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Spartan Resources (ASX:SPR) announced on Tuesday the establishment of a new JORC Exploration Target for the Never Never Gold Deposit, located in the Murchison Region of Western Australia.
This Deposit is an integral part of Spartan’s wholly owned, flagship Dalgaranga Gold Project, which boasts a total of 1.69 million ounces at an average grade of 2.49 grams per ton of gold.
Throughout 2023, Spartan executed a drilling campaign at Dalgaranga, involving 232 holes over 63,943 meters.
Within the campaign, 111 of the holes (48%) were directed towards the deposit, resulting in an expansion of the MRE from 303.1 thousand ounces to 952.9 thousand ounces (214%).
The total expenditure on drilling at Never Never is at A$14.7 million, a discovery cost of A$15.43 per resource ounce.
Current Operations
Spartan is actively drilling at Dalgaranga with five rigs, targeting the high-grade Never Never Gold Deposit and nearby prospects, including the Sly Fox, Four Pillars, and West Winds Gold Prospects.
Additionally, a recent ground gravity survey in the Never Never Gold Deposit area has paved the way for an air-core drilling program to start in April 2024, aimed at identifying areas from the survey.
“Given our track record of delivering high-grade gold resource ounces… I believe that this Exploration Target sets a high bar for ourselves, but one that can be achieved with solid focus and systematic delivery of results,” Spartan Managing Director and CEO Simon Lawson said.
“If the Spartan team is anywhere as successful as we were last year, this Exploration Target, coupled with our active and aggressive drilling strategies, and focus on adding more high-grade gold ounces across the Dalgaranga Mining Leases, sets the Company up for another extraordinary year of growth.”
SPR last traded at 62c, at 1pm AEDT.
