Stock 16-04-2024 12:22 6 Views

New High-Grade Discovery – “Pepper” Prospect: 17.52m @ 15.86g/t Gold Incl. 9.22m @ 27.89g/t

Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to advise that it has discovered a new high-grade gold lode immediately south of the 952koz Never Never Gold Deposit at its 100%-owned Dalgaranga Gold Project (“DGP”) in the Murchison region of Western Australia.

Highlights:

“Pepper” Gold Prospect – new discovery

17.52m @ 15.86g/t gold from 522.0m, including 9.22m @ 27.89g/t (DGRC1432-DT):Intercept located approximately 90.0m south and along-strike of the nearest intercept (<0.5g/t gold) defining the southern extent of the 952koz Never Never Gold Deposit.Three additional diamond drill-holes have also intersected various widths of logged mineralisation up-dip of DGRC1432-DT, confirming the discovery (assays pending).Further drilling to define this new high-priority target is currently underway.

Please Note: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assays for DGDH064 are expected in April 2024.

The new lode, named the Pepper Gold Prospect, sits approximately 90 metres south of the previous southernmost intercept at Never Never and all current conceptual underground development designs for future underground drilling and potential extraction of high-grade Never Never gold mineralisation pass by the new high-grade Pepper discovery position.

Importantly, the discovery intercept, 17.52m @ 15.86g/t gold including 9.22m @ 27.89g/t Au, comprises typical Never Never-style mineralisation with similar grades and mineralogical characteristics.

Please Note: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

Management Comment

Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “The discovery of the new high-grade Pepper Gold Prospect, located directly between Never Never and Four Pillars, is yet another game-changer for the Dalgaranga Gold Project.

“The core from the discovery hole DGRC1432-DT shows the same thick, heavily-altered volcaniclastic host-rock, orientation and mineralisation style as Never Never and the gold grades are consistent across the entire intercept and of an impressive tenor, to this point only seen elsewhere at Never Never.

“Importantly, the Pepper discovery sits along-strike and in the same volcaniclastic sequence as Never Never but appears to be in a separate steeply north-west plunging fold shoot of its own.

“Think of fold shoots as linear folds like those on a corrugated iron roofing sheet. The sheet represents the north-striking steeply west-dipping volcaniclastic rock package at Dalgaranga. East-west shears regularly cross-cut the sheet, creating corrugations or fold shoots. The troughs of the folds host steeply- plunging high-grade gold mineralisation while the ridges between host lower-grade gold mineralisation.

“The high-grade Never Never Gold Deposit sits in one of these large corrugation troughs and the new high-grade Pepper discovery appears to be located in an adjacent fold trough with a ridge of lower grade mineralisation in between.

“We have also drilled a number of follow-up holes up-dip from DGRC1432-DT which have intersected the same style of mineralisation and we look forward to those assays.

“The Pepper Gold Prospect sits immediately adjacent to Never Never in an extremely favourable position given that any future exploration drill drive and/or mining access scenarios will likely come from the Gilbey’s Open Pit as a start point and pass right by Pepper on the way to Never Never.

“The potential to add further high-grade ounces in close proximity to planned future infrastructure through discoveries like this is central to our strategy and investment proposition – and demonstrates clearly why we think there is so much more upside in what is turning out to be a truly remarkable gold system at Dalgaranga!”

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