Jun 14, 2023

Warriedar Resources Intersects 20m @ 1.98g/t Au, 7.2g/t Ag at Austin, Golden Range Project, Western Australia

Introduction:

Warriedar Resources Limited (ASX: WA8) has reported polymetallic drill results from its Austin deposit at the Golden Range Project in Western Australia, highlighted by 20m @ 1.98g/t Au, 7.2g/t Ag, 844ppm Pb from 160m.

Drill Results:

20m @ 1.98g/t Au, 7.2g/t Ag, 844ppm Pb from 160m (AURC086)
8m @ 1.04g/t Au, 19.5 g/t Ag, 0.54% Pb from 144m (including 4m @ 0.88 g/t Au, 27 g/t Ag and 1.02% Pb from 144m) (AURC087)‍
30m @ 3.31 g/t Au, 29 g/t Ag, 0.62% Pb from 127m (including 2m @ 7.07 g/t Au, 140 g/t Ag, 1% Pb and 2m @ 3.15 g/t Au, 54 g/t Ag, 2.5% Pb) (Historic hole AURC074)

Project Overview:

The Austin deposit is part of the Golden Range Project located in the Murchison province of Western Australia. It sits within an interpreted Volcanogenic Massive Sulphide (VMS) horizon, approximately 4km southwest of the Golden Grove Cu-Zn-Pb-Ag-Au deposit. The project is situated in the Yalgoo Singleton Greenstone belt, known to host several VMS deposits.

The current Mineral Resource Estimate for Austin is 434,000t @ 1.4 g/t Au for 19,200 oz Au. The deposit remains open at depth and is plunging south, with potential for expansion and further polymetallic discoveries.

Program Details:

The recent program consisted of five RC holes totaling 1,086m, targeting depth extensions to gold mineralization beneath the existing shallow pit and investigating the polymetallic potential of the deposit. Three holes failed to reach target depth due to excessive water and are planned for diamond tail extensions. The drilling confirmed a polymetallic system with gold, silver, and lead mineralization, open along strike and at depth.

Understanding These Results:

The intersected polymetallic mineralization supports the interpretation of Austin as a VMS-style deposit. The presence of gold, silver, and lead in significant quantities suggests potential for a larger polymetallic system. The mineralization appears to be plunging south and remains open, indicating room for resource expansion.

The high-grade intercepts, particularly the historic 30m @ 3.31 g/t Au, 29 g/t Ag, 0.62% Pb from 127m, highlight the potential for substantial metal accumulations within the system. The varying metal ratios across intercepts suggest a zoned mineralization typical of VMS deposits.

Management Commentary:

No direct management quote included.

Next Steps & Catalysts:

Warriedar plans to extend the three RC holes that failed to reach target depth with diamond tails in Q3 2023. Upon completion, downhole electromagnetic (DHEM) surveys will be conducted to identify conductive zones that may contain massive sulphide mineralization.

Additionally, ground EM surveys are planned along the interpreted VMS horizon and over a discrete conductor identified 1.2km south of the Austin pit. These geophysical programs aim to refine targets for future drilling campaigns focused on expanding the resource and testing for high-grade feeder zones.

Commodity Outlook:

The polymetallic nature of the Austin deposit, with gold, silver, and base metals, provides exposure to multiple commodity markets. The proximity to the significant Golden Grove operation underscores the regional potential for VMS discoveries. As global demand for both precious and base metals remains strong, projects with multi-element potential are increasingly attractive to investors and producers.

Conclusion:

The latest results from Austin demonstrate the potential for a polymetallic VMS system within the Golden Range Project. With mineralization open along strike and at depth, and planned follow-up geophysics and drilling, Warriedar is well-positioned to expand the resource. The project's location in a tier-1 mining jurisdiction with established VMS deposits nearby further enhances its strategic value.

Sources:

WA8 Drill Results Announcement

Additional Figures:

Information

November 12, 2024