Waratah Minerals Unveils Major Spur Gold Corridor Extension with A$30M Boost

Significant Gold Discoveries at Spur Project

Waratah Minerals (ASX – WTM) has delivered a compelling update on its Spur Gold-Copper Project in New South Wales, revealing multiple zones of visible gold mineralisation that have materially extended the known Spur Gold Corridor. The standout result comes from drill hole SPRCD062 at the Consols Zone, which returned an impressive 208.7 metres grading 1.17 grams per tonne gold from 514 metres depth, including higher-grade intervals such as 89 metres at 1.96 g/t and 38 metres at 3.61 g/t. This intercept alone has pushed the Spur Gold Corridor strike length beyond 1.5 kilometres, adding approximately 500 metres to the known footprint.

Additional drilling has extended mineralisation at the Essex and Thistle Zones, with intercepts such as 27 metres at 1.03 g/t and 21 metres at 0.73 g/t respectively, confirming the broader potential of the corridor. Notably, reverse circulation drilling north and south of SPRCD062 (holes SPRC079 and SPRC080) encountered significant gold mineralisation, including high-grade intervals up to 16.21 g/t over 3 metres, reinforcing the continuity of the system.

Strategic Capital Raise to Accelerate Exploration

To capitalise on these encouraging results, Waratah Minerals successfully raised A$30 million through a share placement to institutional and sophisticated investors at A$0.575 per share. The placement is structured in two tranches, with the first tranche completed under existing capacity and the second tranche pending shareholder approval. The proceeds are earmarked for extensional and resource drilling, initial metallurgical test work, and further geochemical and geophysical target definition.

Waratah ended the quarter with a healthy cash position of A$16.1 million and plans to deploy two additional drill rigs in the December quarter to accelerate exploration activities. This increased drilling capacity aims to rapidly expand the resource base and advance the project towards a maiden resource estimate.

Broader Project Portfolio and Outlook

Beyond the Spur Project, Waratah maintains exploration tenure over the Stavely-Stawell Gold Project in Victoria and the Azura Copper Project in Western Australia, both considered highly prospective for gold and copper mineralisation. While the current focus remains on the Spur Gold-Copper Project, these assets add strategic depth to Waratah’s portfolio.

Pending assay results from Screen Fire assays, which will better quantify coarse gold fractions, and ongoing metallurgical testing, the company is well positioned to refine its understanding of the deposit’s grade and mineralogy. The steeply dipping geometry of the Consols mineralised zone suggests that current drill intercepts closely approximate true thickness, enhancing confidence in the resource potential.

Waratah’s latest quarterly report underscores a pivotal phase in its exploration journey, with tangible evidence of a growing gold system and the financial firepower to pursue aggressive drilling campaigns. Investors and analysts will be watching closely as new data emerges and the company advances towards defining a significant gold resource in one of Australia’s premier gold-copper porphyry districts.