Strong Start to 2024 with 114g/t Gold Hit Amidst Numerous New High-Grade Assays

Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to report updated drilling and assay information from recent drilling completed towards the end of last year at its 100%-owned Dalgaranga Gold Project (“DGP”) in the Murchison region of Western Australia.

Highlights:

Never Never Gold Deposit – multiple new high-grade gold intercepts:

• 6.33m @ 33.72g/t gold from 561.7m down-hole, including a bonanza zone of:
  • 1.00m @ 114.00g/t – DGRC1305-W1 (first wedge hole)
• 3.27m @ 8.80g/t gold from 450.0m down-hole – DGRC1323-W1
• 8.00m @ 4.09g/t gold from 507.0m down-hole, including:
  • 2.00m @ 7.63g/t – DGRC1357-DT
• 3.50m @ 5.04g/t gold from 533.0m down-hole, including:
  • 1.50m @ 10.25g/t – DGRC1367-DT

West Winds Gold Prospect – new gold intercepts:

• 16.0m @ 2.14g/t gold from 207.0m down-hole – DGRC1368
• 19.0m @ 2.65g/t gold from 33.0m down-hole, including:
  • 1.0m @ 28.84g/t – DGRC1371
• 4.0m @ 5.01g/t gold from 176.0m down-hole – DGRC1374
• 7.0m @ 8.14g/t gold from 178.0m down-hole – DGRC1387
• 21.0m @ 3.29g/t gold from 233.0m down-hole, including:
  • 5.0m @ 11.01g/t – DGRC1389

Sly Fox Gold Prospect – new gold intercepts:

• 9.0m @ 2.67g/t gold from 228.0m down-hole – DGRC1366 (edge of historic resource)

Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “2023 was an outstanding year of transformation and growth for the Spartan team and our shareholders. Looking back, we came into 2023 with an initial 590koz @ 1.23g/t and ended the year with 1.67Moz @ 2.49g/t at Dalgaranga.

“That’s almost triple the ounces at better than double the grade – all within 2,000m of a modern process plant that’s ready to go and all in less than 12 months!

“The key to our rapid transformation was the incredible Never Never Gold Deposit, which went from 303koz @ 4.64g/t gold to 952koz @ 5.74g/t gold by year-end. We announced an Exploration Target for Never Never back in February 2023 and by December we had achieved it!

“Building on the incredible success of 2023, the Spartan team is now back on site after a well-deserved break with four drills spinning, more rigs on the way and more good-looking core already on the racks getting processed. 2024 is already shaping up as another successful year for the Spartans!

“The last round of assays from 2023 show that Never Never is still very much open and broadening at depth. One of our wedge holes, DGRC1305-W1, returned 6.0m @ 33.72g/t gold showing good signs of a high-grade plunging shoot beneath the flexure zone. Over 150m further south and along-strike from that wedge hole, DGRC1357 intercepted 8.0m @ 4.09g/t, including 2m @ 7.63g/t gold, giving us a lot of confidence in increasing the ounces per vertical metre.

“This gives us a really good understanding of the potential strike length of ore drives into high-grade gold mineralisation as we go deeper at Never Never. We also see exciting potential to the south of Never Never towards the northern end of the Gilbey’s/Four Pillars mineralisation and we will be drilling this area intensively during 2024.

“The assays returned from West Winds continue to broaden the interpreted area of higher-grade material in the base of the Gilbey’s open pit, as well as beyond. DGRC1389 returned 21.0m @ 3.29g/t gold from 233m down-hole, including 5.0m @ 11.01g/t – which is a complete departure from what was previously mined in the Gilbey’s open pit and reinforces our targeting strategy of wide high-grade shoots within the broader halo of lower-grade mineralisation.

“We also drilled a couple of holes into Sly Fox towards the end of 2023 to test the extensional and growth potential for that target. Prior to the discovery of Never Never, Sly Fox was the highest grade gold prospect at Dalgaranga and we certainly have unfinished business there.

“Spartan has formulated a strong plan for exploration and growth for 2024 and will release an Investor Presentation in the coming weeks to outline that strategy.”

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