Waratah Minerals Hits 13.23g/t Gold Just 44m Down at Newly Discovered Shallow Zone
Step-out hole extends Consols and uncovers new shallow high-grade gold zone
Waratah Minerals has reported drill hole SPD074 extended the Consols Gold Zone approximately 75m east and down-plunge while identifying a previously unrecognised zone of shallow high-grade gold from just 44m downhole. The result forms part of the company’s ongoing 80,000m growth and extensional drilling program at the Spur Project, New South Wales.
SPD074 intersected 12.7m @ 1.35g/t Au from 44m, including 5.0m @ 3.24g/t Au (and 1m @ 13.23g/t Au). The shallow zone represents a previously unidentified parallel lode that provides an immediate near-surface follow-up target. Near-surface ounces are typically cheaper to define and potentially mine, which tells you the shallow discovery creates a new exploration front distinct from the deeper system.
SPD074 delivers multiple deep high-grade hits across six lodes
SPD074 drilled through six discrete lodes, intersecting both broad mineralised zones and high-grade spikes. The deepest mineralisation extended across 185m @ 0.94g/t Au from 646m, demonstrating the vertical and lateral continuity of the system. The hole remains open at depth and along strike, which tells you the growth runway is far from defined.
Key deeper intercepts:
- 21.0m @ 1.45g/t Au from 489m, inc. 10.67m @ 2.50g/t Au
- 23.5m @ 2.12g/t Au from 563m, inc. 9.82m @ 3.46g/t Au (and 2.85m @ 10.99g/t Au)
- 185m @ 0.94g/t Au from 646m, inc. 20.0m @ 2.33g/t Au from 760m
- 74.9m @ 0.98g/t Au from 845.1m, inc. 28.0m @ 1.51g/t Au and 3.0m @ 6.41g/t Au
| Hole ID | Zone | Intercept | Grade (g/t Au) | Notable Included Interval |
|---|---|---|---|---|
| SPD074 | Consols | 12.7m @ 44m | 1.35 | 5.0m @ 3.24g/t Au from 44m |
| SPD074 | Consols | 21.0m @ 489m | 1.45 | 10.67m @ 2.50g/t Au from 498m |
| SPD074 | Consols | 23.5m @ 563m | 2.12 | 2.85m @ 10.99g/t Au from 578m |
| SPD074 | Consols | 185m @ 646m | 0.94 | 20.0m @ 2.33g/t Au from 760m |
| SPD074 | Consols | 74.9m @ 845.1m | 0.98 | 3.0m @ 6.4g/t Au from 890m |
| SPD088 | Spur | 190m @ 419m | 0.45 | 39m @ 0.89g/t Au from 490m |
| SPD060A | Spur | 44m @ 412m | 0.73 | 1m @ 15.29g/t Au from 416m |
| SPD081 | Spur | 29.43m @ 580m | 0.93 | 3.43m @ 4.52g/t Au from 595.57m |
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Spur zone drilling keeps pushing mineralisation north
Drilling at the Spur zone continues to expand mineralisation northward along the Tywi Fault. SPD088 extended the system 50m north, while SPD081 identified potassic alteration akin to Consols, suggesting the system may link toward the intrusive centre.
Spur drilling highlights:
- SPD088 — 190m @ 0.45g/t Au from 419m, inc. 39m @ 0.89g/t Au from 490m
- SPD060A — drilled 70m above SPD088: 44m @ 0.73g/t Au from 412m, inc. 4m @ 5.28g/t Au and 1m @ 15.29g/t Au from 416m
- SPD081 — extends envelope 65m north-west, identifies potassic alteration akin to Consols: 29.43m @ 0.93g/t Au from 580m, inc. 3.43m @ 4.52g/t Au from 595.57m
The potassic alteration signature at Spur resembles the alteration style at Consols, which tells you the system may be vectoring toward a common intrusive centre. This is a useful targeting vector for future drilling.
Understanding porphyry and epithermal gold systems
A porphyry/epithermal gold system forms when magma intrudes into the Earth’s crust, releasing metal-rich fluids that deposit gold and copper as they cool and rise. Porphyry deposits typically sit at or near the intrusive centre, while epithermal deposits form in the shallower zones above. These systems can host large-scale mineralisation, often measured in millions of ounces, because the fluids affect enormous volumes of rock over vertical intervals exceeding a kilometre.
Step-out hole refers to a drill hole targeting ground beyond the known mineralised envelope to test for extensions. Down-plunge extension means following the orientation of the mineralised body as it tilts or plunges at depth. Open at depth means drilling has not yet found the bottom of the system — the mineralisation continues beyond the deepest intercept.
Potassic alteration — a mineral assemblage dominated by potassium-bearing minerals like orthoclase and biotite — is a useful vector toward the causative intrusive. The closer you get to the intrusive centre, the stronger the potassic signature. At Spur, the presence of potassic alteration akin to Consols suggests the system may be vectoring toward a common source.
Waratah sits on the margin of the Cargo Intrusive Complex within a 6km priority target zone in the eastern Lachlan Orogen, the same geological belt that hosts Newcrest’s Cadia, Evolution’s Cowal, and Alkane’s Boda deposits. This tells you the geological setting supports large-scale mineralising systems, but Waratah is at early-stage exploration with no JORC Mineral Resource defined. What you are watching is a process of discovery, not a quantified resource.
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What management said
Peter Duerden, Managing Director
“The Consols Gold Zone continues to grow, with drill hole SPD074 delivering an exceptional result — it not only extends the known mineralised system by approximately 75m to the east and down plunge but also identifies a new previously unrecognised zone of shallow, high-grade gold mineralisation from a depth of 44m downhole.”
Follow-up drilling will define the extensions, test the continuity of the shallow zone, and systematically grow the broader Consols footprint.
What’s next for Waratah
Waratah has rigs currently turning across multiple zones. The company is progressing a series of follow-up programs designed to expand the known footprint and test for connections between mineralised zones.
Active drilling and near-term work:
- Rigs active at Spur, Consols and Ironclad
- Consols follow-up holes underway: SPD089 (down dip), SPD090 (up dip) testing the SPD074 extensions
- Multiple holes completed and pending assays (e.g. Gum Flat sonic holes, SPD075, SPD085)
- Ongoing assessment of the wider 6km priority target zone at the margin of the Cargo Intrusive Complex
Continuous drilling across multiple zones tells you assay results will flow steadily over the coming months. This creates near-term catalyst density, but it also means the company is at discovery stage, not production. Early-stage exploration carries high risk and high uncertainty, but it is also where the largest value-creation moments occur if the system continues to grow.
How Far Could the Consols Gold System Extend?
Waratah Minerals has just demonstrated 75m of down-plunge extension at Consols while uncovering a previously unrecognised shallow high-grade zone from just 44m downhole. The system remains open at depth and along strike, with multiple rigs active across the 6km priority target zone at the margin of the Cargo Intrusive Complex.
Follow-up drilling is underway to define the shallow zone, test continuity between Consols and Spur, and systematically grow the broader footprint. To stay informed on assay results, upcoming drilling and Waratah’s systematic approach to growing this early-stage system, visit the Waratah Minerals investor centre.