Jul 19, 2024

Warriedar Resources Hits 8.9m @ 8.93 g/t Au at M1 Deposit, Golden Range Project, Western Australia

Introduction:

Warriedar Resources Limited (ASX: WA8) has reported significant gold intercepts from diamond drilling at its M1 and Ricciardo deposits within the Golden Range Project in Western Australia's Murchison region, highlighted by 8.9m at 8.93 g/t Au from 156m at M1.

Drill Results:

8.9m @ 8.93 g/t Au from 156m (including 2m @ 23.83 g/t from 158.3m) (M1RC191)
7m @ 2.59 g/t Au from 229m (including 1m @ 10.81 g/t from 233.7m) (RDRC042)
7m @ 2.54 g/t Au from 170m (including 1m @ 7.48 g/t from 172m) (RDRC060)
9m @ 1.42 g/t Au from 180m (RDRC060)‍
4.6m @ 1.20 g/t Au from 235m (RDRC043)

Project Overview:

The Golden Range Project is located in the Murchison region of Western Australia. It features a 25km-long 'Golden Corridor' trend which hosts six discrete deposits across 18 historic pits. The M1 deposit is located 7km north of the Ricciardo deposit, which has a current Mineral Resource Estimate of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.

The project area has excellent infrastructure access, being located near existing processing facilities. The current drilling represents the first diamond drilling undertaken at the 2.3km-long Ricciardo deposit and the nearby M1 deposit by any operator in ten years.

Program Details:

The current program includes a completed 28-hole Reverse Circulation (RC) program for 5,024m and an expanded diamond tail program targeting 2,500m (approximately 1,900m complete across 19 holes). Drilling has focused on testing extension potential at depth and along strike at both the M1 and Ricciardo deposits. The program has successfully intersected mineralization below historical pit depths and in areas with no previous drilling.

Understanding These Results:

The high-grade intercept at M1 (8.9m @ 8.93 g/t Au) is significantly higher grade than expected by management and demonstrates clear high-grade extension potential at the deposit. At Ricciardo, drilling beneath the Silverstone Central pit in an area with no historical drilling has confirmed significant grade at depth and along strike.

These results are expected to support an enlarged, higher-grade and higher confidence Mineral Resource Estimate for both deposits. The mineralization remains open at depth, indicating further growth potential.

Management Commentary:

No management commentary was within this announcement.

Next Steps & Catalysts:

The current diamond drilling program at Ricciardo and M1 is set to be completed in mid-August. All assays are expected to be returned by mid-September.

An update of the Ricciardo Mineral Resource Estimate is targeted for Q4 2024. Further growth-focused drilling of the 'Golden Corridor' is planned for H2 2024, including follow-up of the high-grade potential evidenced at M1.

Commodity Outlook:

Gold continues to maintain strong fundamentals as a safe-haven asset, with prices reaching record highs this year surpassing $2,400/oz USD. The Murchison region of Western Australia represents a premier mining jurisdiction with established infrastructure and a supportive regulatory environment for resource development.

Conclusion:

The latest results from Golden Range demonstrate significant potential to expand the current resource base at both the M1 and Ricciardo deposits. With mineralization remaining open at depth and multiple targets still to be tested along the 25km 'Golden Corridor', the project continues to demonstrate characteristics of a substantial gold system with continued growth potential.

Sources:

WA8 Drill Results Announcement

Additional Figures:

Information

November 12, 2024