en.Wedoany.com Reported - Waratah Minerals has reported another batch of high-grade gold intersections from drilling at the Spur and Consols gold zones within its Spur project in New South Wales.
Management believes Spur is developing into a district-scale gold system. The latest results come from an 80,000-meter drilling program that has extended the mineralized zone, highlighting the project's scale potential.
At the Consols zone, one drill hole intersected 26.8 meters grading 1.58 g/t gold at 540.2 meters depth, 51 meters grading 1.5 g/t at 629 meters depth, and 3.82 meters grading 16.34 g/t at 706.18 meters depth. This drilling extended high-grade mineralization 100 meters below the eastern edge of previous drilling. Another Consols hole intersected 17 meters grading 1.53 g/t gold at 358 meters depth, 42 meters grading 1.08 g/t at 457 meters depth, 11 meters grading 2.47 g/t at 620 meters depth, and 16 meters grading 2.17 g/t at 730 meters depth. This intercept expanded the mineralized horizon approximately 160 meters toward the surface.
Meanwhile, definition and step-out drilling at the Spur zone has infilled the mineralized envelope, with results meeting or exceeding management expectations. One hole intersected 31 meters grading 1.69 g/t gold at 86 meters depth, 9 meters grading 2.15 g/t at 108 meters depth, 43 meters grading 1.04 g/t at 127 meters depth, and 7.01 meters grading 1.06 g/t at 156 meters depth. Another hole intersected 37 meters grading 1.33 g/t gold at 39 meters depth, 1 meter grading 38.79 g/t at 94 meters depth, and 14 meters grading 1.07 g/t at 134 meters depth. A third hole intersected 102.9 meters grading 0.73 g/t gold at 210 meters depth.
Managing Director Peter Duerden stated that ongoing drilling results from the Spur and Consols gold zones continue to deliver strong intercepts, highlighting significant growth in gold resources and a mineralized system that remains open in multiple directions. As results are reported, the drilling program at the system is providing a continuous news flow. These assay results will unlock Spur's full potential and create further value for shareholders.
The company launched an 80,000-meter growth and discovery drilling program in January, targeting shallow mineralization and deeper, large-scale targets at Spur and Consols. Since then, the company has reported a series of significant gold intercepts, including a standout 117-meter intersection at Consols (from 661 meters, grading 2.01 g/t gold), which contained a richer 7-meter section (grading 26.54 g/t). This intercept also marked the second time the project has recorded a gold intersection exceeding 200 gram-meters. Previously, a Consols hole returned a 208.7-meter intercept (grading 1.17 g/t) from 514 meters.
The company is well-funded, having raised A$48 million last month through a strategic placement to institutional, sophisticated, and professional investors. Management stated that the financing validates its strategy and highlights Spur's exploration success to date. The funds will support continued drilling at the Consol and Spur zones, as well as exploration drilling at the nearby Gazzards, Alpine, and Ironclad zones. At Spur, at least 10 drill rigs are operating on site, with intensive drilling targeting an initial resource estimate by early 2027.
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