Waratah Minerals Confirms 89–93% Gold Recovery at Consols Backing Single Flowsheet
Key Takeaways
- Geometallurgical test work at the Consols Zone confirmed combined gold recoveries of 89–93% through gravity separation and conventional cyanide leaching, matching results from the Spur Zone reported in February 2026.
- Micro-XRF scanning of 25 core samples detected 408 gold grains up to 601 µm in size, with over 77% of detected gold occurring in grains larger than 100 µm — classifying the material as coarse, free-milling gold.
- Gold locked in silicates was negligible at just 0.4%, confirming the ore is amenable to a simple, conventional processing flowsheet without the need for expensive refractory treatment.
- Consistent free-milling results across both Spur and Consols zones raise the prospect of a single unified flowsheet covering the full project, a material de-risking outcome at this stage of development.
- The next phase of metallurgical work — covering three bulk master composites and 20 variability samples — is already underway, with comminution characteristics and grind optimisation results to follow.
Strong gold recoveries confirmed at Consols Zone
Waratah Minerals (ASX: WTM) has now confirmed strong gold recoveries across a second zone at its Spur Project, with early-stage geometallurgical test work at the Consols Zone returning combined gold recoveries of 89–93% through gravity separation and conventional cyanide leaching. The results mirror those reported from the Spur Zone in February 2026, reinforcing a consistent processing picture across the project.
The Consols Zone sits within the Spur Project (EL5238) in the East Lachlan region of New South Wales. Key highlights from the test work include:
The scale of the mineralised system underpinning this metallurgical work has been steadily defined through recent drilling, with Waratah confirming a 6km gold corridor at Spur that frames the extent of the mineralisation now being characterised for processing.
- Combined gold recovery: 89–93% (gravity + conventional cyanide leach)
- Gravity recovery range: 4–24% (average 15%)
- Conventional leaching recovery range: 68–86% (average 76%)
- Gold locked in silicates: negligible at 0.4%
- Gold tied to sulphides: average 5%
- Largest gold grain detected: 601 µm
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What geometallurgy means for gold project investors
Geometallurgical test work is the process of studying how gold is physically distributed within rock samples and how easily it can be extracted using different processing methods. Carried out at the early stages of project development, it tells the project team (and investors) whether the gold can be recovered using simple, well-understood technology or whether it requires more complex and expensive treatment.
“Free-milling gold” refers to gold that is not chemically locked inside sulphide minerals or silicate gangue. Because it exists as discrete, liberated grains within the rock, it can be captured by straightforward methods such as gravity separation (concentrating heavy gold particles physically) followed by cyanide leaching (dissolving remaining fine gold into solution).
Why does a simple, conventional process pathway matter for project economics?
- Lower capital cost: Gravity circuits and conventional leach plants are established, off-the-shelf technology, meaning infrastructure costs are generally lower than for refractory ore processing.
- Reduced technical risk: Conventional flowsheets are well understood by engineers, financiers, and equipment suppliers, reducing uncertainty around process design.
- Faster pathway to development: Simple processing means fewer technical hurdles to clear before a feasibility study can proceed.
With both Spur and Consols now returning consistent free-milling results, there is growing evidence that a single, unified flowsheet may be applicable across the project, a meaningful outcome at this stage of development.
Inside the test work — methodology and results
The programme employed two complementary techniques. First, micro-X-ray fluorescence (micro-XRF) scanning was applied to 25 core samples. Micro-XRF is a non-destructive imaging method that can rapidly detect, map, and measure individual gold grains on cut core surfaces down to a 20 µm detection limit. Second, traditional diagnostic leaching and gravity recovery tests were conducted on six bulk 10 kg samples of crushed core, capturing the behaviour of finer gold grains that fall below the XRF detection threshold. Using both techniques in tandem provides confidence across different grain size ranges and validates findings from each method independently.
XRF scanning detected 408 gold grains ranging from 20 to 601 µm in size. Over 77 area percent of detected gold occurred in grains larger than 100 µm, classifying the material as coarse gold. Grains were observed in two distinct mineralisation styles: gold occurring interstitially relative to pyrite clots with quartz and chlorite; and gold within narrow quartz-chalcopyrite-pyrite-calcite veins with potassium feldspar alteration halos.
The diagnostic leach results for all six bulk samples are summarised below.
| Sample ID | Head Grade (g/t Au) | Gravity Recovery (%) | Leach Recovery (%) | Total Distribution (%) |
|---|---|---|---|---|
| WTM_GMET_006 (SPRCD080W, 284–287.9m) | 1.69 | 3.69 | 86.17 | 100 |
| WTM_GMET_007 (SPD011, 261–266m) | 1.15 | 12.20 | 78.25 | 100 |
| WTM_GMET_008 (SPD015, 290–295m) | 3.33 | 15.26 | 76.47 | 100 |
| WTM_GMET_009 (SPD019, 609–614m) | 5.19 | 20.71 | 69.45 | 100 |
| WTM_GMET_010 (SPD019, 756–761m) | 1.74 | 24.12 | 68.49 | 100 |
| WTM_GMET_011 (SPRCD062, 592–602m) | 1.85 | 11.67 | 76.94 | 100 |
Note: Head grade figures represent the average of duplicate assays (Au-1 and Au-2) as reported in Table 1 of the announcement. Total distribution figures represent the sum of all diagnostic leach fractions, with gravity and leach recovery figures representing the free gold (mercury amalgamation) and cyanide-soluble gold fractions respectively. Residual fractions account for the balance.
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Next steps — building toward a unified processing flowsheet
The Consols results set the stage for the next phase of metallurgical work, already underway. Further testing is now being conducted on three bulk master composites and 20 variability samples, with the objective of developing a mineral processing flowsheet covering both the Spur and Consols zones.
Managing Director Peter Duerden
“This geometallurgical test work at Consols mirrors results seen from the Spur Zone in February 2026. Multiple domains of gold mineralisation have been tested and are amenable to a simple and standard flow sheet with early gravity recovery followed by conventional leaching. These results are informing an ongoing comprehensive geometallurgical program which will determine grind optimisation, comminution characteristics and the other critical parameters to define the optimal processing pathway for the gold mineralisation.”
This next phase is designed to determine comminution characteristics (how the rock breaks down under crushing and grinding), grind optimisation (the ideal particle size for maximum gold liberation), and other critical parameters required to define a processing flowsheet. Two zones have now been tested with consistent outcomes, and the programme is progressing along a logical de-risking path.
The Spur Zone drill results reported earlier in 2026 established the free-milling baseline that the Consols Zone test work now mirrors, with consistent gold deportment across both zones pointing toward a shared processing approach.
Key milestones to watch for:
- Completion of the three bulk master composite and 20 variability sample test work programme
- Publication of comminution and grind optimisation results
- Definition of a recommended processing flowsheet covering both Spur and Consols zones
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