Waratah Minerals' Spur Project Drilling Yields Promising Results
WTM (WTM) Share Update November 2024 Monday 18th
Waratah Minerals Announces Encouraging Drilling Results at Spur Project
Waratah Minerals Limited (ASX: WTM) has released new results from its ongoing drilling program at the Spur Project in New South Wales, revealing significant gold and molybdenum mineralization.
Instant Summary:
- 40 RC drill holes completed, totaling 9238 meters.
- Dalcoath Zone extended with strong gold mineralization.
- Significant molybdenum anomalies identified.
- Program extended by 12 additional holes.
Drilling Program Overview
Waratah Minerals has been actively drilling at the Spur Project, located within the Lachlan Fold Belt in New South Wales. The project is strategically positioned near Newmont Corporation's Cadia Valley Project, known for its substantial gold and copper deposits.
To date, 40 reverse circulation (RC) drill holes have been completed, covering a total of 9238 meters. The company has received results from six additional holes, with ten more pending. Encouraged by the findings, Waratah has decided to extend the drilling program by adding 12 more holes.
Key Findings
The recent drilling has successfully extended the Dalcoath Zone, revealing strong gold mineralization. Notable results include 70 meters at 1.00 g/t gold from 119 meters, with a higher-grade section of 6 meters at 2.59 g/t gold from 126 meters.
Additionally, broad zones of molybdenum anomalies have been identified, indicating potential porphyry-related alteration. This finding is significant as it suggests the presence of a larger mineral system.
Geological Context
The Spur Project is part of the Macquarie Arc, a region known for its rich mineral deposits. Waratah's exploration strategy focuses on targeting the margins of early-stage intrusive complexes, a setting that has proven successful in other major deposits in the area.
The presence of K-feldspar, albite, and tourmaline, along with skarn porphyry alteration, supports the theory that the Spur Project may host a preserved wallrock-style epithermal-porphyry system.
The positive drilling results are likely to boost investor confidence in Waratah Minerals. The extension of the Dalcoath Zone and identification of molybdenum anomalies suggest significant potential for further discoveries. This could lead to an increase in the company's stock value as investors anticipate future resource estimates.
Investor Reaction:
Analysts are optimistic about the latest findings, noting the strategic location of the Spur Project and its proximity to major mineral deposits. The extension of the drilling program reflects the company's confidence in the project's potential.
Conclusion:
Investors should keep an eye on Waratah Minerals' ongoing exploration activities at the Spur Project. The promising results indicate a strong potential for significant mineral discoveries, making it an attractive prospect for those interested in the mining sector.