Warriedar Resources Delivers Promising Results from Ricciardo Deposit Drilling
WA8 (WA8) Share Update August 2024 Thursday 1st
Warriedar Resources Reports Significant Gold Mineralization at Ricciardo Deposit
Warriedar Resources Limited (ASX: WA8) has announced significant gold mineralization from its ongoing drilling program at the Ricciardo Deposit, part of the Golden Range Project in Western Australia.
Instant Summary:
- 77m wide mineralization zone confirmed 180m down-dip of current Resource.
- Significant gold intervals include: 7.2m @ 4.51 g/t Au from 232.8m, 23.2m @ 1.60 g/t Au from 270.8m.
- Mineralization extends to a vertical depth of ~460m and remains open.
- Ricciardo is part of the 25km-long 'Golden Corridor' with six discrete deposits.
- Current diamond drilling program extended to 3,000m, completion expected by mid-August.
- Update of Ricciardo Mineral Resource Estimate (MRE) targeted for Q4 2024.
Drilling Results
Warriedar Resources Limited has reported assay results for two additional diamond tails at the Ricciardo Deposit, confirming a 77m wide mineralization zone 180m down-dip of the current Resource beneath the Ardmore pit. Significant gold intervals include 7.2m @ 4.51 g/t Au from 232.8m, including 3m @ 9.03 g/t Au from 234m, and 23.2m @ 1.60 g/t Au from 270.8m.
The mineralization in this area is structurally complex, extending to a vertical depth of approximately 460m and remains open. The Ricciardo Deposit is situated within the 25km-long 'Golden Corridor' at Golden Range, which hosts six discrete deposits that are all open at depth and possess immediate growth potential.
Project Progress
The current diamond drilling program at Ricciardo and M1 has been extended to 3,000m and is set to be completed by mid-August, with all assays expected by late-September. An update of the Ricciardo Mineral Resource Estimate (MRE) is targeted for Q4 2024, with further growth-focused drilling of the 'Golden Corridor' scheduled for H2 2024.
Management Comments
Warriedar's Managing Director and CEO, Amanda Buckingham, stated, 'The outcomes of these two diamond tails are significant, given that they represented substantial depth step-outs under the shallow Ardmore pit. A 77m wide mineralized zone with a central high-grade shoot, 180m below the MRE is a great result. We don’t fully understand the structural geometry here yet, but we are delighted that the deeper part of hole 49 validates the drill results from a previous explorer – confirming the deposit extends to about 460m vertical depth and retains some good grade.'
The confirmation of significant gold mineralization at the Ricciardo Deposit is a positive development for Warriedar Resources. This could lead to an increase in the company's stock price as investors react to the potential for increased gold production. The extension of the mineralization to a vertical depth of 460m and the open nature of the deposit suggest significant growth potential.
Investor Reaction:
Analysts are likely to view this announcement positively, given the confirmation of significant gold intervals and the potential for further resource growth. The extension of the drilling program and the planned update of the Mineral Resource Estimate in Q4 2024 are also likely to be seen as positive steps towards realizing the full potential of the Ricciardo Deposit.
Conclusion:
Investors should keep an eye on the completion of the current drilling program and the upcoming assays expected by late-September. The update of the Ricciardo Mineral Resource Estimate in Q4 2024 will be a key milestone for the company. Warriedar Resources' strategic focus on growth and exploration in the 'Golden Corridor' could offer significant upside potential for investors.