Aug 26, 2024

Warriedar Resources Hits 12.7m @ 4.98% Sb and 0.36 g/t Au at Golden Range Project, Western Australia

Introduction:

Warriedar Resources Limited (ASX: WA8) has reported significant gold and antimony results from diamond drilling at its Golden Range Project in the Murchison region of Western Australia, highlighted by 12.7m @ 4.98% Sb and 0.36 g/t Au (10.92 g/t AuEq) from 229.2m.

Drill Results:

12.7m @ 4.98% Sb and 0.36 g/t Au (10.92 g/t AuEq) from 229.2m (including 1.85m @ 28.50% Sb and 0.45 g/t Au from 238.25m) (RDRC067)
34m @ 1.0% Sb and 0.59 g/t Au (2.72 g/t AuEq) from 158.80m (RDRC001)
18m @ 3.41 g/t Au and 0.27% Sb (3.97 g/t AuEq) from 276m (including 4.5m @ 9.90 g/t Au and 0.01% Sb from 286.5m) (RDRC048B)
1m @ 28.31 g/t Au and 2.18% Sb (32.92 g/t AuEq) from 286m (NMRC005)‍
42.6m @ 1.08 g/t Au and 0.05% Sb (1.17 g/t AuEq) from 253.38m (RDRC067)

Project Overview:

The Golden Range Project is located in the Murchison region of Western Australia. The Ricciardo gold system at Golden Range spans a strike length of approximately 2.3km, with limited drilling below 100m depth. Ricciardo has a current Mineral Resource Estimate of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.

Historical mining at Ricciardo focused primarily on oxide material, with transition and primary sulphide mineralization not systematically explored. The project represents a significant gold development opportunity with established infrastructure access in the prolific Murchison region.

Program Details:

The current program included 31 diamond drill holes for 3,300m along the 'Golden Corridor'. This release reports results from 6 holes at Ricciardo (1,102m) and 2 diamond tails at M1 and Austin (259m). The program has identified a significant new high-grade antimony zone discovery and confirmed gold mineralization remains open at depth and along strike.

Understanding These Results:

The high-grade antimony zones intersected represent a significant new discovery at Ricciardo. Antimony mineralization appears to occur later than the main gold mineralization phase, presenting as breccia and stockwork veins in the core. The antimony-rich zones are spatially separate and typically occur above high-grade (>5 g/t Au) gold mineralization.

The gold results continue to demonstrate the potential to expand the current resource base at depth. The 18m @ 3.41 g/t Au intersection in RDRC048B and 1m @ 28.31 g/t Au in NMRC005 highlight the high-grade nature of gold mineralization extending below and along strike from the current resource.

Management Commentary:

Warriedar Managing Director and CEO, Amanda Buckingham:

“The results for these holes successfully demonstrate further extensional high-grade gold, and for the first time very high-grade antimony zones below the Ardmore pit area."

"Given the relative absence of assaying for antimony in historical drilling at Golden Range, we are cautiously optimistic on the potential that might exist here. Moreover, the apparent zonation in RDRC067 is also highly encouraging for any future antimony development potential."

‍"I want to emphasise however that pursuit of this opportunity will be in parallel with our growth-focussed gold drilling at Golden Range, which remains our current core focus.”

Next Steps & Catalysts:

All residual diamond assays are expected to be received by late September. Warriedar is targeting an update of the Ricciardo Mineral Resource for Q4 2024.

Further growth-focused RC drilling of the 'Golden Corridor' is scheduled for H2 2024, as well as planned aircore drilling along select parts of the regional shear. The company will also undertake a review and evaluation of historical antimony data for Ricciardo, with potential re-assay of historical pulps.

Commodity Outlook:

Gold continues to maintain strong fundamentals as a safe-haven asset with record high prices being reached this year, surpassing $2,500/oz USD. The discovery of high-grade antimony mineralization adds potential value, with antimony being a critical mineral used in flame retardants, lead-acid batteries, and other industrial applications.

With China producing 48% of global antimony and recently imposing export restrictions, prices have surged from US$13,400/t in April 2024 to US$22,700/t in June 2024.The Murchison region of Western Australia represents a premier mining jurisdiction with established infrastructure.

Conclusion:

The latest results from Golden Range demonstrate potential to expand the current gold resource base and highlight a new high-grade antimony opportunity. With mineralization remaining open at depth and along strike, the project continues to demonstrate characteristics of a substantial gold-antimony system with continued growth potential.

Sources:

WA8 Drill Results Announcement

Additional Figures:

Information

November 12, 2024