Aug 2, 2024

Warriedar Resources Hits 7.2m @ 4.51 g/t Au at Ricciardo Deposit, Golden Range Project, Western Australia

Introduction:

Warriedar Resources Limited (ASX: WA8) has reported significant gold intercepts from infill drilling at its Ricciardo deposit within the Golden Range Project in Western Australia's Murchison region, highlighted by 7.2m at 4.51 g/t Au from 232.8m.

Drill Results:

7.2m @ 4.51 g/t Au from 232.8m (including 3m @ 9.03 g/t Au from 234m) (RDRC049DD)
23.2m @ 1.60 g/t Au from 270.8m (RDRC049DD)
10.5m @ 1.53 g/t Au from 218.8m (RDRC049DD)‍
3.9m @ 3.35 g/t Au from 218.8m (RDRC001DD)

Project Overview:

The Golden Range Project is located in the Murchison region of Western Australia. The Ricciardo deposit spans a strike length of approximately 2.3km and is part of the 25km-long 'Golden Corridor' which hosts six discrete deposits. The project area has established infrastructure access and is within trucking distance of several operating mines.

Ricciardo currently has a Mineral Resource Estimate of 8.7 Mt @ 1.7 g/t Au for 476 koz gold. The deposit remains open at depth with very limited drilling below 100m depth prior to the current program.

Program Details:

The current diamond drilling program, now extended to 3,000m, is targeting depth extensions at the Ricciardo and M1 deposits. The results reported are from two diamond tail holes drilled beneath the Ardmore pit in the northern section of Ricciardo. Drilling has confirmed a 77m wide mineralized zone approximately 180m down-dip of the existing resource boundary, including a high-grade shoot. Mineralization in this area is structurally complex and extends to a vertical depth of ~460m, remaining open.

Understanding These Results:

The intercepts reported represent significant extensions to known mineralization below the current resource model. The 7.2m @ 4.51 g/t Au intercept indicates the presence of a high-grade shoot within a broader mineralized envelope. The 23.2m @ 1.60 g/t Au intercept demonstrates continued mineralization at depth.

The results validate the growth potential of the Ricciardo deposit, with mineralization now confirmed to extend at least 180m below the current resource and to depths of approximately 460m vertically.

Management Commentary:

Amanda Buckingham, Managing Director and CEO of Warriedar Resources, stated:

“The outcomes of these two diamond tails are significant, given that they represented substantial depth step-outs under the shallow Ardmore pit. A 77m wide mineralised zone (downhole) with a central high-grade shoot (4.51 g/t), 180m below the MRE is a great result. We don’t fully understand the structural geometry here yet, but we are delighted that the deeper part of hole 49 validates the drill results from a previous explorer – confirming the deposit extends to about 460m vertical depth and retains some good grade (3.19 g/t). Excellent progress."

"We continue to drill ahead at Ricciardo as part of the current diamond program, with follow-up growth drilling activities in planning for the remainder of H2 2024.”

Next Steps & Catalysts:

The current diamond drilling program at Ricciardo and M1 is set to be completed in mid-August, with all assays expected by late-September. An update of the Ricciardo Mineral Resource Estimate is targeted for Q4 2024.

Further growth-focused drilling along the 'Golden Corridor' is scheduled for H2 2024. The Company plans to continue exploring the depth potential of the Ricciardo deposit and other targets within the Golden Range Project.

Commodity Outlook:

Gold continues to be a sought-after commodity, with its safe-haven status supporting record high prices this year, surpassing $2,400/oz. The Murchison region of Western Australia is a well-established gold mining district with excellent infrastructure and a supportive regulatory environment for resource development.

Conclusion:

The latest results from Ricciardo demonstrate significant potential to expand the current resource base at depth. With mineralization remaining open and multiple high-grade shoots identified, the project continues to show characteristics of a gold system with considerable growth potential. The upcoming resource update and planned exploration activities provide near-term catalysts for Warriedar Resources.

Sources:

WA8 Drill Results Announcement

Additional Figures:

Information

November 12, 2024