Waratah Minerals (ASX:WTM) has delivered robust drilling results from its Consols Zone at the Spur Project, extending high-grade gold mineralisation across multiple directions and depths. Notable intercepts include a 144m run at 1.49 g/t Au, underpinning the project's district-scale potential.
- 144m at 1.49 g/t Au including 7.77 g/t high-grade core
- Mineralisation extended over 400m east-west and 600m vertically
- SPD051 and SPD052 drill holes expand known zones west and east
- Ongoing 80,000m drilling program across multiple targets
- Spur Project confirmed as a district-scale gold system
Robust High-Grade Intercepts Redefine Consols Zone Scale
Waratah Minerals (ASX:WTM) has unveiled a fresh tranche of drilling results from its Consols Zone at the Spur Project in New South Wales, reinforcing the site’s emergence as a district-scale gold system. The standout intercept comes from drill hole SPD048, which returned a staggering 144 metres at 1.49 grams per tonne (g/t) gold starting from 482 metres depth, including a high-grade core of 7 metres at 7.77 g/t Au. This marks the project’s third +200 gram-metre intercept, a significant milestone validating the extensive scale of mineralisation.
SPD048’s intercept sits 50 metres above a previous mineralised zone in SPD009, offering crucial grade continuity data that will feed into future resource estimations. Meanwhile, SPD051 and SPD052 have pushed the boundaries of mineralisation 130 metres west and 60 metres east respectively, with SPD051 also extending mineralisation 110 metres northwest of a prior hole. These expansions enlarge the known mineralised envelope to over 400 metres east-west, 500 metres north-south, and more than 600 metres vertically, underscoring the deposit’s impressive three-dimensional footprint.
Multiple Zones Show Consistent High-Grade Gold
Additional drill holes such as SPD056 and SPD047 continue to fill gaps in the mineralisation model. SPD056, targeting a 220-metre drilling gap, intersected broad zones of low to moderate-grade gold with higher-grade shoots, including 26.5 metres at 1.89 g/t Au from 237 metres. SPD047, the northernmost hole, brought mineralisation closer to surface with 25 metres at 0.43 g/t Au, and is slated for extension to further delineate the zone.
The mineralisation style is consistent with epithermal-porphyry systems, featuring potassic alteration and sulphide stringers including pyrite and chalcopyrite. Waratah’s Managing Director Peter Duerden highlighted the significance of these results, noting they materially advance the understanding of the Consols Zone and support the view that significant upside remains unaccounted for in the current inventory.
Drilling Momentum Across Spur Project Targets
The 80,000-metre growth and extensional drilling program remains in full swing, with rigs actively turning not only at Consols but also at nearby Spur, Ironclad, and Gazzards prospects. This aggressive campaign aims to unlock the broader 6-kilometre priority target zone along the margin of the Cargo Intrusive Complex, a region known for hosting Australia’s premier gold-copper porphyry deposits.
Waratah’s acquisition of the Ironclad Mining Lease earlier in July adds a historically significant gold asset to the portfolio, complementing the ongoing drilling at Consols and other targets. The company’s systematic approach, including diamond drilling and photon assay technology, is designed to deliver high-quality data to underpin a maiden resource estimate targeted for early 2027.
Early Stage but Promising Exploration Outlook
While these results are compelling, Waratah cautions that the project remains at an early exploration stage with no formal mineral resource yet declared. The true widths of mineralisation are approximated to be over 80% of downhole intercepts, but further drilling is needed to refine geological models and resource parameters. The company’s methodical sampling and QAQC protocols, including photon assay techniques, aim to capture robust gold quantification even in the presence of coarse gold.
Waratah’s Spur Project is situated in the East Lachlan region, a hotbed for epithermal-porphyry gold-copper systems, with tenure also held in western Victoria’s Stavely-Stawell Gold Project. The ongoing results from Consols and surrounding prospects will be critical in shaping the project’s future development trajectory.
Bottom Line?
Waratah Minerals’ latest drilling at Consols significantly expands high-grade gold zones, but the project’s early stage means investors should watch closely for upcoming resource estimates and further assay results.
Questions in the middle?
- How will ongoing drilling refine the resource model and impact project economics?
- Can Waratah sustain the current drilling momentum across multiple targets simultaneously?
- What are the implications of the high-grade shoots for potential mining methods and recoveries?