Spartan Resources intersects grades of up to 126.45g/t at Never Never
Deepest intersect expands high-grade resource extent at Pepper
Maiden and upgraded resource estimates imminent across five target areas
Special Report: Spartan Resources has unlocked more high-grade gold from its growing Dalgaranga gold project in WA ahead of an imminent resource update across five target areas.
One of the best-performing gold stocks of FY24, Spartan Resources (ASX:SPR), a rejuvenation of Gascoyne Resources, is going gangbusters with drilling at depth in and around Dalgaranga’s game-changing Never Never deposit.
Aggressive exploration campaign
Back in February 2023, SPR put a target of a 600,000oz deposit that exceeded 5g/t gold for Never Never and has already far exceeded that expectation.
The deposit’s maiden MRE came in at 952,000oz at 5.4g/t and is growing at pace – and so are surrounding prospects, which the explorer has been aggressively drilling into.
Resource expansion, reserve definition and near-mine exploration drilling have been targeting Never Never “lookalikes” which include the Pepper, Four Pillars, West Winds and Sly Fox prospects.
More high-grade hits ahead of resource update
Not even a month ago, SPR intersected up to 92.19g/t gold at Pepper. In this final round of infill and extensional drilling for the first half of calendar year 2024, assays have continued the high-grade gold finding trend at Never Never, with exceptional intercepts of up to 126.45g/t.
Strong final infill drilling results have strengthened deeper resource extents, with highlights of:
10.14m at 11.26g/t gold from 966.90m down-hole, including 0.77m at 126.45g/t from hole DGDH064-W1
9.07m at 17.81g/t gold from 760.55m down-hole, including 1.52m at 99.45g/t from hole DGDH072-W3
10.66m at 6.55g/t gold from 798.02m down-hole, including 0.49m at 126g/t from hole DGDH072-W4
Over at Pepper, a new deepest intercept has expanded the potential high-grade resource extent, turning up an intersection of 13.50m at 4.47g/t gold from 679.50m down-hole, including a 0.5m intercept at 73.04g/t from hole DGDH073.
Gold intercepts from the latest drilling update at Dalgaranga. Pic supplied: (SPR)
SPR MD Simon Lawson says the latest intercepts demonstrate the incredible potential of what is being found right in front of the Dalgaranga processing plant.
“With Never Never, we have really shown what can happen with a change in mindset and the more recent discovery of the Pepper gold prospect has demonstrated that we are really onto something very special in this under-explored greenstone belt,” Lawson says.
“Our drill teams are taking a well-earned rest at the moment while we catch up on the frantic pace of drilling and discovery.
“Our geology team is now finalising the new Mineral Resource Estimate to collate our drilling efforts in the first half of this calendar year and update the Spartan value proposition.
“While we take a brief drilling hiatus, we are planning and prioritising our second half exploration program so that we increase our momentum and keep driving the Spartan juggernaut forward.”
Updates for the Never Never and Sly Fox gold deposits, as well as maiden standalone mineral resource updates (MRE’s) for the Four Pillars, West Winds and Pepper Gold prospects are due for imminent release.
Finalisation of approvals and support activities for the underground development are also well underway, with development to commence in Q3 2024.
This article was developed in collaboration with Spartan Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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