Warriedar Resources (ASX: WA8) has reported high-grade antimony results from historical pulp assays at its flagship Ricciardo deposit, part of the Golden Range Project in Western Australia's Murchison region. The assay program, covering 85 drill holes and 3,811 samples, has revealed significant antimony mineralisation extending from the historical Ardmore pit to approximately 370 meters depth, with the system remaining open down dip. This discovery follows a pattern of high-grade antimony discoveries that have been emerging across Australia's mining landscape.
Standout Antimony-Gold Results Confirm Scale Potential
The latest assay results from historical pulp samples have yielded multiple high-grade antimony intervals, including:
- 49m at 1.31% Sb and 0.80 g/t Au (3.57 g/t AuEq) from 42m in SSRC104
- 64m at 0.54% Sb and 0.71 g/t Au (1.85 g/t AuEq) from 38m in SSRC099
- 50m at 0.42% Sb and 0.62 g/t Au (1.52 g/t AuEq) from 46m in SSRC105
- 36m at 0.33% Sb and 0.41 g/t Au (1.10 g/t AuEq) from 40m in SSRC142
Several high-grade antimony zones were identified within these broader intervals, including:
- 3m at 10.87% Sb and 2.56 g/t Au (25.6 g/t AuEq) from 71m within SSRC106A
- 3m at 3.00% Sb and 1.00 g/t Au (7.4 g/t AuEq) from 64m within SSRC099
- 1m at 4.75% Sb and 0.43 g/t Au (10.49 g/t AuEq) from 89m within SSRC105
These results confirm that antimony mineralisation at Ricciardo has significant scale potential, with substantial thickness and grade particularly in the Ardmore zone, where a +300m long zone of high-grade antimony has been identified.
Understanding Antimony Mineralisation at Ricciardo
The Ricciardo gold system spans approximately 2.3km of strike length, with limited historical drilling below 100m depth. Previous mining operations focused on oxide gold resources, with minimal attention paid to antimony and other elements in the transition and primary sulphide zones.
Recent geological analysis has determined that high-grade antimony mineralisation at Ricciardo occurred later than the main gold events but utilised the same structural pathways. The antimony is related to cross-cutting breccia and stockwork veins that post-date the main gold-bearing structures.
Metallurgical test work has confirmed that antimony minerals at Ricciardo, predominantly berthierite and stibnite, float well and can produce a concentrate grading approximately 49% Sb, suggesting good processing potential.
What is Antimony and Why Does it Matter?
Antimony is a critical mineral with both industrial and strategic importance. It is a silver-grey, brittle metalloid element with atomic number 51 on the periodic table. In its natural state, antimony is most commonly found as stibnite (Sb₂S₃) or as an alloy with other metals.
The primary applications of antimony include:
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Flame Retardants: Accounting for approximately 60% of global antimony consumption, antimony trioxide is widely used as a flame retardant in plastics, textiles, and other materials.
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Lead-Acid Batteries: Antimony is added to lead to increase hardness and mechanical strength in lead-acid battery grids.
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Ammunition and Weaponry: Lead antimony alloys are used in bullets and other ammunition due to their hardness.
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Semiconductors and Electronics: High-purity antimony is used in the production of semiconductor devices, infrared detectors, and diodes.
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Glass and Ceramics: Antimony oxide is used as a fining agent in glassmaking to remove air bubbles and as a pigment.
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Emerging Battery Technologies: Antimony is gaining attention for its potential use in next-generation batteries, including liquid metal batteries and solid-state batteries.
The United States, European Union, and Australia have all classified antimony as a critical mineral due to supply chain concerns, with China currently dominating global production of rare earth and critical minerals. This creates significant opportunity for Western suppliers like Warriedar to develop alternative sources.
Gold equivalent calculations for Ricciardo use prices of US$2,200/oz gold and US$15,000/tonne antimony, highlighting the significant value contribution antimony makes to the overall project economics.
Growth Strategy and Next Steps
Warriedar has outlined several initiatives to expand the antimony potential at Golden Range:
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Maiden Antimony Resource: A maiden antimony Mineral Resource Estimate (MRE) for Ricciardo is on track for early Q2 2025.
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Infill Drilling: The company plans to infill gaps between known high-grade Sb shoots at Ricciardo to confirm potential for contiguous antimony mineralisation over approximately 1km of strike.
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Regional Assessment: Pulp samples from other gold deposits within the 'Golden Corridor' will be re-assayed to identify additional antimony targets beyond Ricciardo.
- New Target Generation: Soil sampling and aircore drilling will test new antimony targets on interpreted parallel structures of the Mougooderra Shear Zone.
The company noted that despite the approximately 3,800 historical pulp samples analysed for antimony, this still represents only about 9.5% of total Ricciardo assay data, suggesting significant potential for expansion of known antimony zones.
Investment Perspective: Dual Commodity Upside
Warriedar Resources presents an interesting investment case with dual commodity exposure through its gold-antimony mineralisation at Golden Range. The company already holds a substantial gold resource base of over 2.3 million ounces across its Western Australia and Nevada projects, with the Ricciardo deposit alone containing 947,500 ounces of gold.
The emerging antimony potential adds significant value, particularly given antimony's critical mineral status and strong pricing. The upcoming maiden antimony resource at Ricciardo will be a key catalyst, potentially demonstrating the economic impact of this second commodity stream.
With A$10.57 million in cash as of December 31, 2024, and ongoing drilling programs, Warriedar is well-positioned to continue advancing both its gold and antimony objectives at Golden Range. Junior mining companies like Warriedar must navigate numerous challenges in the exploration and development stages, and employing expert strategies for success becomes crucial for progress.
Investors should take note of Warriedar's unique position in the Australian resource landscape – as one of the few ASX-listed companies with exposure to antimony, a critical mineral with strategic importance and supply concerns, alongside its established gold resource base.
Critical Minerals Strategy Implications
Warriedar's antimony discovery comes at a time when Australia's revolutionary critical minerals tax incentives are transforming global supply chains. These incentives are designed to boost domestic production of minerals deemed essential for modern technologies and defense applications, with antimony being prominently featured on critical minerals lists worldwide.
The Australian government's focus on developing sovereign capability in critical minerals processing and production provides a supportive backdrop for companies like Warriedar. Additionally, with India's global mining critical minerals strategy taking shape, international interest in Australian antimony resources may increase as countries seek to diversify supply chains away from Chinese dominance.
As global tensions around critical mineral supply continue to evolve, Warriedar's timing in identifying substantial antimony mineralisation could prove strategic, potentially positioning the company to benefit from government initiatives aimed at securing critical mineral supply chains.
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