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Gold Companies Make Tasty Treats

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THE CONFERENCE CALLER: With the cannibalistic nature of Western Australian gold companies on show as they gobble up their contemporaries, watching them consider what could be next on the menu is fascinating.

Nobody loves gold more than those who explore, mine and produce it.

That love runs deep and was clearly on display at the Diggers & Dealers Mining Forum in Kalgoorlie this week.

On Day One of the conference attendees were treated to a public display of affection (PDA) by Ramelius Resources (ASX: RMS) director Mark Zeptner and recently appointed non-executive director and deputy chair Simon Lawson following Ramelius’ acquisition of Spartan Resources, of which Lawson was executive chairman.

The two men have enjoyed an antagonistic yet friendly rivalry over the journey, however, there was plenty of bonhomie on show for the punters in the auditorium of the Kalgoorlie Arts Centre.

“There’s lots of similarities in terms of structure,” Lawson said while indicating how the multiple Ramelius deposits in the Mt Magnet area, including the high-grade Break of Day deposit offer a healthy amount of exploration potential.

Ramelius may have snared what many market watchers consider being the biggest golden goose flying around, but this has not stopped others in the sector looking over their back fences for growth opportunities.

Capricorn Metals (ASX: CMM) is one that comes to mind.

Capricorn chief development officer Shane Clark informed the conference’s Day Two audience of that company’s recent acquisitional activities that he asserted would result in the company becoming a gold producer of some note.

The company’s Karlawinda gold project boasts a 1.4 million ounces of gold reserve, from which it has produced in four years since commencement 468,000 ounces of gold at All In Sustaining Costs of $1,311 per ounce raking in $622 million.

The mine is currently being expanded to be able to produce 150,000 ounces per annum.

The Mt Gibson gold project in the Mid-West region of WA was acquired in July 2021 and is a development project Clark described the company’s jewel in the crown.

Capricorn made the crown heavier by recently announcing its intentions to acquire Warriedar Resources (ASX: WA8), owner of the Golden Range Project (GRP), including the Ricciardo gold-antimony deposit and the Fields Find gold project.

“We believe Capricorn acquiring Warriedar is a strategic and logical consolidation of Western Australian south Murchison gold projects,” Clark told delegates.

Clark said the deal provided Capricorn with exposure to the Golden Range project’s value, “plus further derisking future funding and development requirements.”

“Capricorn has the operational experience and expertise to integrate the Golden Range project into the Mt Gibson Hub,” he continued.

He said the company aims to, “Develop an enhanced project to maximise value for all stakeholders.”

At a media presser following Zeptner’s and Lawson’s Day One presentation, the former admitted Ramelius could now very well be a potential takeover target for predators due mainly to the scenario of Mt Magnet becoming a long-life, 350,000 ounces per annum producer and the company’s stated ambition to become a 500,000 ounces per annum producer by 2030.

Capricorn is cashed up and has demonstrated a bent for Murchison acquisitions. Could Mt Magnet complement Mt Gibson? A meal of Ramelius with lima beans and a nice chianti sounds nice.

 

 

Companies Presenting at 2025 RIU Explorers Conference Already Have News to Report

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THE CONFERENCE CALLER: Companies presenting at the upcoming 2025 RIU Explorers Conference have been busy in the lead up to the event.

Here’s a brief sample of what has been happening across the sector thus far this year.

 

 

 

Coda Minerals to Commence High-Impact Drilling at Elizabeth Creek

Coda Minerals (ASX: COD) is on the march in readiness for a high-impact exploration drilling program at the company’s 100 per cent-owned Elizabeth Creek copper-cobalt project (ECCCP) in South Australia.

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Dreadnought Resources Consolidates Mangaroon Tenement Holdings

Dreadnought Resources (ASX: DRE) continues to expand its Mangaroon project in Western Australia.

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Spartan Resources Kicks Off NY with Major Dalgaranga Drilling Program

Spartan Resources (ASX: SPR) has kicked off 2025 in style with a raft of activity at the company’s 100 per cent-owned Dalgaranga gold project (DGP), located in the Murchison region of Western Australia.

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Caspin Resources to Commence Bygoo Tin Project Drilling

THE DRILL SERGEANT: Caspin Resources (ASX: CPN) is set to commence its first drilling campaign at the company’s recently acquired, 100 per cent-owned Bygoo tin project in New South Wales.

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Galan Lithium Increases Candelas Mineral Resources

Galan Lithium (ASX: GLN) announced a material increase in the JORC (2012) Mineral Resource Estimate (MRE) for the company’s 100 per cent-owned Candelas project in the Catamarca Province of Argentina.

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New World Resources Identifies Gold-Rich Alteration Zone at Antler Deposit

New World Resources (ASX: NWC) reported identifying additional gold mineralisation at the y’s Antler Copper project in Arizona, USA.

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Warriedar Resources Drills High-Grade Gold Across Multiple Shears

Warriedar Resources (ASX: WA8) has identified a new gold zone within the company’s Golden Range project in Western Australia.

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Spartan Resources Kicks Off NY with Major Dalgaranga Drilling Program

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THE DRILL SERGEANT: Spartan Resources (ASX: SPR) has kicked off 2025 in style with a raft of activity at the company’s 100 per cent-owned Dalgaranga gold project (DGP), located in the Murchison region of Western Australia.

Spartan Resources informed the market this week it has exploration and drilling operations, underground development and other activities underway at Dalgaranga.

The company has recommenced surface drilling utilising two diamond drilling rigs operating initially at the recently discovered Freak prospect and the Sly Fox gold deposit, with the aim of delivering further resource growth and converting Inferred Resources to Indicated.

Other near-mine targets to have been prioritised include immediately north of Never Never and south of Freak as part of a 20,000m surface drilling campaign scheduled for the first half of CY2025.

“After wrapping up 2024 with a landmark resource upgrade and $220 million capital raising, Spartan enters the New Year with significant momentum and activity levels quickly moving up a gear,” Spartan Resources executive chair Simon Lawson said in the company’s ASX announcement.

“After a well-deserved break, the exploration team has hit the ground running with surface drilling already underway and our recently appointed underground drilling contractor, AUD, on track to start underground drilling operations next month.

“With at least 85,000m of drilling budgeted – 65,000m of underground drilling and 20,000m of surface drilling through to mid-year – we expect to continue our exceptional track record of delivering further growth in our high-grade resource inventory.

“Our next project-wide MRE update is scheduled for mid-year, with the delivery of the Feasibility Study on the restart of the Dalgaranga Operation expected to follow shortly afterwards.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Spartan Resources Extends High-Grade Pepper Gold Discovery

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THE DRILL SERGEANT: Spartan Resources (ASX: SPR) released new assay results from recent surface drilling targeting the high-grade Pepper gold prospect within the company’s 100 per cent-owned Dalgaranga gold project (DGP) in the Murchison region of Western Australia.

Spartan Resources declared the assays from Pepper prospect, sitting adjacent to the 0.95 million ounce Never Never gold deposit, demonstrate increasing ounces per vertical metre potential.

The company said the latest drilling intercepts had expanded the high-grade Pepper discovery, including:

DGDH070
14.73 metres at 11.42 grams per tonne gold from 553.73m down-hole, including 4.37m at 36.8g/t gold.

This intercept was located approximately midway (~50m north) of the initial previously announced Pepper discovery hole DGRC1432-DT, which returned 17.52m at 15.86g/t gold.

DGDH069-W1
17.67m at 6.58g/t gold from 561.85m down-hole, including 7.53m at 11.93g/t gold.

This intercept was located down-dip of another previously announced Pepper discovery hole, midway between DGRC1432- DT and DGDH069, which returned 11.28m at 5.94g/t gold.

“Our focus on drilling, closing the gaps and achieving significant outcomes in front of our established infrastructure continues to deliver in spades with our ongoing drilling success at the recently discovered Pepper gold prospect,” Spartan Resources managing director and CEO Simon Lawson said in the company’s ASX announcement.

“Pepper is located less than 100 metres south of the high-grade 0.95 million ounce Never Never gold deposit and we couldn’t be happier to see the rapid emergence of another substantial high-grade body of mineralisation next to our flagship deposit with each new drill result.

“We are very confident that Pepper will become a standalone gold deposit and, to ensure that outcome, we will be completing a maiden Mineral Resource Estimate for this exciting prospect as part of our foreshadowed mid-year MRE update for Dalgaranga.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Spartan Resources Claims New High-Grade Gold Discovery

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THE DRILL SERGEANT: Spartan Resources (ASX: SPR) has claimed discovery of a new high-grade gold lode at the company’s 100 per cent-owned Dalgaranga gold project in the Murchison region of Western Australia.

Spartan Resources made the discover immediately south of its 952,000 ounces Never Never gold deposit.

The new lode, named the Pepper gold prospect, sits approximately 90 metres south of the previous southernmost intercept at Never Never and all current conceptual underground development designs for future underground drilling and potential extraction of high-grade Never Never gold mineralisation pass by the new high-grade Pepper discovery position.

The company noted the discovery intercept of 17.52m at 15.86 grams per tonne gold, including 9.22m at 27.89g/t gold, comprises typical Never Never-style mineralisation with similar grades and mineralogical characteristics.

“The discovery of the new high-grade Pepper gold prospect, located directly between Never Never and Four Pillars, is yet another game-changer for the Dalgaranga gold project,” Spartan Resources managing director and CEO Simon Lawson said in the company’s ASX announcement.

“The core from the discovery hole DGRC1432-DT shows the same thick, heavily-altered volcaniclastic host-rock, orientation and mineralisation style as Never Never and the gold grades are consistent across the entire intercept and of an impressive tenor, to this point only seen elsewhere at Never Never.

“Think of fold shoots as linear folds like those on a corrugated iron roofing sheet.

“The sheet represents the north-striking steeply west-dipping volcaniclastic rock package at Dalgaranga.

“East-west shears regularly cross-cut the sheet, creating corrugations or fold shoots.

“The troughs of the folds host steeply plunging high-grade gold mineralisation while the ridges between host lower-grade gold mine.”

Spartan has drilled several follow-up holes up-dip from DGRC1432-DT which have intersected the same style of mineralisation, from which it awaits assays.

“The potential to add further high-grade ounces in close proximity to planned future infrastructure through discoveries like this is central to our strategy and investment proposition – and demonstrates clearly why we think there is so much more upside in what is turning out to be a truly remarkable gold system at Dalgaranga!” Lawson said.

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Spartan Onto ‘Something Special’ at Never Never

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THE CONFERENCE CALLER: Spartan Resources (ASX: SPR) was feeling the love at the RIU Explorers Conference after announcing visible gold in its deepest hole to date at the Never Never gold deposit in Western Australia. By Kristie Batten

On a down-day for ASX gold stocks, Spartan shares jumped nine per cent.

Drilling hit 20.5 metres of what the company described as “typical” Never Never-style mineralisation, with indicative heavy silicification and biotite-chlorite alteration from 871.5m down-hole.

The core included small specs of visible gold at 878.7m down-hole.

The intercept is located down-plunge and more than 170m below the current Never Never resource of 952,000 ounces at grading 5.74 grams per tonne gold.

Spartan managing director Simon Lawson told RIU delegates the deposit was now the height of the world’s tallest building, the Burj Khalifa in Dubai.

“We’re pretty confident it keeps going,” he said.

“The consistency of this deposit is unlike anything I’ve ever seen in my 20 years of experience.”

Spartan has five drill rigs on site at Never Never ahead of a resource update due mid-year.

Lawson said the company’s focus for 2024 was drilling to de-risk the project.

“I’m not going to apologise for that,” he said.

“We will continue to de-risk the project.”

Spartan is no stranger to risk after having to suspend the Dalgaranga gold plant in 2022, which was processing circa one gram per tonne dirt.

What followed was a difficult recapitalisation in early 2023.

“We didn’t have a lot of friends back then,” Lawson said.

But the struggling company drilled just 600m from the plant and discovered Never Never, which proved to be a game-changer.

“It’s substantial vindication for why we made those tough calls,” Lawson said.

Other new high-grade results reported today included 15m at 6.06g/t gold from 358m, including 3m at 23.65g/t outside the resource at Four Pillars, and 23.8m at 2.44g/t gold from 379m, including 5m at 5.23g/t at Sly Fox.

A new exploration target for the project is due by the end of the month.

Spartan is targeting a reserve estimate of at least 300,000 ounces at more than 4g/t gold, which will put it on the path to achieve its goal of a minimum five-year high-grade mine plan.