Waratah Declares Maiden 3.1 Moz Au Resource at Spur

Waratah Minerals (ASX:WTM) declared a maiden Mineral Resource Estimate and an initial Exploration Target for the Spur Project in New South Wales, setting the baseline for a drilling programme aimed at a 5 Moz Mineral Resource update.

The maiden MRE, prepared by SGC (Spiers Geological Consultants) under the JORC Code (2012 Edition), is 82.9 Mt at 1.2 g/t Au for 3.1 Moz across the Spur and Consols zones. It comprises 21,600 kt at 1.18 g/t Au for 820koz Indicated and 61,300 kt at 1.1 g/t Au for 2,260koz Inferred. It is reported at a 0.5 g/t Au cut-off above 150 m RL and 1 g/t Au below, from 175 drill holes for 72,890 m, and covers approximately 2 km of the 6 km Spur Gold Corridor. The Exploration Target, which excludes the MRE, is 287 to 350 Mt at 0.6 to 0.9 g/t Au for 5.1 to 10.4 Moz Au. Waratah plans approximately 50,000 m of drilling over the next six months, with twelve diamond drill rigs operating and 353 drill holes permitted, and targets a 5 Moz Mineral Resource update.

The potential quantity and grade of the Exploration Target are conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in one. No metallurgical assumptions have been applied to the MRE, no pit or underground optimisations have been completed, and a larger metallurgical test work programme is expected to be finalised in Q1, 2027.