More high-grade gold has been intercepted at the new Pepper discovery at Dalgaranga. Pic via Getty Images.
Spartan unlocks more gold from high grade Pepper deposit ahead of big resource upgrade
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- High-grade assays from Spartan Resources’ new Pepper discovery up to 36.8g/t have extended known gold mineralisation
- Pepper to be added to overall mineral resource update for Dalgaranga
- Feasibility study progressing
Special Report: Significant new intercepts have expanded the high-grade Pepper prospect ahead of a mid-year maiden resource update for Spartan’s revitalized Dalgaranga gold project in WA.
Underpinned by the high grade 952,000oz Never Never discovery, Spartan Resources (ASX:SPR) is on a mission to develop a 5-year mine plan aimed at delivering 130-150,000ozpa through its existing plant at Dalgaranga.
Dalgaranga, which had produced >70,000oz of low-grade gold in FY2022 before being placed on care and maintenance, now has huge underground mining potential.
Especially with its constantly expanding Never Never and the new Never Never ‘lookalike’ Pepper, which SPR intends to fold into a mid-year resource update. Other juicy targets include Four Pillars, West Winds and Sly Fox.
Latest assays extend high grade gold at Pepper
Significant new intercepts have expanded the high-grade Pepper prospect ahead of the mid-year resource update, showing best hits of:
- 14.73m @ 11.42g/t gold from 553.73m down-hole, including 4.37m @ 36.80g/t; and
- 17.67m @ 6.58g/t gold from 561.85m down-hole, including 7.53m @ 11.93g/t
The road to Dalgaranga’s resource update
SPR managing director Simon Lawson says the focus on ‘closing the gaps’ in front of established infrastructure continues to “deliver in spades” at the recently discovered Pepper prospect.
“Pepper is <100m south of the high-grade 0.95Moz Never Never and we couldn’t be happier to see the rapid emergence of another substantial high-grade body of mineralisation next to our flagship deposit with each new drill result,” Lawson says.
“We are very confident that Pepper will become a standalone gold deposit and, to ensure that outcome, we will be completing a maiden resource update for this exciting prospect as part of our foreshadowed mid-year MRE update for Dalgaranga.”
With the gold price continuing to hit new records of US$3642/oz, it’s an exciting time to be making new high-grade discoveries.
“And, on the back of a well-supported $80m capital raise, we are now moving rapidly towards developing the underground infrastructure required to chase and grow this high-grade system,” Lawson says.
“With rigs still spinning around the clock, investors can look forward to more exciting drill results in the coming weeks, mid-year MRE update for Dalgaranga, the planned commencement of the underground exploration drill drive in the second half of 2024, and the expected publication of a maiden high-grade ore reserve for the Never Never deposit.
“The Spartan team also continues to progress a feasibility study to demonstrate what we believe will be powerful metrics from a growing set of high-grade gold structures and maybe even some more high-grade gold discoveries.”
This article was developed in collaboration with Spartan Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
