Spartan Resources (ASX: SPR) has released an updated Mineral Resource Estimate (MRE) for the Pepper and Never Never Gold Deposits, part of its 100%-owned Dalgaranga Gold Project (DGP), located in the Murchison region of Western Australia.
This latest MRE update propels the combined Mineral Resources for these two deposits to 2.37Moz grading 8.7g/t Au, with 1.87Moz at 9.81g/t classified as Indicated (80% of the underground MRE) – providing an exceptional platform for a long-term high-grade underground gold mining operation.
During 2024, Spartan’s outstanding exploration success over the past year has grown the high-grade portion of the Dalgaranga Gold Project, including Never Never and Pepper, from 0.86Moz to 2.37Moz (1.47Moz) – an increase in contained ounces of 176%.
The impact of the MRE update on the Dalgaranga Gold Project (DGP), almost entirely driven by Pepper, has seen contained ounces increase by almost 16% in less than six months.
“This is an exceptional result which once again reflects the extraordinary efforts of the Spartan team,” Executive Chair, Simon Lawson, said.
In the space of less than six months since we posted our maiden Inferred Resource for Pepper of 438,100oz at 7.66g/t, the drilling success we have achieved has translated into a phenomenal 99% increase in ounces and 35% in grade!
“The new high-grade Pepper MRE of 2.64Mt grading 10.31g/t Au for 873,400oz is a truly remarkable result, particularly considering that 88% or 767,200oz is now classified at the higher confidence Indicated level at a spectacular grade of 12.18g/t. This provides unequivocal evidence of the exceptional endowment of this spectacular high-grade gold system.
“The updated Pepper MRE is the key driver of the December 2024 resource update, which takes the combined high-grade underground MRE for the neighbouring Never Never and Pepper Gold Deposits to 2.3Moz at a phenomenal average grade of 9.3g/t. Of this, 80% or 1.86Moz at a grade of 9.81g/t, is in the Indicated category and available for conversion to Ore Reserves.
“These Indicated ounces will now underpin our mine scheduling work and feasibility studies, which are well progressed. In this regard, it’s important to highlight the incredible endowment of the two underground deposits, with the ounces per vertical metre for the updated high-grade underground MRE increasing by 20% to 2,735ozpvm. As we go deeper into the deposits, by combining Never Never and Pepper, this figure soars to 4,502ozpvm.
“This would see the Never Never/Pepper deposits compare favourably with some of the richest and highest-grade underground deposits globally and gives us great confidence that we have a very robust underground mining proposition on our hands with multiple mining fronts and a diversity of ore sources.
“While Spartan is already firmly on track to become a leading mid-tier gold miner, we are not slowing down exploration anytime soon! The recently announced Freak discovery sits immediately adjacent to Pepper and is rapidly emerging as an exciting new mineralised position with potential for considerable scale at grades that would complement the incredible Never Never and Pepper deposits.
“We are continuing to drill Freak and other new prospects aggressively, and our intention is to continue to deliver further robust MRE upgrades in 2025 and beyond. The Spartan march is not slowing down!”