Waratah Minerals Shares Double On High-Grade Gold Hits At Spur

Waratah Minerals Ltd (ASX:WTM) has reported high-grade gold results from its ongoing drilling program at the Spur Project in New South Wales.

Drilling has identified high-grade mineralisation including 89 metres at 1.73 g/t gold and 0.08% copper, peaking at 57 metres at 2.50 g/t gold and 0.11% copper from 115 metres.

Significantly, the results have confirmed the potential for significant shallow gold resources at Spur with grades increasing with depth.

Buoyed by positive results, Waratah shares doubled to A$0.25 during today’s trading session.

Exploration strategy

The Spur Project is located 5 kilometres west from Newmont Corporation’s (ASX:NEM) Cadia Valley Project (>50Moz gold, 9.5Mt copper).

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

These include Cadia Valley, Evolution Mining’s (ASX:EVN) Cowal (9.6Moz gold) and Alkane Resources’ (ASX:ALK) Boda (6.4Moz gold & 1Mt copper).

Waratah Managing Director Peter Duerden, said: “Spur continues to deliver exceptional drilling results, the results from hole 7 are pivotal, demonstrating a dramatic increase in grades downdip and an association with copper as predicted by our epithermal-porphyry exploration model.”

Drilling program

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

Eighteen RC drill holes have been completed to date totalling 2934 metres, with results received for eight holes.

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

Additional holes are being planned and permitted, with drilling activity to recommence in early July 2024.

 

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