Warriedar’s Antimony Breakthrough at Ricciardo Raises Production and Market Risks

Ricciardo's Antimony Potential Unveiled

Warriedar Resources Limited (ASX: WA8) has unveiled promising metallurgical test results from its Ricciardo deposit, part of the Golden Range Project in Western Australia. Following initial flotation tests that yielded a 38.5% antimony (Sb) concentrate grade, subsequent detailed bench flotation work has pushed this figure to an impressive 49% Sb, maintaining a robust recovery rate of 81%. This marks a substantial step forward in the company’s efforts to unlock the value of antimony alongside its established gold resources.

The Ricciardo deposit, historically known for its gold endowment with a November 2024 Mineral Resource Estimate (MRE) of 16.4 million tonnes at 1.8 g/t Au for 947.5 koz gold, has only recently been assessed for antimony. Diamond drilling in 2024 revealed high-grade antimony intervals, including a standout 1.9m at 28.5% Sb, prompting a comprehensive review and renewed focus on this critical mineral.

Metallurgical Advances and Processing Synergies

The detailed bench flotation tests employed a refined flowsheet incorporating an additional cleaning stage, which enhanced the concentrate grade without significantly compromising recovery. The resulting 49% Sb concentrate grade is comparable to that of Costerfield, Australia’s only operating antimony mine, suggesting Ricciardo’s potential to produce a marketable product of competitive quality.

Importantly, the antimony mineralisation appears to be spatially discrete from the higher-grade gold zones, offering the possibility of separate processing streams. Warriedar anticipates leveraging the same flotation plant planned for gold mineralisation at Golden Range to also treat antimony ore, potentially streamlining capital expenditure and operational complexity.

Resource Expansion and Future Work

Warriedar has collected and dispatched 4172 historical drill pulps from 88 holes for multi-element assaying, aiming to fast-track a maiden antimony Mineral Resource Estimate by late Q1 2025. This effort underscores the company’s commitment to delineating the antimony resource’s scale and grade, which remains open at depth and along strike.

Further metallurgical testing is planned to optimise flotation processes and evaluate samples from other parts of Ricciardo and newly discovered antimony mineralisation within the Golden Corridor. While gold remains the primary economic driver, the emerging antimony opportunity aligns with global critical minerals demand and supply constraints, potentially adding significant value to the project’s economics.

Strategic Implications

Warriedar’s Managing Director Amanda Buckingham emphasised the parallel pursuit of antimony and gold opportunities, highlighting the strategic balance between expanding resource inventory and maintaining core focus on gold drilling. The company’s ability to produce a high-grade antimony concentrate with attractive recovery rates could position it favourably within the critical minerals sector, enhancing its market profile and diversification.

With zero debt and a cash position of A$6.2 million as of September 2024, Warriedar is well-placed to advance its exploration and metallurgical programs. The upcoming maiden antimony resource estimate will be a key milestone, potentially reshaping the valuation narrative for the Ricciardo deposit and the broader Golden Range Project.