Exploration Risks Mount as Waratah Targets Complex Porphyry System at Spur Project

Exploration Momentum Builds at Spur Project

Waratah Minerals (ASX: WTM) has taken a significant step forward in its exploration campaign by commencing diamond drilling at the Breccia West Prospect within its Spur Gold-Copper Project in New South Wales. Located just 5km west of Newmont Corporation's prolific Cadia Valley Project, the Spur Project sits within the highly prospective Molong Belt, part of the broader Lachlan Fold Belt known for hosting world-class mineral deposits.

The initiation of diamond drilling follows the release of recent high-resolution ground magnetic data that has redefined the western margin of the main intrusive complex, unveiling a new priority search space for porphyry-style mineralisation. This geophysical insight has elevated the importance of Breccia West, where historic drilling recorded an intercept of 108 meters grading 0.52% copper and 0.22 grams per tonne gold from surface to the end of the hole.

Dual Drilling Strategy Targets Epithermal and Porphyry Systems

Waratah's current drilling program adopts a dual approach: reverse circulation (RC) drilling continues to probe for extensions of shallow epithermal gold mineralisation along the Dalcoath-Spur-Essex trend, while the diamond rig focuses on testing the porphyry copper-gold-molybdenum potential at Breccia West. This strategy reflects the company's exploration model that posits a genetic link between epithermal sulphide stringers and deeper porphyry systems, a relationship well documented in major deposits across the Macquarie Arc such as Cadia, Cowal, and Boda.

The exploration rationale hinges on targeting the margins of the intrusive complex, where wallrock-hosted epithermal-porphyry mineralisation is often preserved. Waratah's approach is supported by analogous geological settings at nearby large-scale deposits, underscoring the potential for significant discoveries. The presence of albite-rich and skarn porphyry alteration coincident with high-grade epithermal stringers at Spur suggests the mineralisation may represent the outflow zone of a preserved epithermal-porphyry system.

Context Within a Rich Mineral Province

The Spur Project benefits from its proximity to some of Australia's most productive gold-copper mines. The Cadia Valley Project alone boasts over 50 million ounces of gold and 9.5 million tonnes of copper, while nearby Cowal and Boda deposits add further weight to the region's mineral endowment. Waratah's exploration targets are strategically positioned to capitalize on this fertile geological corridor, with the potential to uncover new resources that could complement existing operations.

In addition, the company's exploration extends beyond Spur, with interests in the Stawell Gold Corridor in Victoria and the Azura Project in Western Australia, highlighting a diversified portfolio focused on high-value mineral systems.

Looking Ahead

Waratah's diamond drilling program at Breccia West is expected to deliver critical data on the nature, continuity, and structural controls of mineralisation at depth. Approximately 1,000 meters of oriented diamond core drilling will provide insights that could validate the presence of a significant porphyry system beneath the epithermal gold zones. The outcomes of this program will be pivotal in shaping the next phase of exploration and development at Spur.

While exploration remains conceptual at this stage, the combination of geophysical targeting, historic drilling results, and a proven regional geological model positions Waratah Minerals as a company to watch in the evolving Australian gold-copper landscape.