Waratah Minerals Extends High-Grade Gold Zones and Secures Ironclad Lease

Aggressive Drilling Uncovers Extended High-Grade Gold

Waratah Minerals (ASX:WTM) pushed forward an ambitious 80,000-metre drilling campaign at its Spur Gold Project in New South Wales during the March 2026 quarter, deploying 10 rigs that completed nearly 15,000 metres across 26 holes. The drilling program has delivered assays confirming significant shallow gold mineralisation, notably extending the known high-grade zones at both the Consols and Spur areas. At Consols, seven holes totalling over 7,500 metres expanded mineralisation east, west, and southwest, while infill and extensional drilling at Spur reinforced the continuity of broad shallow gold zones peppered with multiple higher-grade shoots.

This momentum builds on prior results, with standout intercepts such as SPD025 returning multiple +100 gram-metre intervals and extending mineralisation 75 metres west of previous drilling. The program’s systematic approach aims to delineate mineralisation to depths of 400 metres and capture high-grade plunging shoots, critical for future resource estimation and mine planning. These developments confirm the project’s potential to rapidly add ounces and grow its resource base, a narrative supported by the presence of sheeted quartz-sulphide veins and strong potassic alteration at Consols that hint at substantial upside.

Notably, the drilling results align with earlier findings reported in the company’s extended high-grade gold zones, where assays demonstrated both breadth and grade improvements, underscoring the robustness of the mineral system.

Strategic Acquisition Consolidates District-Scale Position

Waratah further fortified its landholding by securing exclusive rights to acquire 100% of the Ironclad Mining Lease (GL5828) for A$1 million. This historic mine, located just 1.4 kilometres from the Spur and Consols discoveries, was once the largest in the Cargo Gold Field, with documented production of 172 kilograms of gold at grades between 30g/t and 61g/t, alongside copper output. Despite its rich history, much of Ironclad remains under-explored, especially below the shallow oxide targets investigated in the mid-1990s.

The acquisition effectively consolidates a district-scale tenure position within one of Australia’s most prolific gold-copper terranes, providing compelling walk-up drill targets that could feed into Waratah’s expanding Spur system. This move was foreshadowed in the company’s earlier announcement of the Ironclad Mining Lease acquisition, which highlighted the strategic value of uniting these contiguous assets to unlock further exploration potential.

Metallurgical Testing Indicates Efficient Gold Recovery

Complementing the drilling progress, early-stage geometallurgical test work on Spur Zone samples revealed gold recoveries exceeding 90% through a combination of gravity and conventional cyanide leaching. The presence of coarse free-milling gold grains, confirmed by micro-XRF scanning, suggests a straightforward processing pathway that could reduce capital and operating costs in future development scenarios.

These findings echo previous metallurgical results reported by Waratah, where gravity recoveries averaged 33.6% and leaching efficiencies ranged between 51% and 74%, reinforcing the project’s economic promise. The company plans to expand this work with further micro-XRF analyses and metallurgical flow sheet design, aiming to refine recovery models and optimise processing strategies, as detailed in the gold recovery results at Spur Zone.

Financial Position Supports Continued Exploration

Waratah entered the quarter with a strong cash balance of $22.4 million, underpinning its aggressive exploration agenda. The company spent $5 million on exploration and evaluation activities during the period, reflecting the scale of its drilling and acquisition efforts. No mining production or development activities were reported, consistent with the company’s focus on resource growth and project definition at this stage.

With an estimated four quarters of funding available based on current expenditure rates, Waratah is positioned to maintain its drilling momentum and advance its strategic objectives in the East Lachlan region. The company’s disciplined capital management and targeted exploration could be pivotal as it seeks to convert promising drill results into a defined resource.