Highlights

  • Waratah Minerals shares rose 14.55% on 2 February despite a fall in the ASX 200.
  • The stock has gained 350% over the past year and 57.5% in six months.
  • The move followed new high-grade gold drilling results from the Spur Gold Project.

Waratah Minerals Ltd (ASX:WTM) continued to trade in positive territory on Monday, extending gains in a stock that has risen sharply over the past year, even as Australian equities moved lower. The junior gold explorer’s shares advanced more than 14.55% during the session, outperforming the broader market and the materials sector, which recorded the steepest decline among major indices.

The materials sector emerged as the weakest-performing sector of the session, declining 2.55%, underscoring Waratah’s divergence from broader sector trends. Over the past six months, Waratah shares have risen 57.50%, while the stock is up 350% over the past year.

Drilling Results From Spur and Consols Zones

The latest share price movement followed the release of new drilling results from Waratah’s 100 percent-owned Spur Gold Project in New South Wales. The company reported assay results from ongoing diamond drilling across the Consols and Spur zones, with multiple high-grade gold intercepts returned.

At the Consols Zone, partial assays from drill hole SPD015 identified a new shallow zone of gold mineralisation located approximately 40 metres up dip from a previous intercept. The hole returned 42 metres at 2.95 grams per tonne (g/t) gold from 262 metres, including 16 metres at 7.48 g/t gold and 12 metres at 9.73 g/t gold. Additional mineralisation was recorded at depth, including 35 metres at 1.75 g/t gold from 452 metres.

Further drilling at Consols returned intercepts from hole SPD011, including 40 metres at 1.16 g/t gold from 766 metres, with higher-grade sections such as 8 metres at 4.51 g/t gold.

High-Grade Intercepts Extend Spur Zone

At the Spur Zone, complete assay results from five diamond drill holes indicated expansion of high-grade shoots. Drill hole SPD021 returned 6 metres at 24.56 g/t gold from 329 metres, including a 1-metre interval grading 146 g/t gold. Additional intercepts included 9 metres at 5.52 g/t gold from 142 metres.

Other results included SPD020 returning 32.7 metres at 2.61 g/t gold from near surface, with higher-grade intervals of 10.9 metres at 6.83 g/t gold. Multiple gold-bearing intersections were also reported from drill holes SPD016 and SPD017.

Ongoing Drilling Program Continues

Waratah confirmed that seven drill rigs are currently active at the Spur Gold Project, with five rigs focused on extending mineralisation at the Consols Zone and two operating at the Spur Zone. The program is targeting resource growth and additional discoveries beyond previously identified mineralised areas.