Waratah Minerals Unveils High-Grade Gold and Copper Discoveries at Spur Project
WTM (WTM) Share Update July 2024 Monday 29th
Waratah Minerals Reports Promising Drilling Results at Spur Project
Waratah Minerals Limited (ASX: WTM) has released encouraging results from its ongoing drilling program at the Spur Project in New South Wales, highlighting significant gold and copper mineralization.
Instant Summary:
- Eight new drill holes at Spur Project show high-grade gold and copper.
- Key results include 46m @ 1.72 g/t Au, 0.08% Cu from 9m.
- New epithermal gold zone confirmed at Dalcoath West.
- Drilling recommences with 12 new holes planned for 3000m.
- Further drilling results expected by late August 2024.
Drilling Results Overview
The Spur Project, located in the Lachlan Fold Belt of New South Wales, continues to yield promising results for Waratah Minerals. The latest drilling campaign has extended shallow high-grade gold mineralization at Spur, with notable intercepts including 46 meters at 1.72 grams per tonne (g/t) gold (Au) and 0.08% copper (Cu) from 9 meters depth. Additionally, a new priority epithermal gold zone has been identified at Dalcoath West, 400 meters west of the Spur zone.
Managing Director Peter Duerden expressed enthusiasm about the findings, stating, 'RC drilling continues to deliver exceptional results, now also highlighting another priority epithermal target at Dalcoath West. We’re excited to have recommenced drilling which will initially follow up recent high-grade intercepts at Spur before testing other targets of interest in the district.'
Significant Intercepts
Key intercepts from the recent drilling include:
- SPRC011: 46m @ 1.72 g/t Au, 0.08% Cu from 9m, including 17m @ 3.27 g/t Au, 0.18% Cu from 32m.
- SPRC012: 82m @ 0.73 g/t Au from 39m, including 12m @ 2.11 g/t Au from 96m.
- SPRC015: 98m @ 0.46 g/t Au from 52m to EOH, including 14m @ 1.21 g/t Au from 58m and 11m @ 1.38 g/t Au from 139m to EOH.
- SPRC016: 85m @ 0.49 g/t Au from 75m, including 17m @ 0.97 g/t Au from 100m.
- SPRC018: 52m @ 0.45 g/t Au from 86m to EOH.
Exploration Strategy and Future Plans
Waratah Minerals' exploration strategy focuses on targeting the margins of the main early-stage intrusive complex for wallrock-style epithermal-porphyry mineralization. This approach is gaining momentum, supported by the importance of this setting at several major deposits in the Macquarie Arc, such as Cadia, Cowal, and Boda.
The company has recommenced RC drilling, initially following up on recent high-grade intercepts at Spur and planning a further 12 holes for 3000 meters. Additional drilling will investigate the Dalcoath West and Essex/Consols target areas. Results from this phase of drilling are expected by late August 2024.
Waratah Minerals is also pursuing the potential link between epithermal gold mineralization and an underlying alkalic porphyry gold-copper system. The identification of early-stage K-feldspar, albite, and tourmaline, along with pervasive albite-silica-hematite and skarn porphyry alteration, suggests that the epithermal gold mineralization at Spur likely represents the upper levels of a preserved wallrock-style epithermal-porphyry system.
The positive drilling results from the Spur Project are likely to boost investor confidence in Waratah Minerals. The high-grade gold and copper intercepts suggest significant potential for resource expansion, which could positively impact the company's stock price. The confirmation of a new epithermal gold zone at Dalcoath West further enhances the project's attractiveness.
Investor Reaction:
Analysts are expected to react favorably to the drilling results, noting the potential for substantial resource growth. The high-grade intercepts and the identification of new target zones are likely to be seen as positive indicators of the project's viability and future profitability.
Conclusion:
Investors should keep an eye on Waratah Minerals' upcoming drilling results and strategic developments at the Spur Project. The company's ongoing exploration efforts and the potential for significant resource expansion make it a compelling opportunity for those interested in the mining sector.