Waratah Minerals Hits 13g/t Gold From 44m in New Shallow High-Grade Discovery
Waratah’s SPD074 extends Consols gold system 75m east and uncovers new shallow high-grade zone
Waratah Minerals has delivered a landmark drill result at its Spur Project in New South Wales. Drill hole SPD074 at the Consols Gold Zone has achieved two critical outcomes: a 75m eastward and down-plunge extension of the known mineralised system, and the identification of a previously unrecognised shallow, high-grade gold zone from just 44m depth. The result sits within the company’s ongoing 80,000m growth and extensional drilling programme across the tenement.
The shallow high-grade intercept — 12.7m @ 1.35g/t Au from 44m, including 5.0m @ 3.24g/t Au and 1m @ 13.23g/t Au from 44m — is materially significant for investors. Near-surface mineralisation is substantially lower-cost to define through further drilling and, if delineated into a resource, potentially lower-cost to mine than deep ounces. The discovery opens an immediate follow-up target in parallel to the company’s systematic expansion of the broader Consols footprint.
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A landmark drill hole at the Consols Gold Zone
SPD074 intersected six discrete mineralised lodes across its depth. The hole demonstrates both vertical and lateral continuity within the Consols system, with multiple stacked zones of broad, lower-grade mineralisation punctuated by high-grade cores. The company currently has rigs drilling up-dip (SPD090) and down-dip (SPD089) to test extensions. The system remains open in multiple directions.
| Zone | Intercept | Grade | From (m) | Key Included Interval |
|---|---|---|---|---|
| Shallow zone | 12.7m | 1.35g/t Au | 44m | 5.0m @ 3.24g/t |
| Deep lode 1 | 21.0m | 1.45g/t Au | 489m | 10.67m @ 2.50g/t |
| Deep lode 2 | 23.5m | 2.12g/t Au | 563m | 9.82m @ 3.46g/t |
| Broad zone | 185m | 0.94g/t Au | 646m | 20.0m @ 2.33g/t from 760m |
| Deep broad zone | 74.9m | 0.98g/t Au | 845.1m | 18.0m @ 1.97g/t + 3.0m @ 6.41g/t |
The 185m and 74.9m broad mineralised intervals point to bulk-tonnage potential at depth. The high-grade cores within them — including 3.0m @ 6.41g/t Au from 890m — support the case for grade upside within the broader system. This combination of width and grade variability is typical of porphyry-epithermal gold systems, where high-grade veins sit within broader zones of disseminated mineralisation.
Director quote — Consols continues to grow
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.”
Duerden noted that follow-up drilling will be directed at defining the eastern and down-plunge extensions, testing the continuity of the shallow zone, and systematically growing the broader Consols footprint. The immediate focus is on converting exploration success into a clearer picture of the system’s scale and geometry.
Spur zone drilling extends the footprint north
The company’s drilling at the Spur Zone has delivered systematic infill and northward extension results, pushing the mineralised envelope closer to the intrusive complex. Three key holes contributed to this northward growth:
- SPD088 — extends mineralisation 50m north along the Tywi Fault: 5.7m @ 0.78g/t Au from 27m and 190m @ 0.45g/t Au from 419m, including 39m @ 0.89g/t Au from 490m and 3m @ 3.00g/t Au from 521m.
- SPD060A — drilled 70m above SPD088, encountering a broad zone: 44m @ 0.73g/t Au from 412m, including 1m @ 15.29g/t Au from 416m.
- SPD081 — extends mineralisation 65m north-west and identifies potassic alteration akin to Consols: 29.43m @ 0.93g/t Au from 580m, including 3.43m @ 4.52g/t Au from 595.57m.
The discovery of potassic alteration at Spur — a high-temperature alteration signature identical to that at Consols — hints that the two zones may be part of one larger mineralised system. This is a scale narrative for investors. If the zones are connected, the exploration target expands substantially, and the potential for bulk-tonnage mineralisation increases.
Understanding porphyry and epithermal gold systems
For investors unfamiliar with porphyry-epithermal systems, here is what you need to know. A porphyry-epithermal gold system forms when hot, metal-rich fluids rise from a magma chamber below the Earth’s surface. As the fluids move upward, they deposit metals in different styles depending on depth, temperature, and host rock type. At depth, you typically find broad zones of disseminated mineralisation with lower grades but high continuity. Closer to the surface, epithermal veins form — narrow, high-grade structures that can carry substantial gold grades over shorter intervals.
The Spur Project sits at the margin of the Cargo Intrusive Complex, a known geological setting for porphyry-epithermal systems in the eastern Lachlan Orogen. The region hosts major deposits such as Cadia, Cowal, and Boda, all of which formed in similar geological environments. Waratah’s drilling is targeting a 6km priority zone at this intrusive margin.
What this means for you: the combination of broad, continuous mineralisation and high-grade cores is a positive signal for future resource potential. The phrase “system remains open” is important. It tells you the company has not yet defined the limits of mineralisation. Step-out drilling is designed to test how far the system extends, and each successful hole expands the exploration footprint. Early-stage discovery upside lies in the potential for multiple zones to connect into a single large system.
Waratah has not yet defined a Mineral Resource at the Spur Project. The drilling results reported here are exploration stage, and no tonnage or grade estimates have been published.
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What’s next for Waratah
Waratah has multiple rigs turning across Spur, Consols, and Ironclad. The immediate priorities are:
- Define the eastern and down-plunge extensions at Consols (SPD089 and SPD090 are currently active).
- Test the continuity of the new shallow high-grade zone from 44m depth.
- Continue systematic growth of the broader Consols footprint through infill and step-out drilling.
- Advance Spur infill and expansion drilling and assess the wider 6km target zone.
The investment thesis here is straightforward: near-surface high-grade discovery, demonstrated depth continuity, multiple active rigs, and a large untested target zone. Each of these elements feeds a different part of the exploration story. The shallow zone offers near-term follow-up potential at lower cost. The deep zones demonstrate scale. The active drilling programme keeps news flow consistent. The 6km target zone represents the blue-sky potential for a much larger discovery.
Waratah is not forecasting a resource size or mining economics at this stage. What the company is demonstrating is that the Consols and Spur zones are growing with each drilling campaign, and the geological setting supports the case for a large porphyry-epithermal system.
Want to follow Waratah’s drilling progress at Consols and Spur?
The Consols Gold Zone continues to expand with new shallow high-grade discoveries and deep system extensions, whilst the Spur Zone pushes northward towards the intrusive complex. Multiple rigs remain active across the 6km priority zone.
To track drill results as they’re released and monitor Waratah’s systematic expansion of the broader mineralised footprint, visit the Waratah Minerals investor centre for company announcements and project updates.