Project Overview:
The Ricciardo gold system spans approximately 2.3km strike length within the Golden Range Project in Western Australia's Murchison region. The project currently hosts a Mineral Resource Estimate of 8.7Mt @ 1.7g/t Au for 476,000 ounces of gold. Historical mining focused primarily on oxide material, leaving significant potential in transition and primary sulphide zones.
Program Details:
The recently completed diamond drilling program totaled 2,701m across 27 holes, targeting extensions beneath the Silverstone pit and Eastern Creek areas. Drilling has confirmed continuation of high-grade shoots at depth with better than previously modeled grades, particularly in the central Silverstone area where a significant high-grade plunge has been identified.
Understanding These Results:
The results demonstrate significant extension potential below the current resource, with mineralization remaining open along strike and down dip. Particularly noteworthy is the confirmation of high-grade shoots continuing at depth beneath the Silverstone pit, with grades exceeding previous model expectations.
The Eastern Creek area results show improving width and grade with depth, with drilling extending mineralization well beyond the previous maximum depth of 136m.
Management Commentary:
Amanda Buckingham, Managing Director and CEO, stated:
“This final set of diamond results from the recent Ricciardo drilling have really put a bow on the whole program for us. The broad-based extensional success delivered by this drilling is both real and exciting. The fact that these results are being delivered at what are still relatively shallow down-dip depths, and in such proximity to excellent surrounding infrastructure, also delivers excellent potential for the economic character of the anticipated resource additions at Ricciardo. It is my firm belief that we are just getting started in terms of the opportunity at Ricciardo, let alone within the larger ‘Golden Corridor’ and along the broader mineralised shear.”
Next Steps & Catalysts:
An updated Mineral Resource Estimate incorporating these results is on track for completion in Q4 2024. The company has commenced aircore drilling at the Golden Range Project targeting an underexplored section of the 70km long shear zone. Additional RC drilling of the 'Golden Corridor' is scheduled to begin in November.
Commodity Outlook:
Gold and antimony mineralization at Ricciardo shows strong potential for recovery, with the company using current market prices of US$2,200/oz gold and US$15,000/t antimony for equivalent calculations, reflecting robust fundamentals for both commodities.
Conclusion:
The latest drilling results demonstrate significant potential to expand the current resource base at Ricciardo, particularly at depth where mineralization remains open. With multiple high-grade shoots identified and improving grades at depth, the project continues to demonstrate strong growth potential in a well-established mining jurisdiction.
Sources:
Warriedar Resources Drill Result Announcement
Additional Figures:
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