How Far Can Waratah Minerals Extend High-Grade Gold at Spur?

Expanding the Spur Gold Corridor

Waratah Minerals Limited (ASX, WTM) has unveiled promising new assay results from its ongoing diamond drilling program at the Spur Gold Project in New South Wales. The latest data from four diamond drill holes, SPD004, SPD006, SPD007, and SPD008, demonstrate significant gold mineralisation, notably extending the known high-grade zones down plunge by approximately 150 metres.

Drill holes SPD006 and SPD008, designed to test extensions of previously identified mineralisation, successfully intercepted robust gold grades, including 7 metres at 6.5 grams per tonne (g/t) and 3.3 metres at 13.39 g/t from depths near 287 metres. These results build on earlier intercepts and confirm that the Spur Zone remains open and growing, reinforcing the potential scale of the Spur Gold Corridor.

Infill Drilling Strengthens Geological Understanding

Infill drilling with holes SPD004 and SPD007 has filled critical gaps between existing reverse circulation drill holes, revealing broad zones of moderate to high-grade mineralisation. For instance, SPD004 returned an intercept of 101 metres at 0.75 g/t gold from 195 metres, including higher-grade intervals up to 15 metres at 2.41 g/t. Similarly, SPD007 intersected 86 metres at 1.36 g/t from 123 metres, with a standout 1 metre interval grading 40.9 g/t gold.

These infill results not only confirm continuity of mineralisation but also provide valuable geological data on the controls of gold deposition, such as sulphide stringers and breccias within volcaniclastic conglomerates. This enhanced understanding is crucial for refining future drilling targets and advancing resource estimation.

Consols Zone Drilling Nears Completion

Beyond the Spur Zone, Waratah is advancing exploration at the newly discovered Consols Zone, with two diamond drill holes nearing completion. These holes target mineralisation around previously identified intercept SPRCD062, and assay results are expected imminently. The Consols Zone represents another promising target within the broader Spur Gold Corridor, potentially adding to the project's resource base.

Scaling Up Exploration Efforts

Reflecting confidence in the project's growth potential, Waratah is increasing its drilling capacity. Currently operating three drill rigs, the company plans to mobilise two additional rigs within the next fortnight, bringing the total to five. The drilling schedule includes two rigs focused on the Spur Zone, two at Consols, and a fifth rig testing other prospective zones within the corridor. This aggressive exploration approach aims to delineate the extent of mineralisation and accelerate resource definition.

Managing Director Peter Duerden emphasized the significance of these developments, stating that the new results support the company's conviction in the Spur Gold Corridor's potential. The ongoing drilling program, combined with a strengthened exploration team, positions Waratah well to unlock further value from this emerging gold district.

Technical Rigor and Future Outlook

Waratah's exploration program adheres to rigorous industry standards, including detailed geological logging, systematic sampling, and comprehensive quality control protocols. The company employs diamond drilling with oriented core to accurately capture mineralisation geometry, supported by multi-element assays and advanced geophysical interpretations.

While the current results are encouraging, the project remains at an exploration stage with no formal resource estimate update yet. Further drilling will be essential to confirm the continuity, true widths, and economic viability of the mineralisation. Upcoming assay results from Consols and expanded drilling campaigns will be closely watched by investors and analysts alike.