Waratah Minerals Expands Spur Gold Zone With Standout New South Wales Drill Results

Waratah Minerals Delivers Standout Drill Results as the Spur Gold Zone Grows on Multiple Fronts

Waratah Minerals Limited (ASX: WTM) has reported another strong set of drilling results from the Spur Zone at its Spur Project in New South Wales, with twelve holes from the ongoing 80,000m growth and extensional program continuing to expand the gold system in several directions. The latest results define shallow high-grade mineralisation, extend mineralisation toward the Essex Fault, and push the system deeper and further north-west toward the margin of the Cargo Intrusive Complex.

The headline intercept came from SPD058, which returned 55.9m @ 2.63 g/t Au from 3.1m, including 31.9m @ 4.45 g/t Au from 12.1m and 1m @ 108 g/t Au from 43m. The significance lies not only in the grade, but in the fact that the result starts near surface and sits within a broader pattern of expanding mineralisation across a 500m-wide corridor south of the Essex Fault.

The Headline Numbers: Key Drill Intercepts from the Latest Spur Update

Waratah's exploration update outlined multiple material intercepts across the Spur Zone. The table below summarises the most relevant reported results from this batch of drilling.

Several of these holes also contain narrower high-grade intervals, including 2m @ 16.68 g/t Au in SPD063, 1m @ 22.17 g/t Au in SPD057, 2m @ 10.37 g/t Au in SPD061, and 1m @ 11.43 g/t Au in SPD064.

Understanding the Spur System: What Epithermal-Porphyry Mineralisation Means

Waratah describes Spur as an epithermal-porphyry gold-copper system in the East Lachlan region. For non-specialist investors, this matters because these systems can host both shallow high-grade mineralisation and broad deeper mineralised zones.

In simple terms:

• Epithermal mineralisation usually forms closer to surface and can contain high-grade gold in veins and fractures.
• Porphyry mineralisation generally forms deeper and can be lower grade, but much larger in size.
• A district-scale system means exploration is pointing to mineralisation spread across a large area rather than a single isolated lode.

At Spur, the reported drilling suggests both styles may be present. The high-grade hit in SPD058 is consistent with shallow vein-hosted gold, while broad lower-grade intervals such as 117m @ 0.69 g/t Au in SPD059 and 102.9m @ 0.73 g/t Au in SPD039 fit the broader alteration halos often seen around larger intrusive-related systems.

Furthermore, this distinction is important for investors because a large mineralised footprint can support future resource growth, while near-surface higher-grade zones can improve development optionality if continuity is confirmed.

Key Terminology for Investors

• g/t Au means grams of gold per tonne of rock.
• Intercept refers to the length of mineralised rock in a drill hole.
• True thickness is the actual width of the mineralised zone in the ground. Waratah stated that downhole intercepts at Spur likely represent more than 80% of true thickness because the mineralisation is generally subvertical.

Four Growth Directions Are Now Being Tested at Spur

The latest report is notable because Waratah is progressively extending the Spur Zone in multiple directions. It is not simply reporting isolated results.

North Along the Tywi Fault

Hole SPD058 was collared 40m north of SPD022 and drilled east of SPD016. It intersected mineralisation from just 3.1m, hosted in basalt and albitised andesite, with quartz veins containing visible gold and bismuthinite around 44m. The result suggests the near-surface high-grade zone continues north along the Tywi Fault.

Infill hole SPD035 also supports continuity along this structural corridor, returning 37.8m @ 0.91 g/t Au from 219m, including 14m @ 1.99 g/t Au from 224m.

North-West Toward the Cargo Intrusive Complex

Drilling to the north-west continues to test the margin of the Cargo Intrusive Complex, which the company interprets as an important control on mineralisation. SPD057 returned 26m @ 1.23 g/t Au from 290m, including 1m @ 22.17 g/t Au from 313m, sitting about 100m below known mineralisation in that direction.

Further down this corridor, SPD063 intersected 25m @ 2.05 g/t Au from 359m, including 2m @ 16.68 g/t Au from 378m. Waratah noted this expands high-grade mineralisation 180m below previous drill holes.

East Toward the Essex Fault

A cluster of holes is helping link the main Spur lode with Spur East and the area toward the Essex Fault. Taken together, these results suggest mineralisation is not confined to a narrow central zone. Instead, they indicate a widening mineralised corridor:

• SPD059 returned 117m @ 0.69 g/t Au from 101m
• SPD061 returned 103m @ 0.42 g/t Au from 132m
• SPD064 returned 67.79m @ 0.55 g/t Au from 124.28m
• SPD039 returned 102.9m @ 0.73 g/t Au from 210m
• SPD040 returned 30.28m @ 0.99 g/t Au from 393m

At Depth

Depth continuity remains one of the more important themes in the report. SPD063 and SPD040 both delivered material gold grades at depths approaching or exceeding 350m to 390m, while SPD058 also recorded a deeper zone of 83.8m @ 0.33 g/t Au from 355.2m.

For investors, deeper mineralisation supports the view that Spur may be a vertically extensive system rather than a shallow-only occurrence.

Managing Director Commentary

"Drilling continues across multiple targets at the Spur Project, with rigs turning at Spur, Consols, Ironclad and Gazzards. These results from Spur have extended shallow mineralisation defining a 500m wide corridor south of the Essex Fault within the wider 6km long priority target zone at the margin of the Cargo Intrusive Complex. We remain focussed on systematically exploring across multiple priority targets and expect to provide an update from our drilling at Consols and initial RC results from Gazzards later this month."

— Peter Duerden, Managing Director

The Geological Picture Is Becoming Broader and More Coherent

The geological descriptions in the ASX release provide useful context for why these results matter. High-grade intervals are commonly associated with quartz-carbonate-pyrite-chalcopyrite veins, while broader lower-grade zones occur in altered basalt and andesite, often near faults or intrusive contacts.

In practical terms, the drilling is identifying recurring geological patterns across a wider area, including:

• Near-surface mineralisation along the Tywi Fault
• Broad eastern mineralisation moving toward the Essex Fault
• Deeper mineralisation associated with intrusive contacts and fault zones
• Repeated evidence of high-grade shoots within broader mineralised envelopes

The company also noted visible gold and bismuthinite in SPD058. While visible gold alone does not determine project economics, it can signal the presence of high-grade zones and supports the assay result when matched with laboratory analysis.

Moreover, Waratah reported that all drill results were assayed using photon assay on 500g samples. Larger sample sizes can help improve confidence where coarse gold is present, reducing the risk that small samples understate or overstate grade variability.

What Investors Should Watch Next

The current Spur results sit within a much larger active drill campaign. The company's drilling summary shows a substantial pipeline of completed holes still awaiting assay results across several targets.

This matters because the investment case is no longer tied to one prospect or one intercept. Waratah is simultaneously drilling Spur, Consols, Ironclad and Gazzards, creating multiple opportunities for additional exploration updates.

Why the Spur Update Matters to Investors

From an investor perspective, the latest report adds weight to several parts of the Spur thesis. First, the project continues to produce shallow gold intersections, including from surface or near surface in holes such as SPD043 and SPD058. Shallow mineralisation is often watched closely because it may support simpler mining scenarios if continuity and scale are eventually demonstrated.

Second, the system is still growing laterally and vertically. Results from SPD063, SPD057 and SPD040 suggest the gold system remains open in several directions, including at depth.

Third, the broad intervals matter as much as the headline high grades. Wider mineralised zones often carry more weight when investors assess potential resource scale. The combination of broad intervals and higher-grade internal zones is therefore relevant.

Finally, the project sits in the East Lachlan region of New South Wales, an established gold-copper district, which remains relevant when comparing exploration styles and potential deposit analogues.

Why Waratah Minerals Remains One to Watch

According to the latest ASX report, Waratah is progressively defining a 500m-wide corridor of mineralisation south of the Essex Fault within a wider 6km-long priority target zone at the margin of the Cargo Intrusive Complex. The latest drilling has extended shallow high-grade mineralisation, improved continuity between Spur and Spur East, and confirmed that the system continues at depth.

That combination is what gives the update broader significance. This is not a single standout hole in isolation. It is a report showing repeated mineralised intersections across central Spur, Spur East and the north-western extension, with multiple rigs still active and a large backlog of assays pending.

For investors focused on ASX gold exploration, the next set of results from Consols, Gazzards and additional Spur holes may be important in assessing whether the wider project can continue to build on this emerging district-scale footprint.

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