Waratah Minerals has reported significant extensions of high-grade gold mineralisation at its Spur Gold-Copper Project, alongside promising porphyry copper-gold intersections at Breccia West. The company also secured $8.4 million in new equity to accelerate drilling activities.
- High-grade gold mineralisation extended 100m downdip at Spur Zone
- Notable drill intercepts include 74m @ 1.34 g/t Au and 77m @ 1.31 g/t Au
- Porphyry copper-gold mineralisation confirmed at Breccia West with strong magnetite association
- Successful $8.4 million equity raising to fund accelerated exploration
- Full renewal of Spur Project exploration licence secured through 2031
Strong Drilling Results at Spur Gold-Copper Project
Waratah Minerals (ASX, WTM) has delivered a robust quarterly update for the period ending 30 June 2025, highlighting substantial progress at its flagship Spur Gold-Copper Project in New South Wales. The company’s ongoing reverse circulation and diamond drilling programs have successfully extended high-grade epithermal gold mineralisation along the Spur Gold Corridor, a key target zone spanning over one kilometre.
Noteworthy drill results include a 74-metre intercept grading 1.34 grams per tonne gold from 310 metres depth, and a 77-metre intercept at 1.31 grams per tonne gold, both confirming continuity of mineralisation at depth. These results suggest the Spur Zone remains open for further expansion, with mineralisation extended 100 metres downdip in recent drilling.
Porphyry Copper-Gold Potential at Breccia West
Beyond gold, Waratah has intersected encouraging porphyry copper-gold mineralisation at the Breccia West target, located on the western margin of the main intrusive complex. Diamond drilling has revealed zones of potassic alteration and magnetite veining, hallmarks of a dynamic hydrothermal system. One drill hole returned 197 metres at 0.54% copper equivalent, including higher-grade intervals exceeding 1% copper equivalent, underscoring the prospectivity of this target.
The strong association of magnetite alteration with mineralisation has led Waratah to upgrade a nearby magnetic anomaly as a high-priority follow-up drill target, with a third rig mobilised to accelerate exploration efforts.
Financial and Corporate Developments
To support its ambitious drilling program, Waratah successfully completed an equity raising of approximately $8.4 million at $0.275 per share, providing a solid cash position of $7.5 million at quarter-end. This capital injection is set to fast-track resource growth and step-out drilling across the Spur Project.
Additionally, the company secured a full renewal of its Spur Project exploration licence (EL5238) through to February 2031, ensuring tenure security in a highly prospective region adjacent to Newmont’s Cadia Valley, one of Australia’s largest gold-copper districts.
Waratah also appointed PKF Perth as its new auditor, reflecting a strategic review of its external audit arrangements.
Broader Exploration Portfolio
While the Spur Project remains the company’s primary focus, Waratah continues to hold promising exploration licences in Victoria’s Stavely-Stawell Gold Corridor and the Azura Copper Project in Western Australia’s Kimberley region, both areas with significant mineral potential.
With strong drilling results, a healthy balance sheet, and secured tenure, Waratah Minerals is well-positioned to advance its exploration targets and potentially unlock a significant gold-copper resource in the coming quarters.
Bottom Line?
Waratah’s latest drilling success and fresh capital set the stage for a pivotal phase in its Spur Project exploration journey.
Questions in the middle?
- Will upcoming diamond tail assays confirm deeper extensions of gold mineralisation at Spur?
- How might the new porphyry copper-gold targets at Breccia West impact Waratah’s resource potential?
- What exploration milestones will the $8.4 million equity raise enable in the next 12 months?