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Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to report significant new drilling and assay information from ongoing drilling targeting the high-grade Never Never Gold Deposit at at its 100%-owned Dalgaranga Gold Project in Western Australia.
Highlights:
- Visible gold logged at 576.00m down-hole within a 10m wide mineralised zone in the deepest Never Never intercept to date in drill-hole DGRC1305-DT. Assays are expected within the next 14 days.
- The 10m intercept in DGRC1305-DT appears to be “typical” Never Never quartz-rich/fine pyrite mineralisation.
- The intercept is located 130m down-plunge of the deepest previously reported Never Never assays in drill-hole DGRC1283-DT, which returned 18.56m @ 6.71g/t, including 2.56m @ 32.19g/t, from 495.00m down-hole (see ASX: SPR release 17 October 2023)
- Ongoing diamond in-fill drilling at Never Never designed to increase confidence has returned;
- 7.00m @ 34.34g/t gold (top-cut to 75.00g/t) from 372.00m, incl. 1.00m @ 95.90g/t and 2.52m @ 49.50g/t (DGRC1274-DT)
- “Edge” diamond drilling defining the extents of the Never Never Deposit has also returned:
- 3.20m @ 7.95g/t gold from 310.30m, incl. 1.00m @ 12.29g/t (DGRC1271-DT); and
- 2.43m @ 4.89g/t gold from 377.00m (DGRC1274-DT).
- The Spartan Board has approved an increase of 7,000m and two additional rigs to the previously planned 25,000m 4-rig program. This brings total number of active rigs to six, comprising a mix of four diamond rigs and two RC rigs with a new total planned metreage of 32,000m.
- The increase in planned drilling and rigs on-site allows the Spartan geology team to:
- Accelerate planned resource diamond drilling across multiple high-grade targets, including Never Never, Four Pillars and West Winds;
- Dedicates an RC rig to the new Patient Wolf prospect for a 1,500m follow-up program; and
- Rapidly test and develop other near-surface high-grade targets.
- The acceleration of resource drilling is designed to leverage ongoing drilling success and maximise resource growth, culminating in the scheduled resource update in Q4 2023.
The recently expanded drill program (to 32,000m) is designed to accelerate targeting of extensions to known mineralisation, with the potential to further upgrade the high-grade 721,200oz Mineral Resource Estimate (MRE) for the Never Never Gold Deposit.
The expanded program and increased number of rigs also allows follow-up drilling of the recently discovered Patient Wolf gold prospect, located 1,600m north of and along-strike from the Gilbey’s/Never Never gold trend, as well as continue to test and develop a growing list of priority, near-surface, high- grade gold targets. The overall objective of the program is to grow the Company’s high-grade resource inventory within a 2km radius of the 2.5Mtpa Dalgaranga Process Plant.
Never Never Gold Deposit Update
Figure 1: Long Section of the Never Never Gold Deposit with location of recent drill assays and current targeted in-fill and extensional drilling in relation to the classified block model grade (underlay). Note the visible gold intercept in DGRC1305-DT is located at the extreme lower edge of the Inferred region of the current 721koz Never Never Mineral Resource.
Please Note: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assays are expected withing the next 14 days.
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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.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest 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.
