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Spartan Resources (ASX:SPR) has further shored up its WA-based Dalgaranga Gold Project after hitting a nearly 30m intersection at the Pepper deposit grading just short of 40g/t gold.
This result comes from a recently launched surface drilling campaign – using a diamond tipped rig – that “confirm[s] very consistent high grade-gold mineralisation between the initial discovery and definition intercepts” logged into a mineral resource estimate (MRE) from last month.
The name of the game is resource upgrades. On top of the headline result, the company also hit a 19.6m intersection at 22g/t gold.
Both hits came from depths around 600m; Spartan has a market cap of over A$1B. The company is keen to push more of its MRE into the ‘indicated’ category instead of ‘inferred.’
Management noted the find was particularly pleasing given that Spartan only first clocked the Pepper deposit back in April of this year.
“Our geological journey from the discovery of Never Never in mid-2022, rapidly building the resource to almost a million ounces … to the discovery of Pepper in April 2024, informs our now well-established drilling strategy,” SPR EC Simon Lawson said.
“From discovery, Pepper has returned some of the best drill intercept assays seen at Dalgaranga including several top-20 project intercepts.
“These latest intercepts, DGDH074 and DGDH074-W1 are important in-fill holes targeting conversion of Inferred to higher confidence Indicated Resource Classification.”
SPR last traded at $1.34.
