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Spartan Resources (ASX:SPR) has excited HotCopper users with its news of fresh high-grade gold hits boasting visible gold.
From one location on-site – the prospect is not yet named – 24m intersection grading at 2.4g/t gold from 503m depth included a 3m pocket with grades of 11.4g/t gold – headlined in results on Thursday.
Similar to the Pepper gold deposit, Spartan’s geotechs noted alteration style (read: rock characteristics) underground also shows a sericite and chlorite mix with gold flecks visible to the naked eye.
Not a company to waste time, Spartan now has a fourth diamond tipped rig mobilising to site to continue plunging the considerable depths – beyond 500m – at the new un-named prospect.
Despite the depths, HotCopper users commenting in the announcement thread were pleased with the update.
Reflecting on a dip in gold prices overnight spurred by a pivot to equities – driven by Trump mania – user Stuman1 sought to eye the course of the long game.
“This euphoria around the Dictator will eventually wain when the market gets a reminder how totally fkd their economy is. BRICS nations won’t stop buying [gold]” Stuman1 wrote.
For context: the price of the yellow metal dipped below US$2,680/oz overnight. (And even then, its yearly gains are still extremely alluring. Gold tracks inflation, after all.)
“I guess it’s going to be a tough day for gold bugs but any correction in this particular stock on very low volume is not going to mean much in the longer run,” another user, Prisoner24601 wrote.
Clearly, Trump is on the mind. But as the above user rightly suggests, the US President is unlikely to bear much weight on Spartan’s performance beyond commodity prices.
Another user suggested the new un-named prospect be called Salt, given its proximity to the Pepper deposit.
Speaking of Spartan’s Pepper deposit, the company continues drilling there, too – latest assays include 18m @ 14.9g/t gold from 537m depth, and, a 13.4m intersection at just short of 20g/t gold from 685m depth.
At Juniper Decline, an underground exploration drill drive continues with twin portal development advancing over 300m to date.
“The Spartan team has intersected a new zone of visible gold with high-grade assays just 110 metres to the south of Pepper,” Spartan interim EC Simon Lawson said.
“Pepper was discovered by predicting another high-grade fold shoot adjacent to the 1.48Moz @ 8.07g/t gold Never Never Gold Deposit – and it looks like we may be onto another.
“Meanwhile, development of the underground Juniper Decline is progressing safely and expeditiously, with advance rates better than anticipated, thanks to our partnership with highly experienced mining contractor Barminco.”
SPR last traded at $1.50.
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