Spartan Resources - Exploration Update at Dalgaranga Gold Project - 24 September 2024
SPR (SPR) Share Update September 2024 Monday 23rd
Spartan Resources Unveils Promising Exploration Results at Dalgaranga Gold Project
Spartan Resources Limited (ASX: SPR) has announced significant exploration results from its Dalgaranga Gold Project, highlighting the rapid growth of the Pepper Gold Deposit and the emergence of new high-grade discoveries.
Instant Summary:
- Pepper Gold Deposit delivers high-grade assays, including 13.79m @ 46.32g/t gold.
- Three new high-grade gold discoveries outlined near the mine.
- Exploration drilling across multiple targets along the Dalgaranga Mineralised Structural Corridor.
Pepper Gold Deposit
The latest assays from in-fill and extensional drilling at the Pepper Gold Deposit have revealed impressive results. Notable intercepts include 20.61m @ 10.02g/t gold from 512.54m down-hole (DGDH076) and 13.79m @ 46.32g/t gold from 601.59m down-hole, including 5.00m @ 111.62g/t (DGDH079). These results confirm the high-grade potential of the deposit.
The Pepper Gold Deposit now stands as one of the top high-grade gold discoveries, with the 3rd best all-time drill intercept on a gram-metre basis for Never Never and Pepper.
New Discoveries
Exploration drilling has also outlined three new high-grade gold discoveries near the mine. Highlights include:
- Never Never North: 7.00m @ 6.09g/t gold from 60.0m down-hole, including 1.00m @ 39.15g/t (DGRC1486).
- Patient Wolf: 10.00m @ 5.77g/t gold from 138.00m down-hole (DGRC1474) and 1.70m @ 31.24g/t gold from 103.50m down-hole (DGDH053).
- Golden Wings: 30.00m @ 2.70g/t gold from 115.00m down-hole (DGRC1460) and 18.72m @ 3.65g/t gold from 144.00m down-hole (DGRC1466-DT).
Exploration Strategy
Spartan Resources is actively exploring multiple targets along the 6km long Dalgaranga Mineralised Corridor. The company is focused on growing high-grade ounces immediately in front of its processing infrastructure, specifically targeting the 1.48Moz Never Never Gold Deposit and the recently discovered 438koz Pepper Gold Deposit.
With three rigs dedicated to in-filling and extending Pepper, Spartan Resources aims to rapidly upgrade the existing Inferred Resource while adding new high-grade ounces at depth as part of the 'Target P1M' program.
Additionally, the Exploration Drill Drive is underway, moving from the former Gilbey's Open Pit closer to underground drill platforms. This will enable access to the West Winds, Four Pillars, and Upper Pepper target areas.
The high-grade discoveries at the Dalgaranga Gold Project are likely to have a positive impact on Spartan Resources' stock price. The confirmation of 'belt-scale' potential and the emergence of new high-grade deposits will boost investor confidence and attract further investment in the company's exploration activities.
Investor Reaction:
Analysts are expected to react positively to the high-grade assay results and the potential for significant resource growth at Dalgaranga. The consistent, thick, and high-grade mineralisation reported from the Pepper Gold Deposit and new discoveries will be seen as a strong indicator of the project's long-term viability.
Conclusion:
Investors should keep a close eye on Spartan Resources as the company continues its aggressive exploration program at Dalgaranga. The high-grade discoveries and ongoing drilling activities present a promising opportunity for significant returns. Subscribe to our newsletter for regular updates on Spartan Resources and other stock market news.