Waratah Minerals Ltd. has established its Spur project in New South Wales as a significant emerging gold district in the region, delivering a maiden mineral resource estimate of 3.1 million ounces of gold.
The initial JORC-compliant resource stands at 82.9 million tonnes at an average grade of 1.2 grams per tonne gold across the Spur and Consols gold zones. Approximately 27 per cent of the estimate sits in the higher-confidence Indicated category, with the remaining 73 per cent classified as Inferred.
Delivered at an all-in discovery cost of AU$14.62 per ounce, the maiden resource was defined within just 14 months of the initial discovery hole at the Consols Zone. The estimate incorporates data from 175 drill holes spanning nearly 73,000 metres.
The initial 3.1-million-ounce footprint covers just two kilometres of the broader six-kilometre Spur Gold Corridor, leaving significant room for further expansion. To highlight the project’s scale, Waratah defined a conceptual exploration target of 5.1 to 10.4 million ounces of gold at 0.6 to 0.9 grams per tonne across extensions along the full corridor.
Waratah Minerals Managing Director Peter Duerden described the milestone as a defining moment for the company.
“The delivery of a 3.1-million-ounce maiden gold resource at 1.2 grams per tonne gold is a defining milestone for Waratah Minerals and establishes Spur as a significant emerging gold district in New South Wales,” Duerden said.
“Importantly, we believe this is only the beginning.”
Duerden added that the company is aiming to expand the resource towards five million ounces over the next six months, backed by a 50-person technical team and 12 diamond drill rigs currently active on site.
“This maiden resource represents the foundation from which we intend to build a significantly larger gold resource.”
With 353 drill holes permitted, Waratah plans to execute approximately 50,000 metres of additional drilling as it continues to test the full length of the gold corridor.
