Waratah Minerals Hits Best Ever 46m at 7.27g/t Gold as Spur System Grows

Spur Gold Discovery delivers best intercept yet as SPD075 hits 46m @ 7.27 g/t Au

Waratah Minerals has reported its best drill result to date at the Spur Gold Discovery in New South Wales, with hole SPD075 returning 46m @ 7.27 g/t Au from 541m in the FW4 domain. The result extends Consols Zone mineralisation 70m north and 150m east of prior drilling, with the zone now traceable over approximately 400m of strike and 400m of vertical extent.

Four high-grade zones defined across the Consols footwall

SPD075 is not a single hit — it intersected four discrete zones of high-grade gold mineralisation within the footwall of the Colthi Fault, stacked across multiple intercepts within a single drill hole. That structural architecture is what makes this result stand apart from a routine intercept.

Earlier Spur drill results from the Essex Fault area established the project’s capacity to generate wide, high-grade intercepts across structurally distinct zones, a pattern that SPD075 now reinforces with the deepest and highest-grade result to date.

What SPD075 hit at each depth

The four footwall domains (FW1 through FW4) each carry distinct mineralisation styles and grade envelopes. SPD075 intersected FW2, FW3, and the FW3/FW4 boundary zone in addition to the headline FW4 intercept. FW1 was not intersected by SPD075 as the hole terminates against the Colthi Fault before reaching the high-grade FW1 portion.

• FW2 (from 312m): 23m @ 2.18 g/t Au, including 5m @ 7.82 g/t Au from 327m
• FW3 (from 394m): 80m @ 0.97 g/t Au, including 0.45m @ 71.68 g/t Au from 422m (single assay sample)
• Additional zone (from 490m): 36.6m @ 0.71 g/t Au, including 0.65m @ 27.09 g/t Au from 501.95m (single assay sample)
• FW4 (from 541m): 46m @ 7.27 g/t Au, including 10m @ 28.93 g/t Au and 1.3m @ 206 g/t Au from 556m (single assay sample)

The single assay sample figures — 206 g/t Au, 71.68 g/t Au, and 27.09 g/t Au — represent individual single assay samples and are flagged as such in the source. They reflect localised high-grade concentrations within broader mineralised envelopes rather than the average grade across those envelopes.

Understanding what makes Spur a high-grade gold system

To understand why SPD075 matters, it helps to know how gold systems like this are structured. The Colthi Fault divides the Consols Zone into two main domains: the hangingwall (rocks sitting above the fault) and the footwall (rocks below it). At Spur, the most economically interesting gold is concentrated in the footwall, which is where FW1 through FW4 all sit.

Each of the four footwall zones represents a discrete corridor of high-grade gold mineralisation. When a single drill hole intersects multiple zones across hundreds of metres of depth, it tells geologists that these zones are not isolated pockets — they form part of a coherent, large-scale system with internal structure and continuity. That is the key distinction between a system with real scale and one that delivers one-off high-grade samples.

The Spur project sits within the Lachlan Fold Belt of New South Wales, a geological address that carries significant weight in the gold exploration world. This is the same belt that hosts Cadia East, Cowal, and Boda — some of Australia’s most significant gold deposits. The geology here is known to support large, multi-million-ounce systems.

The Consols Zone sits within a broader structural setting that has been steadily de-risked by earlier campaigns, with drilling having previously confirmed a 6km gold corridor at Spur that contextualises just how much of the system remains untested beyond the Consols footwall domains.

Why 400m of strike and 400m of depth matters

Strike and vertical extent are the two dimensions that determine how much rock a mineralised system occupies — and therefore how much gold it could ultimately contain. The Consols Zone can now be traced over approximately 400m east-west and 400m vertically, a meaningful envelope at this stage of exploration.

To be clear, no Mineral Resource has been defined at Spur. The project remains at the exploration stage, and the company’s own disclosure notes there has been insufficient exploration to define a Mineral Resource. But the spatial dimensions now confirmed by drilling give a sense of the scale being tested, and SPD075 has materially extended what was previously understood about that envelope.

MD quote

Peter Duerden, Managing Director

“SPD075 is one of the most consequential holes drilled at the project. Not only has the hole provided a significant extension to known mineralisation, it has also delivered exceptional gold grades and confirmed the continuity of multiple mineralised zones across the Consols Zone within the wider Spur Gold Discovery.

“The standout result of 46 m at 7.27 g/t Au, including 10 m at 28.93 g/t Au, highlights the fertility of the system and its ability to generate high-grades.”

Peter Duerden, Managing Director

“We believe Consols remains in the early stages of discovery and offers significant potential for further growth along strike, down plunge and at depth.”

Active drill program signals sustained discovery momentum

SPD075 is reported — but the program is far from done. According to Table 1 in the announcement, nine holes are currently active across the Spur and Consols prospects, with planned depths ranging from 500m to 1,200m:

• SPD079 — Spur prospect, active, planned depth 500m
• SPD082 — Consols, active, planned depth 1,200m
• SPD087A — Consols, active, planned depth 900m
• SPD089 — Consols, active, planned depth 1,200m
• SPD091A — Spur, active, planned depth 550m
• SPD092 — Consols, active, planned depth 900m
• SPD093 — Consols, active, planned depth 900m
• SPD094 — Spur, active, planned depth 900m
• SPD095 — Spur, active, planned depth 850m

Beyond the active holes, a separate group of completed holes is awaiting assay results: IDD001, SPD047W1, SPD083A, SPD084, SPD085, SPD086, and SPD090. These represent a near-term pipeline of results yet to be reported, with assays pending across both the Consols and Spur zones.

Ironclad and broader Spur zones in focus

IDD001 is drilling the Ironclad prospect, a target that is geographically distinct from the Consols Zone where SPD075 was drilled. Its pending assay results add another dimension to the Spur project’s exploration story beyond the Consols footwall domains currently generating headlines.

Investment case: a growing high-grade system at an early stage

The combination of grade quality, system scale, and drilling activity at Spur is building a compelling early-stage picture. SPD075 delivered a 46m @ 7.27 g/t Au headline intercept — the best hole drilled at the project to date — within a four-zone mineralised system that can now be traced across approximately 400m of strike and 400m of vertical extent. Nine active drill holes and a queue of pending assays mean the newsflow is unlikely to slow.

Managing Director Peter Duerden has described Spur as having “the potential to emerge as one of the most significant new gold discoveries in the Lachlan Fold Belt.” No Mineral Resource has been defined, and the project remains at the exploration stage — but each new result is adding definition to a system that is clearly growing.

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