Waratah Minerals Hits High-Grade Gold In First Two Holes At Spur Project

Waratah Minerals Ltd (ASX:WTM) has hit high-grade gold in the first two holes of its maiden RC drilling program at the Spur Project in New South Wales.

Drilling has identified an open zone of shallow high-grade gold mineralisation, with 11 metres at 10.82g/t Au (gold) and 0.12% copper (Cu) from 154 metres, peaking at 7 metres at 16.78 g/t Au and 0.18% Cu from 154 metres.

Watch: Waratah Minerals MD Peter Duerden Tells JustStocks Video Of Potential For Near Surface High-Grade Gold Resources At Spur Project

Waratah shares rose ~5% higher intra-day and were trading at A$0.11.

Maiden RC drilling

The company’s maiden RC drilling program at Spur, comprising 3000 metres, is designed to test extensions of epithermal gold mineralisation and investigate a potential link with an alkalic porphyry gold-copper system down plunge.

Fourteen RC drill holes have been completed to date totalling 2330 metres, with results received for two holes.

Importantly, the early results confirm the potential for significant shallow gold resources with grades increasing with depth.

Waratah has planned additional holes to immediately follow up the results and further expand the RC drilling program.

Meanwhile, high-resolution ground magnetic and gravity data acquisition is underway to assist drill hole vectoring within the large epithermal-porphyry system.

“Each drillhole is increasing our confidence”

Waratah Managing Director Peter Duerden said: “These exceptional results point to the fertility of the Spur epithermal-porphyry system and highlight the potential to define near surface high-grade gold resources.

“Each drillhole is increasing our confidence in the exploration strategy and we look forward to updating our shareholders with further RC results in the near term.”

Nearology play

The Spur Project is located 5km west of Newmont Corporation’s Cadia Valley Project (>50 Moz Au, 9.5 Mt Cu).

Waratah’s exploration strategy of targeting the margins of the Cargo Intrusive Complex for epithermal porphyry mineralisation is supported by the importance of this setting at several major deposits nearby.

These include Cadia (>50Moz Au, 9.5Mt Cu), Cowal (9.6Moz Au, Evolution 2023) and Boda (6.4Moz Au/1Mt Cu, Alkane 2023).

 

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