Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to provide an update on exploration activities at its 100%-owned Dalgaranga Gold Project (“DGP”), located in the Murchison region of Western Australia.
HIGHLIGHTS
Pepper Gold Prospect – new intercept significantly expands known extents of high-grade discovery:
25.24m @ 16.66g/t gold (uncut) from 616.41m down-hole (DGRC1431-DT-W1), including: 5.21m @ 18.74g/t, 4.65m @ 52.46g/tand 5.44m @ 12.39g/t gold in three separate high grade sub-intervals within the overall high-grade drill intercept. The intercept in DGRC1431-DT-W1 confirms that high-grade gold mineralisation extends more than 115 metres down-plunge from DGDH070, which returned 14.73m @ 11.42g/tgold as well as northward more than 85m beyond the previous deepest Pepper intercept of 11.28m @ 5.94g/t gold from previously announced drill-hole DGDH069. A maiden Mineral Resource Estimate for the high-grade Pepper Gold Prospect will be completed as part of the scheduled mid-year resource update for the Dalgaranga Gold Project.This release contains new assay results from recent surface drilling targeting extensions of the recently discovered high-grade Pepper Gold Prospect (DGRC1431-DT-W1), as well as in-fill (DGDH062) and exploration drilling (DGDH067) from the immediately adjacent and growing 0.95Moz @ 5.74g/t Never Never Gold Deposit.
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “Just weeks after its discovery in May 2024, Pepper is already emerging as a significant new high-grade ore system immediately adjacent to our flagship deposit, the 0.95Moz Never Never Gold Deposit, discovered in 2022.
“This latest drill intercept in DGRC1431-DT-W1 of 25.24m @ 16.66g/t gold is the best and also the deepest Pepper drill intercept to date and, at 420.5 gram x metres, is the fourth best intercept ever recorded at the Dalgaranga Gold Project, Never Never included!
“The other two results reported today are certainly lower grade, however the intercept of 20.38m @ 0.92g/t gold in DGDH067 comes from within the shear zone that defines the northern margin of Never Never, and the other intercept of 12.55m @ 1.00g/t gold in DGDH062 defines the lower grade zone that
sits between Never Never and the new Pepper Gold Prospect, these holes provide useful information for constraining the ‘edges’ of the mineralisation ahead of the upcoming mid-year resource updates.
“Owning high-grade resources close to relatively new processing infrastructure is a great formula and the foundation behind many highly successful and resilient producers, past and present. What differentiates our opportunity – the Spartan story – is that we are generating excitement, momentum and value by drilling and actively growing our high-grade gold resources through continuous discovery, right in front of our existing infrastructure.
“While we continue to increase the value of our assets and our company through the drill bit, the next key phase in our strategy will get underway shortly with the commencement of our underground exploration drill drive. This will provide the key drill platforms from which we will continue to drive resource growth, generate reserves and grade control the key Never Never Gold Deposit, as well as explore for more high- grade discoveries.
“The added benefit of the drill drive is that it can rapidly become the natural backbone, a critical piece of capital development, for any future underground mining scenarios – providing access to the Never Never, Pepper and West Winds target zones.
“Considering what we have achieved with surface drilling over the past two years, the development of the exploration drill drive has the potential to take the Spartan story to the next level as we get up close and personal with our recent high-grade discoveries and continue to focus on delivering tangible outcomes for our shareholders.”
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