Image of a glistening golden nugget.
Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Gold developer and explorer Spartan Resources Ltd (ASX:SPR) has picked up numerous high-grade intercepts – including those grading up to 126 grams per tonne – from drilling work at the Never Never gold deposit and Pepper gold prospect ahead of imminent resource upgrades at its wider Dalgaranga Gold Project in Western Australia’s Murchison region.

Exploration conducted in the first half of 2024 focused on infill drilling at Never Never, yielding results such as 10.14 metres at 11.26 grams per tonne of gold from 966.90 metres down-hole, including 0.77metres at 126.45 grams per tonne in one hole; and 9.07 metres at 17.81 grams per tonne from 760.55 metres down-hole, including 1.52 metres at 99.45 grams per tonne.

Meanwhile, at Pepper, intercepts included 13.50 metres at 4.47 grams per tonne from 679.50 metres down-hole, including 0.5 metres at 73.04 grams per tonne, with this drilling expanding the potential extent of Pepper’s high-grade resource.

Looking into the near future, Spartan is aiming to release updates to its mineral resource estimates (MREs) for the Never Never and Sly Fox Gold deposits, in addition to maiden standalone MREs for three prospects Four Pillars, West Winds and Pepper.

Managing director and chief executive officer Simon Lawson, said the recent intercepts revealed the potential of exploration targets close to the company’s Dalgaranga processing plant.

“With the Never Never Gold Deposit we have really shown what can happen with a change
in mindset and the more recent discovery of the Pepper Gold Prospect has demonstrated that we are really onto something very special in this under-explored greenstone belt,” he said.

“Our drill teams are taking a well-earned rest at the moment while we catch up on the frantic pace of drilling and discovery.

“Our geology team is now finalising the new Mineral Resource Estimate to collate
our drilling efforts in the first half of this calendar year and update the Spartan value proposition.”

Spartan has been trading at 93.2 cents.

SPR by the numbers
More From The Market Online
The Market Online Video

ASX Market Update: Bourse surrenders gains | 19 July 2024

The ASX is down 1% as the market falls back below 8000 points after record highs…
The Market Online Video

ASX Market Close: Index finishes the week lower | 19 July 2024

In market close this afternoon we are discussing Droneshield, Universal Store Holdings, Flynn Gold, Lifestyle Communities,…