Block VIII could host Cambodia’s first onshore oil production. Angkor’s phased development plan includes completing seismic interpretation, definition of drill targets or additional 3D seismic followed by stratigraphic test wells and eventual development drilling. This project is expected to be the company’s most significant value driver and is prioritized as its number one corporate focus.
Canadian Energy & Carbon Capture – EnerCam Exploration
In Canada, Angkor operates through EnerCam Exploration Canada, which is a 40 percent interest holder in oil production and carbon solutions across 30 well sites spanning 516 hectares in Saskatchewan. These wells, shut in since 2018 due to low oil prices and mismanagement by previous operators, have been systematically refurbished and restarted. EnerCam participates in the full production cycle, including oil recovery, water separation and gas handling.
A key milestone was the acquisition of the pipeline network and compressor station, which resolved historical venting issues and allowed EnerCam to capture associated gas. This gas is converted into natural gas energy and sold into provincial markets. Angkor’s Canadian revenue streams also include water disposal fees, gas plant operations, and oil production revenues, supplemented by ongoing carbon capture and enhanced recovery of water conversion and injection wells projects.
Angkor holds a 40 percent interest in oil and gas production ventures in Saskatchewan, ensuring a recurring revenue stream. This platform not only offsets G&A costs but also provides a foundation for emission control and potential for further gas capture with surrounding producers in the area.
Cambodia Mineral Properties – Copper and Gold Portfolio
Through its subsidiary Angkor Gold Cambodia, the company holds a strategic portfolio of copper and gold assets in prospective belts. These licenses include Andong Bor and Andong Meas.
The Andong Bor license has emerged as a cornerstone of Angkor’s mineral portfolio. In June 2025, the company confirmed the presence of a copper-gold porphyry system, the first discovery of its kind in Cambodia. This breakthrough positions the project as a potential district-scale copper-gold system. Further drilling is expected to test depth extensions and delineate mineralized zones.
At the Andong Meas license, exploration has revealed high-grade gold mineralization, with surface samples returning assays up to 70 grams per ton (g/t) gold across a 0.8 km by 1.5 km area. This anomaly remains largely untested by drilling and represents a significant near-term target for resource expansion.
Management Team
Delayne Weeks – CEO
With over 25 years of global development experience spanning finance, business development, economic development and ESG initiatives. She has spearheaded Angkor’s CSR programs in Cambodia, earning UN recognition for sustainability leadership. Weeks has overseen Angkor’s transition into energy and its expansion into cash-flowing operations.
Mike Weeks – President, Executive VP Operations
Brings over four decades of operational and executive experience in international resource projects. Mike Weeks is president of Angkor Gold Corp. Cambodia and EnerCam Resources Cambodia. He has had a long and successful career in the oil and gas industry with over 30 years’ experience in project management of petroleum-related industries. Weeks also spent more than 15 years negotiating with foreign governments in developing and implementing natural resource licenses. His experience includes oil production in North Africa, engineering and design in Europe, the development of gas processing facilities and field and plant operations in Canada. Weeks has worked with international oil and gas producers including AEC West, Wintershall, Zuetina, Encana and Amoco.
Dennis Ouellette – VP Exploration, Minerals
Professional geologist with over 40 years of exploration experience in Canada, Central America and Asia. Dennis Ouellette has been a federal geologist in the Yukon for over five years, overseeing the exploration and mining industry across the Yukon by all industry participants. He leads Angkor’s mineral exploration programs, including the copper porphyry discovery at Andong Bor and a second porphyry target on Andong Meas. Ouellette has worked in multiple Canadian provinces, Nevada and Guatemala, and was the industry advocate director for the Yukon Chamber of Mines and president of Yukon Prospectors Association
Keith Edwards – Technical Manager, EnerCam Resources Cambodia
Keith Edwards is a senior geophysicist with over 39 years’ experience in all aspects of geophysics, from acquisition through processing to interpretation. He is known for his proven innovative problem-solving capabilities in software development, consulting services, interpretation and management. Edwards spent 12 years at Kuwait Oil company mentoring junior staff and performing many quantitative seismic interpretation projects. He developed several MatLab applications for Seismic Facies Classification, VSP integration, 3D design and many others.