Waratah Minerals reports robust drilling results at its Spur gold project and launches an ambitious 80,000-metre drilling campaign in 2026, backed by a solid $28.6 million cash position.
- Multiple high-grade gold intercepts extend Spur and Consols Zones
- 2026 drilling program targets shallow and deep mineralisation with seven rigs active
- Board restructure and new company secretary appointed to support growth
- Second tranche of $30 million placement completed, raising $18.3 million
- Regional exploration continues; Azura Project sold during the quarter
Strong Drilling Momentum at Spur Project
Waratah Minerals (ASX – WTM) has delivered another quarter of encouraging exploration results at its 100% owned Spur gold project in New South Wales. The December 2025 quarter saw multiple high-grade gold intercepts that both extend and infill known mineralisation zones, notably at the Spur and Consols Zones. Highlights include intercepts such as 7 metres at 6.5 grams per tonne gold from 287 metres and a remarkable 71 metres at 1.65 grams per tonne from 582 metres, underscoring the project's potential scale and grade.
The company’s Managing Director, Peter Duerden, emphasised the high operational tempo with seven drill rigs currently active, reflecting Waratah’s commitment to rapidly delineate the system’s size and quality. The drilling program is systematically targeting both near-surface and deeper high-grade zones, aiming to unlock significant resource growth.
Ambitious 2026 Drilling Campaign
Building on the momentum, Waratah has announced an aggressive 80,000-metre drilling program for 2026. This campaign is split evenly between the Spur Zone and the Consols Zone, with approximately 40,000 metres planned for each. The strategy focuses on expanding shallow mineralisation at Spur and aggressively extending high-grade lenses at Consols, where recent drilling has revealed multiple wide, high-grade gold zones associated with quartz-sulphide veins and potassic alteration.
This large-scale effort aims to significantly increase the known mineralisation footprint and provide the geological data necessary for future resource estimation and development planning.
Corporate Developments to Support Growth
Alongside exploration progress, Waratah has restructured its board and management team to better support the transition from exploration to development. Dr. Andrew Stewart has moved to Executive Chair to work closely with Managing Director Duerden, while MUFG Corporate Governance Pty Ltd has been appointed to provide comprehensive governance and company secretarial services. Bill Hundy has been named Company Secretary, tasked with overseeing ASX compliance and communication.
Financially, the company remains well-capitalised with $28.6 million in cash and listed investments as of 31 December 2025. This follows the completion of the second tranche of a $30 million placement, which raised approximately $18.3 million. The proceeds are earmarked for ongoing drilling, metallurgical test work, geochemical and geophysical targeting, and general working capital.
Regional Exploration and Portfolio Streamlining
Waratah continues to advance regional exploration with soil sampling and geophysical surveys designed to identify new drill targets across the district, aiming to tap into the multi-million-ounce potential of the region. Reverse circulation drilling is planned at high-priority targets such as Alpine and Gazzard’s.
Meanwhile, the company has divested its Azura Project in Western Australia, focusing its efforts on the more advanced Spur and Stavely-Stawell projects, the latter located in Victoria and considered prospective given its proximity to the Stawell Gold Mine.
Looking Ahead
Waratah Minerals is positioning itself for a pivotal year in 2026, with a clear strategy to convert exploration success into tangible resource growth and commercial value. The combination of strong drilling results, a robust funding position, and a refreshed leadership team sets the stage for potential breakthroughs in one of Australia’s premier gold-copper provinces.
Bottom Line?
Waratah’s aggressive drilling and corporate overhaul set the stage for a transformative 2026 at Spur.
Questions in the middle?
- How will the upcoming 80,000-metre drilling program translate into updated resource estimates?
- What metallurgical characteristics will the initial test work reveal about the Spur mineralisation?
- Can the new board structure accelerate the project’s progression toward development?