Highlights
- Recent drill results from Spur and Consols Zones show multiple significant gold intercepts.
- Expansion to five diamond rigs and PhotonAssay adoption enables faster gold analysis.
- NSW government awarded a AUD 250,000 co-contribution grant supporting drilling programs.
Waratah Minerals Limited (ASX:WTM) has reported new results from ongoing diamond drilling at the Spur Gold Project (EL5238) in New South Wales. Drilling has continued to identify multiple gold mineralisation zones across the Spur and Consols areas.
At the Consols Zone, extensional drillholes SPD009 and SPRCD080w returned significant intercepts:
SPD009: 71m @ 1.65 g/t Au from 582m; 19m @ 1.81 g/t Au from 600m; 25m @ 2.27 g/t Au from 628m; 6.22m @ 5.37 g/t Au from 641.78m; 11.31m @ 2.72 g/t Au from 278m; 9.65m @ 2.60 g/t Au from 299m; 3.65m @ 3.17 g/t Au from 305m; 15m @ 1.9 g/t Au from 1012m.
SPRCD080w: 16.1m @ 1.15 g/t Au from 271.8m; 5.2m @ 1.82 g/t Au from 319.8m; 42m @ 0.79 g/t Au from 574m; 7m @ 3.16 g/t Au from 601m; 4.1m @ 2.06 g/t Au from 656.1m; 9.1m @ 1.84 g/t Au from 808.9m.
These drillholes tested areas both above and below previously reported high-grade intercepts. Mineralisation in SPD009 is reported as coherent with previous holes, while SPRCD080w intersected a flat-lying structure, potentially displacing mineralisation upwards and southwards.
At the Spur Zone, infill drillhole SPD010 returned:
SPD010: 8m @ 1.87 g/t Au from 49m; 26m @ 1.03 g/t Au from 80m; 1m @ 18.7 g/t Au from 81m; 107.4m @ 0.67 g/t Au from 198m; 3m @ 7.4 g/t Au from 259m.
SPD010 targeted mineralisation along strike and up dip from previous intercepts in SPRC023. The shallow zones are hosted in quartz-chlorite altered basalt with pyrite stringers, while deeper zones show albite-hematite alteration in basalt and a high-grade fault zone.
Drilling Expansion and PhotonAssay
Waratah has increased its diamond drilling fleet to five rigs to support ongoing exploration. The company has also implemented PhotonAssay™, a non-destructive gold assay technique using high-energy X-rays and larger sample sizes (500g vs. 50g for traditional fire assays). This method reduces the effect of nuggety gold and allows repeatable measurements.
Government Support
The NSW government has awarded Waratah a AUD 250,000 co-contribution grant to support drilling at the Consols and Breccia West prospects.
Share Performance of WTM
WTM was trading 13.79% lower at AUD 0.500 per share as of 13 November 2025 at the time of writing.
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