Warriedar Resources

Quarterly Activities/Appendix 5B Cash Flow Report

Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 30 September 2023.


HIGHLIGHTS

Golden Range and Fields Find Projects, Western Australia

  • All assay results now received for the drilling completed to the end of August 2023, a total of 154 holes for 29,277m.
  • This drilling has delivered significant extensional growth (along strike and down dip) at five separate gold deposits: Rothschild, Ricciardo, Windinne Well, Austin, and Mugs Luck.
  • Comprehensive Stage 1 RC drilling program completed at Fields Find West, targeting base metal and gold targets; 17 RC holes drilled for 4,672m, assays pending.
  • Next phase of exploration and drilling at Fields Find West scheduled to commence in early November and continue into CY2024, testing a further 4-7 prospective areas.
  • Further drilling also scheduled on the Rothschild Mining Lease with an updated Rothschild Mineral Resource Estimate planned for Q1 CY2024.

Big Springs Project, Nevada

  • Proposed Plan of Operation (PoO) application progressing, with priority status achieved from the United States Forestry Service (USFS).

Corporate

  • Successful A$5.5 million equity placement undertaken ($1.6m to be received post the end of the quarter) with funds to be used to accelerate drilling and exploration of priority gold and base metals targets at Golden Range and Fields Find.
  • Cash of A$5.3 million as at 30 September 2023 and zero debt (excluding typical trade creditor balances).

Figure 1: Location of the Golden Range and Fields Find Projects, in relation to surrounding mines and development projects. Drilling focus areas for Q3 CY2023 are highlighted in red.

Western Australian Projects

Introduction

The Golden Range and Fields Find Projects are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (Figure 1). The Projects’ total consolidated land package is 813 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.

Total historical gold production from Golden Range and Fields Find was ~350 koz, with the existing oxide plant placed on care and maintenance in August 2019.

The current JORC (2012) Mineral Resource estimate for Golden Range is 19.2 Mt at 1.5 g/t Au for 945 koz contained gold (of which 461 koz at 1.6g/t Au sits in the Measured and Indicated classifications). For further Mineral Resource estimate details, refer to ASX release dated 28 November 2022.

During the quarter and prior to the reporting date, the Company carried out further drilling at the Fields Find Project, drilling both gold and base metal targets. A summary of the drilling is as follows:

  • Rothschild ML (Stone Hut Prospect): 12 holes for 2,287m
  • Fields Find West central corridor (Warriedar copper, Falcon, Mopoke, Sandpiper): 17 holes for 4,672m

In conjunction with the active drill programs, the Company received final assays from various drill campaigns and updated the geological and targeting models for ongoing exploration (see ASX releases 12 & 28 July 2023, and 13 October 2023).


Click here for the full ASX Release

This article includes content from Warriedar 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.

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