Waratah Minerals expands Spur and Consols gold systems

Waratah Minerals (ASX: WTM) is confident it is onto a major gold system with further drilling success at the Spur gold project in New South Wales.

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The latest results received from an ongoing drill program at Spur has further expanded the Spur and Consols zones.

The program is targeting rapid growth and new high-grade discoveries outside areas of known mineralisation and assay results from six diamond drill holes have returned significant intercepts of gold mineralisation from both zones.

“Results continue to impress from Spur and Consols where drilling is testing multiple exploration fronts and demonstrating a rapidly growing gold system,” MD, Peter Duerden, said.

“Strong step out results at Consols have extended mineralisation at shallow levels and another 80m eastwards. Results from Spur have also extended known mineralisation especially at the eastern extents with 36.35m at 2.32 grams per tonne (g/t) gold from 447.35 m returned from SPD026.

“These consistent results across multiple drillholes confirm our interpretation that the Spur project hosts a major gold system with similarities to other world-class gold deposits in the region and globally.”

At the Consols zone the higher-grade zones of gold were identified within a broad envelope of mineralisation 80m east of previous drilling.

Highlight hits from the latest Consols zone extensional drilling included 74m at 1.6 g/t from 453m, including 27m at 2.35 g/t from 475m, 5.4m at 8.46 g/t Au from 513.6m and 18.15m, 2.9 g/t Au from 597.85m and 12m at 3.25g/t from 892m.

Drilling in the eastern zone of Spur returned a broader zone of higher-grade mineralisation than expected with 9m at 2.32 g/t from 45m and 7m at 3.53 g/t from 158m.

Five rigs are systematically drilling at the Consols zone with step out holes being drilled from the wide and multiple high-grade zones recently identified.

At the Spur zone, drilling continues with two drill rigs. The program is designed to test shallow high-grade extensions and define resources.

Drilling is being conducted on a nominal 50m spacing along sections designed to build the detailed datasets required for an eventual mineral resource estimation.

WTM is up 9.35% to 67.3¢. Mkt cap $190.1M.

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