Waratah Minerals (ASX:WTM) has sighted visible gold in new drilling at its Spur project in New South Wales. The news of the uncovering of visible gold and a number of high-grade hits was welcomed by the Australian sharemarket on Monday, with Waratah’s stock price rising by as much as +12%.
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The company’s MD, Peter Duerden, said the ongoing Spur drilling program was targeting rapid resource growth and the search for new high-grade discoveries outside areas of the NSW project’s known mineralisation.
Results from five diamond drill holes and a partial return from one diamond drill hole had returned significant intercepts from the Spur and Consols zones.
Mr Duerden said the partial results were particularly exciting as they indicated one of the many high-grade shoots at Consols may extend to surface. “Results indicate the potential for extensions at the eastern margin… whilst continuing to provide internal definition of high-grade trends,” he explained.
That intercept reported today, one metre at 146 grams per tonne, is the highest-grade assay recorded by the explorer to date at the project.
“These outstanding results support Waratahs’ interpretation that the gold mineralisation at Spur has the potential to be a significant gold system with similarities to other very strongly mineralised gold deposits,” Mr Duerden said.
The drilling results are so stand out, he added, that they’ve given the company further confidence in the geological model and extended high-grade gold mineralisation up dip and along strike at both Consols and Spur.
The Spur gold and copper project is located in one of Australia’s premier gold-copper porphyry districts, the East Lachlan region of New South Wales.
The aggressive 80,000-metre growth and discovery drilling program at the Spur gold project comes on the back of Waratah’s continued NSW exploration success and recognition of a significant gold system.
Through Monday, WTC shares trended up to +11.8%.
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