Quarterly Activities Report for the Period Ended 31 March 2024

Spartan Resources Limited (Spartan or Company) (ASX:SPR) is pleased to present its Quarterly Activities and Cash Flow Report.

---

Exploration / Growth

• Drilling at the 952koz Never Never Gold Deposit delivered multiple exceptional high-grade gold intercepts, extending the mineralisation to over 1km depth and remaining open. Significant assays reported during the quarter included:
  • 11.55m @ 36.77g/t gold from 875.0m, incl. 4.0m @ 101.07g/t (DGDH052)
  • 13.00m @ 25.82g/t gold from 624.0m, incl. 4.0m @ 51.53g/t (DGRC1391-DT)
  • 15.85m @ 20.23/t gold from 585.0m, incl. 2.5m @ 64.00g/t (DGRC1400-DT)
  • 6.33m @ 33.72g/t gold from 561.7m, incl. 1.0m @ 114.00g/t (DGRC1305-W1)
  • 18.60m @ 9.67g/t gold from 696.25m, incl. 6.05m @ 18.17g/t (DGRC1392-DT)
  • 16.65m @ 10.29g/t gold from 625.83m, incl. 3.0m @ 52.03g/t (DGRC1377-DT)
  • 11.04m @ 11.69g/t gold from 567.0m, incl. 2.83m @ 42.24g/t (DGDH051)
• Updated JORC-compliant “Exploration Target” completed for the Never Never Deposit, inclusive of the December 2023 Never Never Mineral Resource Estimate in March 2024 to 8.1 to 9.9 Mt at 5.8 to 6.7g/t Au for 1,600,000 to 1,900,000 ounces*.
• Outstanding assays from the West Winds and Four Pillars targets, including:
  • 20.00m @ 3.49g/t gold from 322.0m, incl. 6.0m @ 7.30g/t (DGRC1422) – WW
  • 19.0m @ 2.65g/t gold from 33.0m, incl. 1.0m @ 28.84g/t (DGRC1371) – WW
  • 21.0m @ 3.29g/t gold from 233.0m, incl. 5.0m @ 11.01g/t (DGRC1389) – WW
  • 15.0m @ 6.06g/t gold from 358.0m, incl. 3.0m @ 23.65g/t (DGDH046) – FP
• Drilling at the Sly Fox target has doubled the mineralised footprint, with assays including:
  • 9.0m @ 2.67g/t gold from 228.0m (DGRC1366)
  • 23.83m @ 2.44g/t gold from 379.0m, incl. 5.0m @ 5.23g/t (DGRC1382)
• An extensive drilling program is continuing, with three diamond rigs and one Aircore rig currently on site.
• Updated Mineral Resource Estimate (MRE) for the Dalgaranga Gold Project scheduled for delivery by mid-year.

Care and Maintenance (Dalgaranga)

• During the Quarter, a number of maintenance activities were completed including inspection and monitoring of key plant and other site infrastructure to ensure the Dalgaranga site remained in a state for a rapid restart.

Corporate

• Ms Deanna Carpenter appointed as an independent Non-Executive Director, with Mr John Hodder stepping down from the Board.
• Highly experienced mining executive Craig Jones appointed as Chief Operating Officer.
• Post Quarter-end, the Company launched a fully underwritten $80 million placement and accelerated entitlement offer.
• Unmarketable Parcel Share Sale Facility completed, reducing the Company’s ongoing administration costs.
• Total cash and listed company investments at 31 March 2024 of $30.5 million.

Spartan Managing Director and CEO, Mr Simon Lawson, commented:

“Spartan has continued to deliver on all fronts during the March Quarter, with more outstanding high- grade results from across the Dalgaranga Gold Project supporting our objective of delineating more high-grade ounces in front of the Project’s existing high-quality infrastructure and laying the foundations for a sustainable long-life gold business.

“Drilling at the high-grade Never Never gold deposit has continued to deliver broad intersections at very impressive grades, such as an uncut intercept of 15.85m grading 136.80g/t gold including 2.50m grading 697.00g/t gold, reinforcing the deposit’s exceptional endowment.

“Underpinned by the success of our drilling programs to date, we have recently reported an updated JORC Exploration Target for the Never Never deposit of 8.1 to 9.9 million tonnes grading between 5.8 and 6.7g/t gold for 1.6 to 1.9 million ounces of contained gold.

“We’re also continuing to see very exciting results from other deposits surrounding the Dalgaranga processing plant, with high-grade results reported from West Winds, Four Pillars and Sly Fox during the reporting period. These results will all contribute towards Our next Resource update for the Dalgaranga Project, which is scheduled for delivery by mid-year.

“With the Company now approaching a critical mass of high-grade gold ounces at Dalgaranga, we have continued to progress mining study work throughout the Quarter to consider the optimal pathway for a return to production.

“As we continue to map this pathway, we were absolutely delighted to appoint Craig Jones as our Chief Operating Officer earlier this month. Craig has an outstanding operational track record – with previous senior roles at Poseidon Nickel, Bellevue Gold and Northern Star Resources – and will be an invaluable asset to Spartan as we work to convert our exploration success into profitable production.

“We were also very pleased to welcome Deanna Carpenter to the Board during the Quarter as a Non- Executive Director. Deanna has extensive experience across equity capital markets, mergers & acquisitions, governance, risk management and corporate compliance and will be a valuable addition to our Board moving forward. We would also like to sincerely thank outgoing Director, John Hodder, who stepped down during the Quarter, for his significant contribution to the Company’s growth and development.

“Looking to the coming months, we have an incredibly busy period ahead, with four drill rigs currently on site, our next Resource update underway and feasibility studies advancing on multiple fronts.”

Click here for the full ASX Release

This article includes content from Spartan Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

https://ift.tt/EeJrQsv