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28/11/2024 - 15:49

New gold discovery for Spartan

28/11/2024 - 15:49

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Spartan Resources has capped off an ideal week by announcing it has uncovered a new gold discovery at its flagship Dalgaranga gold project.

New gold discovery for Spartan
Spartan is excited about a third significant gold discovery at Dalgaranga. Photo: Spartan Resources.

Spartan Resources has capped off an ideal week by announcing it has uncovered a new gold discovery at its flagship Dalgaranga gold project.

Earlier this week, Simon Lawson-interim chaired Spartan told the market it had completed all regulatory requirements in relation to developing an underground operation at Dalgaranga, along with upgrading processing equipment at the site.

The gold prospect – dubbed “Freak” – is situated around 110m south of its Pepper gold deposit and is nearby where planned underground mining facilities are being developed.

Spartan said a series of high-grade assays from Freak had been returned – and as a result, three to four diamond drill rigs would remain drilling at the prospect for the remainder of 2024.

“A third gold discovery by our team is another incredible outcome for Spartan and its shareholders and is once again a testament to both the ability of our team and an undeniable endorsement of the endowment of this high-grade gold system,” Mr Lawson said.

“With Juniper decline making steady progress, it won’t be long before we establish underground drilling positions and accelerate the rate and accuracy of resource drilling and underground exploration.

“In the short-term, our focus is on delivering the MRE upgrade next month and continuing an aggressive drill-out program at Freak aimed at advancing and growing this new discovery.”

After producing more than 72,000 ounces of gold throughout the 2022 financial year, gold production at Dalgaranga began to be impacted by a series of factors including COVID-19 and labour-based shortage, along with heavy rainfall.

This resulted in Spartan’s board making the call to put the project on care and maintenance on November 8, 2022.

However things appear to be turning around at Dalgaranga.

In July, the gold miner announced the project’s mineral resource estimate had increased by 47 per cent to 2.48 million ounces, with 56 per cent of the MRE sitting within the higher confidence indicated category.

Keen to maintain momentum and focus, Spartan elected to divest two of its non-core gold assets, Glenburgh and Egerton, to Benz Mining for up to $15.6 million earlier this month.

Spartan closed trade up 6 per cent to $1.41.