GOLD AND COPPER BREAKTHROUGH AT SPUR PROJECT

Waratah Minerals Strikes High-Grade Mineralisation in Initial Drilling

Waratah Minerals Limited (ASX: WTM) unveiled promising results from its first-ever drilling venture at the Spur Project, nestled in the fertile grounds of the Lachlan Fold Belt, New South Wales. Positioned merely 5km west of the colossal Cadia Valley Project, the Spur Project shares its roots with the renowned Late Ordovician geology of the Molong Belt, part of the expansive Macquarie Arc.

The maiden drilling expedition, covering an impressive span of 1100 meters, has laid bare two distinct mineralised realms: a high-grade epithermal gold vein and a promising porphyry skarn filled with gold and copper.

Notable Discoveries at Spur East: The company’s drill bit encountered a shallow gold-rich skarn at Spur East, showcasing significant assays such as 22 meters grading at 1.92 grams per tonne (g/t) gold from just 11 meters depth, including a high-grade zone of 5 meters at 6.69 g/t gold. This finding hints at a potential cache of shallow gold resources, drawing parallels with the nearby high-yield Cadia Valley gold-copper skarn deposits.

Further drilling unveiled a stratum of K-feldspar-albite-tourmaline porphyry alteration, bearing a striking resemblance to alterations observed in the prominent Ridgeway and Cadia East porphyry gold-copper mines.

High-Grade Epithermal Gold Unearthed: Extensions of epithermal gold mineralisation were identified, presenting impressive intercepts like 44 meters at 1.06 g/t gold, including sections of 5 meters at 4.37 g/t gold and a notable 2.2 meters at 5.42 g/t gold. Another drill hole revealed a lengthy 71.9 meters at 1.23 g/t gold and 0.1% copper, with enriched pockets such as 16 meters at 3.78 g/t gold and a high-grade 1.25 meters at 20.99 g/t gold with 1.86% copper.

Prospects at Spur South: The drilling activities have also enhanced the allure of the Spur South target. Here, a network of stockwork pyritic epithermal gold mineralisation was uncovered, coupled with siliceous alteration, revealing promising results including 10 meters at 2.40 g/t gold and a high-grade meter at 22 g/t gold.

Encouraged by these initial findings, Waratah Minerals is gearing up to expand its drilling program, with RC drilling slated to commence in late April 2024, aiming to further delineate and understand the extent of these mineralised zones.

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