Waratah Minerals (ASX:WTM) has delivered its strongest intercept yet from the Spur Gold Discovery in NSW, with hole SPD075 returning 46m @ 7.27g/t Au from 541m.
Inside that zone sat 19m @ 15.62g/t Au, 10m @ 28.93g/t Au and a standout 1.3m @ 206g/t Au.
The market has reacted quickly. Waratah shares are up over 25% today on huge trading volume as investors digest a result that combines grade, width and meaningful expansion.
Best hole yet
SPD075 did more than deliver one big number.
The hole intersected four separate high-grade zones and extended mineralisation 70m north and 150m east from existing drilling.
That pushes the Consols Zone to around 400m of strike and 400m of vertical extent.
Importantly, the new result strengthens the picture of Spur as a coherent system rather than a collection of isolated high-grade hits.
More than one zone
The 46m intercept was the headline, but it was not the only strong result.
SPD075 also returned:
- 80m @ 0.97g/t Au, including 15.45m @ 3.66g/t Au and 0.45m @ 71.68g/t Au
- 23m @ 2.18g/t Au, including 5m @ 7.82g/t Au
- 36.6m @ 0.71g/t Au, including 7m @ 3.01g/t Au
The hole is now helping define four separate higher-grade footwall domains across Consols.
Figure 1: Spur Project, map showing latest drill results and active drilling.
Spur keeps opening up
The latest drilling is also adding scale.
Several of the high-grade domains remain open to the west, east, down dip or at depth, giving Waratah multiple directions to keep growing the system.
FW4 alone now has around 250m of strike and 450m of vertical extent, while the latest 206g/t hit sits inside the broader 46m zone.
That is why today’s result looks bigger than just another good drill hole, it’s helping link the geometry.
What comes next
Waratah will keep drilling to test continuity and expansion across the Consols Zone.
The immediate question is whether the current high-grade domains keep connecting as the company steps out.
For now, SPD075 has done exactly what a discovery hole should do.
It has extended the system, lifted the grade and given the market a reason to look again.
