Spartan Resources (ASX:SPR) is lining up a new and ‘expansive’ drilling program for January 2024 at its Dalgaranga Gold Project in Western Australia.
The $438.86 million market capitalisation company says drilling has been designed to build on the significant resource foundation that has already been established at the project as it seeks to grow ‘high-confidence’ and ‘high-grade’ gold ounces in front of its established infrastructure.
Ahead of the planned upcoming drilling, Spartan today (12 December) announced that it had struck additional ‘outstanding and high-grade’ gold assays ahead of an imminent resource upgrade for Dalgaranga.
The company notes the latest assays, which include numerous ‘significant’ intercepts from resource infill and extensional drilling at the ‘high-grade’ Never Never Gold deposit and the deepest assay to date, round out what has been a ‘successful and transformational’ 2023 for Spartan.
Results have also been returned from drilling at the Four Pillars and West Winds prospects beneath the Gilbey’s open pit.
Key intercepts from Never Never include hole DGRC1361-DT with 18.38m @ 6.1 grams per tonne (g/t) Au from 453m, including 8.65m @ 10.43g/t Au; and hole DGRC1281-DT with 20.9m @ 4.14g/t Au from 516m, including 2.38m @ 20.20g/t Au.
Meanwhile, key results from the Four Pillars and West Winds prospects include hole DGRC1339 with 3m @ 5.53g/t Au from 108m; and hole DGRC1352 with 61m @ 2.13g/t Au from 85m including 22m @ 4.69g/t Au, respectively.
Spartan reports all results will be included in a scheduled Mineral Resource Estimate (MRE) update, which is currently undergoing final checks.
Managing Director and Chief Executive Officer (CEO) Simon Lawson says the company is now ‘very well-positioned’ as a low-risk, well-capitalised, high-grade gold investment with existing production infrastructure in times of record US & Australian gold prices.
“We offer unique optionality and exposure to gold in challenging economic times.
The intense drill focus on the high-grade Never Never discovery has delivered more than 720,000oz of high-grade gold — mineralised from surface and including roughly 90koz @ 2.2g/t in open pit resources as well as 630koz above 7.5g/t gold in the underground environment — in a very short space of time.”
“The intense drill focus on the high-grade Never Never discovery has delivered more than 720,000oz of high-grade gold … in a very short space of time”
Spartan Resources is a gold-focused company currently undergoing a restructuring as an advanced explorer. The company says it has a rapid pathway back into production at its Dalgaranga Project, which sits 65km northwest of Mt Magnet in the Murchison District of Western Australia.
As of 30 September 2023, Spartan Resources had $28.156 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Spartan Resources
