ASX-listed Waratah Minerals is focused on developing a high-quality exploration portfolio delivering multiple high-impact discovery opportunities.
The jewel in Waratah's crown is its Spur project; an emerging epithermal porphyry gold-copper discovery in New South Wales' Macquarie Arc. Acquired in January 2024 and situated just 5km from Newmont's famed Cadia Valley gold mining operation, the asset is brimming with high value Tier 1 promise.
Firm commitments recently received to raise $5 million via a two-tranche placement at $0.25/share mean Waratah can now accelerate drilling activity at Spur, targeting extensions of high-grade mineralisation discovered to date. With the potential for a significant near surface gold resource, several targets are being opened and the RC drilling program is being expanded.
Knowledge is power
Managing director, Peter Duerden brings almost two decades of MacQuarie Arc exploration experience to Waratah Minerals, not least his role in the Boda deposit discovery with Alkane, and at Cadia with Newcrest.
As to the rest of the team, Duerden described the company as "being run by geologists", viewing the technical bias on the board as affording Waratah an edge when it comes to making discoveries. The rationale is clear: anything that serves to increase those chances of discovery success is at the same time increasing the chances of transforming the value of the company.
Waratah recently partnered with Fleet Space Technologies to undertake an ambient noise tomography (ANT) survey which worked to define additional large intrusive porphyry target zones. Yet, while the company fully embraces such cutting-edge techniques when they demonstrate clear capacity to expedite processes and provide richer insights, it also takes the view that new does not always mean better. Rather, the managing director characterised the overriding Waratah approach to exploration as being about doing traditional geology, geochemistry and geophysics better and faster than before.
Duerden highlighted how the accumulated technical wisdom at Waratah Minerals, as well as nearby Macquarie Arc discoveries at Cowal and Boda have helped to inform the exploration model and targeting strategy at Spur. This has seen efforts directed towards the margins of the main early-stage intrusive complex for wallrock-style epithermal-porphyry mineralisation, while the Waratah team also understand the epithermal sulphide stringers to represent the upper levels of a broader porphyry system.
Near-term value catalysts
As to the current focus of attention and milestones to come, priority targets are being actively drilled at Spur with multiple 100gram metre intercepts now defined. The near-term strategy is to continue drilling to test the extent and the nature of the mineralisation identified to date. That this can be done from surface and will not require deep, expensive drilling under cover means Waratah need not necessarily get into bed with a major to move forward.
Considered highly prospective for epithermal-porphyry gold and copper mineralisation,
Peter Duerden asserted that the company's exploration strategy in respect of its Spur project is consistent and achievable, and that the early signs of a very significant discovery are now emerging.
