Spartan Resources Delivers Fast Gold Discoveries And More Ounces in WA

Spartan Resources Limited (ASX: SPR) has struck gold with an intercept of 11.55 metres at a whopping 36.77 grams per tonne of gold in the Murchison region of Western Australia.

While this might be exciting for most gold explorers, Spartan’s gold tally at the Never Never prospect alone has risen from 303,100 ounces to 952,900 ounces in 18 months.

Never Never is Now Now

The gold grade at Never Never at 5.74g/t gold is no one-off, judging by the recent intercept which included 4.0 metres @ 101.07g/t.

The discovery is still open and still growing and likely to increase further in 2024 by a significant factor based on success to date and a further 6 months of drilling.

The new intercept of 11.55m at 36.77g/t sits 170 metres below the lower boundary of the current 952,000-ounce Mineral Resource.

This lends credence to its claim that Never Never is emerging as one of the most significant standalone high-grade gold discoveries seen in Australia in recent years.

Latest results

The latest results include the deepest assay to date and the third-best gram x metre intercept to date.

Importantly, it expands the mineralisation to about 830m vertical depth and around 1km down-dip.  The highly significant assay result has extended the known mineralisation to nearly 1km below the surface.

Further indications from recent drilling are that the footprint of the mineralisation is expanding significantly at depth.

This supports the potential to add further high-grade gold ounces at depth while also increasing confidence in the geological model.

Dalgaranga Gold Project

The three prospects that make up its 100 %-owned Dalgaranga Gold Project boast a total gold resource haul of 1.69 million ounces at an average of 2.49 grams per tonne of gold.

Plant and Infrastructure

There is a 2.5Mtpa CIL processing plant on care and maintenance with gravity circuit, 6yrs old, all maintained in great condition, within 2 kilometres of the project.

Plans

Spartan is focused on growing high-grade gold ounces in front of established infrastructure through drilling and more drilling, targeting nearby high-grade “look-alike” prospects.

There are ore reserve, mining, and feasibility study scenarios underway.

Well funded

With cash of around $39 million, no debt, and an Enterprise Value that’s climbed to $380 million, some investors have taken note of the EV/Ounce and jumped aboard the Spartan train.

With an A-grade team driving the train, a gold price that’s humming, more drilling news, and a processing plant nearby, there’s much more to this fast-growing Aussie gold developer than is showing at its current valuation.

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