DRILLING EXPANDS SPUR AND CONSOLS GOLD SYSTEMS

Higher-grade hits and step-out success point to growing footprint at Spur Gold Project

Waratah Minerals Limited (ASX:WTM) has reported further strong drill results from its 100%-owned Spur Gold Project (EL5238) in New South Wales, with new assays extending mineralisation at both the Consols and Spur zones.

The latest results are from six diamond drill holes and form part of an ongoing campaign targeting rapid growth outside known mineralised areas. Seven drill rigs are currently active on site, with two at the Spur Zone and five focused on extending wide and higher-grade intercepts at the newly discovered Consols Zone.

Consols Zone: Extension drilling delivers higher-grade zones

Assays from hole SPD019 have confirmed four higher-grade zones within a broad mineralised envelope, located around 80 metres east of previous drilling. Key results include:

• 74m @ 1.6g/t Au from 453m (SPD019)
  • including 27m @ 2.35g/t Au from 475m
  • including 5.4m @ 8.46g/t Au from 513.6m
  • and 18.15m @ 2.9g/t Au from 597.85m
  • and 12m @ 3.25g/t Au from 892m
  • including 9m @ 4.2g/t Au from 895m

Hole SPD014 extended shallow higher-grade mineralisation 150 metres to the southwest of SPRCD062, returning:

• 38.4m @ 1.41g/t Au from 237m (SPD014)
  • including 9m @ 2.39g/t Au from 239m
  • and 18m @ 1.55g/t Au from 255m

Spur Zone: Broader and higher-grade mineralisation than expected

In the eastern zone of Spur, hole SPD018 intersected a broader zone of higher-grade mineralisation than anticipated:

• 9m @ 2.32g/t Au from 45m (SPD018)
  • and 7m @ 3.53g/t Au from 158m

Hole SPD022 returned mineralisation in line with or better than surrounding drilling:

• 11m @ 3.02g/t Au from 59m (SPD022)
  • and 8.26m @ 3.42g/t Au from 150.74m

At the central Spur zone, SPD026 intersected higher-grade mineralisation at the eastern extent of current drilling coverage, including:

• 227m @ 0.62g/t Au from 136m (SPD026)
  • and 36.35m @ 2.32g/t Au from 447.35m
  • including 1.65m @ 45.27g/t Au from 447.35m

Waratah said the drilling program continues to demonstrate the scale and continuity of gold mineralisation across both zones, with step-out success at Consols and expanding envelopes at Spur.

Waratah Managing Director, Peter Duerden, said:

Results continue to impress from Spur and Consols where drilling is testing multiple exploration fronts and demonstrating a rapidly growing gold system. Strong step out results at Consols have extended mineralisation at shallow levels and another 80m eastwards. Results from Spur have also extended known mineralisation especially at the eastern extents with 36.35m @ 2.32g/t Au from 447.35m returned from SPD026.

These consistent results across multiple drillholes confirm our interpretation that the Spur Project hosts a major gold system with similarities to other world-class gold deposits in the region and globally

Read the full announcement.