Summary
Waratah Minerals has intersected 83 metres of gold mineralisation from just 6m below surface at Goldenclad of the broader Spur project New South Wales…
The company’s first drill hole at Goldenclad, GCD001, returned 83m at 1.27 grams per tonne (g/t) gold, including 42m at 2.23g/t from 12m. The results cover the upper 100m of the hole, which is continuing towards a planned depth of approximately 500m.
Higher-grade intervals included 6m at 3.75g/t gold from 26m and 8m at 4.83g/t from 46m.
Waratah said the results confirmed the tenor of the target beneath historic surface workings and supported its view that Goldenclad could form part of a broader mineralised system that links to the Spur, Consols and Ironclad areas.
The Goldenclad target sits within a 6km high-priority corridor along the margin of the Cargo Intrusive Complex. The company is investigating whether the area represents another expression of the broader gold system hosting Spur and Consols, rather than an isolated group of historic workings.
Waratah managing director Peter Duerden said the initial drilling results were encouraging.
“This is an outstanding result from Waratah’s very first drill hole at Goldenclad,” Duerden said.
“Of particular significance is Goldenclad’s location approximately 1 kilometre along strike from our current drilling at Consols. We are beginning to see compelling evidence of the broader opportunity across this gold system, with multiple mineralised positions extending from Spur through Consols and now Goldenclad.
“GCD001 is still drilling towards approximately 500 metres depth and the majority of the hole remains untested by assay. The deeper drilling is targeting additional structures beneath the parallel historic workings, so this first 100 metres represents only the beginning of our test of Goldenclad.”
Waratah said the deeper portion of GCD001 is designed to test additional structures beneath parallel historic workings, with ground magnetic data helping to identify targets that coincide with areas of historic mining activity.
A second diamond drill hole, GCD002, has also been collared on the western margin of the Goldenclad trend. It is targeting the undrilled Wollard’s Reef and will drill back south across the Ironclad lease.
The company said Goldenclad had emerged as an important new exploration opportunity, adding to the potential scale of the broader project.
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Source: Australian Mining
