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- Second high-grade intercept at Consols 100m downdip from existing drilling
- Significantly extends newly discovered Consols zone
- Results from central Spur Zone continues to define high-grade mineralisation from surface
Waratah Minerals (ASX: WTM) has expanded the newly discovered Consols zone in results received from an ongoing drill program at the Spur gold project in New South Wales.
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The drilling program is targeting rapid growth and new high-grade discoveries outside areas of known mineralisation.
MD Peter Duerden said assay results from five diamond drill holes have returned significant intercepts of gold mineralisation from the Spur and Consols gold zones as part of the company’s focus and aggressive growth strategy.
“We’re excited to add another greater than 200 gram-metre drill intercept to the project,” he said.
“The Consols discovery is growing rapidly with these results marking another major step towards unlocking the scale of the system.”
Drillhole SPD027 has extended high-grade mineralisation at Consols 100m below previous drilling with an intercept including 7.0m at 26.54 grams per tonne (g/t) gold from 698m.
Mr Duerden said the Consols system is characterised by coarse visible gold associated with potassic alteration and now spans an area around 300m east-west, 400m north-south and 600m vertically.
“Drilling activity at the Spur zone continues to expand and infill results in line with or better than expected.”
Drillhole SPD038 delivered an outstanding high-grade result from surface and up dip from existing drilling (80m at 1.75 g/t gold from surface including 10m at 8.29 g/t from 69m).
“The consistency and frequency of significant intersections at both Spur and Consols gives us confidence in the potential for additional shallow, high-grade deposits within the broader Spur district.
“Waratah remains focused on systematically exploring and expanding the Spur gold district, with multiple active fronts and strong potential for continued high-grade discoveries.”
WTM is up 2.14% to 71.5¢. Mkt cap $232.6M.
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