Waratah Minerals defines maiden 3.1Moz gold resource at Spur and Consols

• Maiden estimate defines 3.1Moz at 1.2g/t across Spur and Consols
• Consols accounts for 2.17Moz of the maiden estimate
• A conceptual 5.1-10.4Moz target extends beyond the resource

Special Report: Waratah Minerals has delivered a maiden 3.1Moz resource for the Spur and Consols zones within its Spur project in NSW.

The estimate totals 82.9Mt at 1.2g/t gold for 3.08Moz of contained gold with 820,000oz classified under the higher confidence indicated category.

Waratah Minerals (ASX:WTM) defined the resource from 175 holes for 72,890m of drilling completed since January 2024.

Spur hosts 32Mt at 0.9g/t gold for 910,000oz, including 390,000oz indicated and 520,000oz inferred.

Consols accounts for 50.9Mt at 1.3g/t gold for 2.17Moz, including 430,000oz indicated and 1.74Moz inferred.

Spot gold fell 0.5% to US$3,927.18 an ounce on Tuesday, November 3 with a stronger US dollar and Treasury yields weighing on the metal, Reuters reported.

A first resource across a wider corridor

The resource covers about 2km of the 6km high-priority Spur Gold Corridor, leaving most of the interpreted corridor outside the current estimate.

A separate JORC exploration target ranges from 5.1Moz to 10.4Moz at 0.6-0.9g/t across 287Mt to 350Mt of material beyond the resource.

The target is conceptual, with insufficient exploration to estimate a mineral resource in those areas and no certainty further work will result in one.

WTM says 12 diamond rigs are operating at Spur, with about 50,000m of drilling planned over the next six months and 353 drill holes permitted across the project.

“Our immediate objective is to grow the resource towards 5 Moz Au while continuing to test the broader potential of the Spur Gold Corridor,” managing director Peter Duerden said.

No pit or underground optimisation has been completed, and the potential mining methods remain conceptual pending further definition of the mineralisation and geotechnical conditions.

Early-stage testwork indicates gold recoveries of 89-97% from gravity followed by conventional leaching at Spur and Consols, though no recovery assumptions were applied to the resource estimate.

A larger-scale metallurgical program is under way and is expected to finish in Q1 2027.

This article was developed in collaboration with Waratah Minerals, 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.

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