Resources Top 5: Waratah delivers more gifts from heart of premier porphyry district

• New results demonstrate the potential scale, significance and growth upside of the Spur Gold Corridor
• Scale of Cross Fault gold discovery at OZM’s Mulgabbie North project continues to grow
• LKY intends to expand its antimony drilling plan at the Mojave project in California

Your standout small cap resources stocks for Monday, August 4, 2025

Waratah Minerals (ASX:WTM)

With its Spur project lying in the East Lachlan part of Australia’s premier gold-copper porphyry district, Waratah Minerals continues to deliver gifts for investors.

The project is considered highly prospective for epithermal-porphyry gold and copper, and also lies just 5km west of the globally significant Cadia Valley operations of Newmont with its gold bounty of more than 50Moz and copper in excess of 9.5Mt.

New drilling results have enhanced the company’s confidence in the project’s potential to host a large-scale, high-grade gold system and investors share the enthusiasm, driving shares 49.16% higher to a 2025 high of 44c.

The company is confident the results demonstrate the potential scale, significance and growth upside of the rapidly emerging Spur Gold Corridor.

The latest assays returned: 

• 208.7m at 1.17 g/t gold from 514m including 89m at 1.96 g/t from 614m and including 38m at 3.61 g/t from 665m in hole SPRCD062;
• 27m at 1.03 g/t Au from 163m;
• 28m at 0.88 g/t Au from 160m; and
• 21m at 0.73 g/t Au from 133m.

Waratah Minerals also found visible gold at Consols prospect, which it says represents a major extension of the Spur Gold Corridor.

A broad spaced drill program is planned for Consols to determine the extent of the mineralised system from surface to approximately 450m depth. 

“Drill hole SPRCD062 represents a pivotal drill hole for Waratah at our Spur project,” MD Peter Duerden said.

“We have always believed that the epithermal gold mineralisation of the Spur Gold Corridor crossed the Essex Fault and should extend to the northeast, despite historical drilling having been unable to locate extensions. 

“The decision by the exploration team to extend SPRCD062 twice based on encouraging geological indicators has resulted in the identification of a new mineralised zone including visible gold with high grades at Consols which represents a major extension of the Spur Gold Corridor and the best intercept at the project to date. 

“With the ongoing exploration success and a high-level team in place the company is planning to accelerate activity at the project.”

Extensional RC and diamond drilling is now underway at Spur to define epithermal gold across the >1.5km Spur Gold Corridor whilst simultaneously testing for porphyry mineralisation in the Breccia West area.

OzAurum Resources (ASX:OZM)

The scale of the Cross Fault discovery at OzAurum Resources (ASX:OZM) Mulgabbie North gold project in WA continues to grow with ongoing RC drilling confirming multiple zones in fresh rock and shares have increased 25% to a daily top of 8c.

Latest results of up to 10m at 2.18g/t Au from 85m, including 2m at 6.09g/t from 85m and 2m at 3.12g/t from 93m have been returned from a 400m strike.

Around 17 holes for 1858m were carried out at the Cross Fault zone and other results were 21m at 1.22g/t Au from 33m, including 1m at 5.45g/t from 43m and 1m at 11.41g/t from 53m.

An additional hole at Golden Goose intersected 10m at 0.18 g/t Au from 15m and even though significant mineralisation wasn’t intersected at depth, OzAurum (ASX:OZM) believes the target is prospective for further testing. 

OZM CEO and managing director Andrew Pumphrey said the RC drilling results from the Cross Fault discovery were highly encouraging, confirming the presence of significant high-grade gold mineralisation in fresh rock across a growing strike length.

“Importantly, the mineralisation style we’re seeing – brittle sandstone-hosted with strong sulphide and quartz veining – is analogous to major deposits at Carosue Dam just 2km away,” he said. 

“With mineralisation open at depth and along strike, we’re now planning follow-up drilling aimed at delivering a maiden resource at Cross Fault.

“In parallel, we’re excited to progress drilling at Heysen’s Find, where high-grade rock chip samples have pointed to another promising gold target within our tenement.” 

Locksley Resources (ASX:LKY)

Continuing a run of positive news is Locksley Resources which intends to expand its antimony drilling plan at the Desert Antimony prospect of its Mojave antimony and rare earth project in California.

The newsflow has resulted in a run of share price increases since early May to a four-year-high of 19.5c. This was a lift of 39.3% on the previous close with more than 68m shares exchanged.

LKY plans to test three NNE to SSW trending quartz-carbonate-stibnite vein positions and one east-west trending structure within a broader target zone.

“With the benefit of a strengthened balance sheet following our oversubscribed capital raise, we are accelerating exploration to test a larger mineralised footprint at the Desert Antimony prospect,” Locksley technical director Julian Woodcock said.

“This is in addition to the already approved drilling program at the El Campo rare earths prospect.

“With our claims located only 1.4km from MP Materials’ Mountain Pass Mine, we are placed at the centre of the US drive to secure domestic supply chains for antimony and rare earths.”

Tambourah Metals (ASX:TMB)

Initial aircore drilling at the Beatty Park South project 160km north of Meekatharra in WA has returned up to 126g/t gold and investors in Tambourah Metals  reacted positively, sending shares as much as 73.1% higher to 4.5c with more than 100m changing hands.

Results are:

• 6m at 25.8g/t Au from 30m, including 1m at 126g/t;
• 2m at 6.6g/t from 24m;
• 1m at 3.63g/t from 36m;
• 1m at 7.02g/t from 41m; and
• 4m at 15.95g/t from 16m.

The aircore holes were drilled to a maximum depth of 65m for a total 1069m. Five drill traverses were completed on 30m spacings with a collar spacing of 20m on the traverse.

Planning is underway to significantly expand Tambourah’s aircore drilling activity at the project to further define the extent of the near-surface gold mineralisation.

Leeuwin Metals (ASX:LM1)

After demonstrating strong growth potential at its Marda gold project in WA with high-grade results, Leeuwin Metals has increased 66.7% to 16.5c.

The drill results of up to 5m at 5.0g/t Au from 229m to end-of-hole, including 1m at 10.0g/t from 231m; 23m at 1.29g/t Au from 207m, including 10m at 2.3g/t from 207m; 16m at 0.78g/t Au from 244m; and 9m at 1.15g/t Au from 193m were returned from Python prospect at Marda Central. 

A maiden mineral resource is targeted this quarter and drilling will start within weeks to support further resource definition with new targets identified from recent field mapping.

Drill planning at Evanston is underway, with drilling expected to start in mid-August, targeting shallow, high-grade mineralisation.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Waratah Minerals, OzAurum Resources and Locksley Resources are Stockhead advertisers, they did not sponsor this article.