Breccia West Drilling Yields 196m at 0.54% CuEq Including High-Grade Zones

Exploration Breakthrough at Breccia West

Waratah Minerals Limited (ASX: WTM) has announced encouraging results from its maiden diamond drilling program at the Breccia West prospect, part of the Spur Gold-Copper Project in New South Wales. The drilling intersected significant porphyry copper-gold mineralisation associated with potassic altered magmatic-hydrothermal breccia, with drillhole BZD001 delivering multiple wide intercepts including 196 metres at 0.54% copper equivalent (CuEq) from near surface.

These intercepts incorporate higher-grade zones such as 84 metres at 0.62% CuEq and a standout 12 metres at 1.03% CuEq, highlighting the potential scale and grade of the mineralised system. The results validate Waratah’s exploration model that links the extensive epithermal gold mineralisation at the Spur Gold Corridor with an underlying porphyry system.

Magnetite Alteration Defines New Drill Targets

Drillhole BZD002 identified a separate zone of porphyry mineralisation hosted within basaltic volcanics, strongly associated with magnetite-rich potassic alteration. This discovery has upgraded the significance of a nearby magnetic anomaly, which now forms a high-priority ‘porphyry-core’ drill target. Waratah plans to test this target in upcoming drilling campaigns alongside ongoing work at the Spur Gold Corridor.

The strong magnetite association is particularly noteworthy as it mirrors alteration styles seen in major porphyry deposits, such as the Ridgeway deposit at Newmont’s Cadia Valley Project, located just 5 kilometres east. The geological and mineralogical similarities bolster confidence in the prospectivity of Waratah’s tenure within the Lachlan Fold Belt.

Extending the Spur Gold Corridor

Alongside porphyry-focused drilling, Waratah continues to advance its understanding of the large epithermal gold system at the Spur Gold Corridor. Recent reverse circulation (RC) drilling has confirmed extensions to gold mineralisation, with intercepts such as 74 metres at 1.34 g/t gold and 77 metres at 0.80 g/t gold, including higher-grade intervals. These results support a structurally controlled, steeply plunging mineralised zone, which remains open for further expansion.

The company has extended its RC drilling program by 40 additional holes, aiming to delineate the full extent of the epithermal system and its potential connection to the underlying porphyry mineralisation. This integrated approach enhances the potential for a significant discovery that could underpin future resource development.

Context Within a Premier Gold-Copper District

The Spur Project is strategically located within the East Lachlan region, Australia’s premier gold-copper porphyry district. The proximity to Newmont’s Cadia Valley, one of the world’s largest gold-copper mines, underscores the geological potential of Waratah’s exploration ground. The company’s recent drilling results at Breccia West and the Spur Gold Corridor demonstrate compelling similarities to the mineralisation styles and alteration assemblages that characterize major deposits in the region.

Waratah’s Managing Director, Peter Duerden, emphasised the significance of the findings, stating that the results strongly validate the company’s exploration strategy and highlight a compelling follow-up drill target defined by magnetite alteration and a magnetic anomaly.

Next Steps and Market Implications

Waratah plans to focus upcoming drilling on the newly defined porphyry-core target at Breccia West, alongside continued RC and diamond drilling to expand the Spur Gold Corridor mineralisation. Assay results for some drill holes are pending, expected in late May 2025, which will provide further clarity on the grades and extent of mineralisation.

These developments position Waratah Minerals as a company to watch in the gold-copper exploration space, with the potential to unlock a significant new porphyry-epithermal system in a world-class mining district.