Dec 2, 2024

Warriedar Resources Reports Strong Antimony Recovery Results from Ricciardo Project

Key Take Away:

Warriedar Resources (ASX:WA8) has reported successful preliminary metallurgical testing of antimony from its Ricciardo deposit in Western Australia's Murchison region. The tests achieved an 83% antimony recovery rate through single-stage closed-circuit flotation, producing a concentrate grade of 38.5% that the company says is readily marketable.

Mineralogy Findings

The initial mineralogy study revealed that Ricciardo's antimony mineralization primarily consists of stibnite and berthierite, minerals commonly found in major antimony mines worldwide, including Australia's Costerfield and South Africa's Alpha-Gravelotte operations.

Resource Development Plans

The company plans to proceed with establishing a maiden antimony resource estimate in Q1 2025. Previous drilling has revealed significant antimony intervals, including intercepts of 1.9 meters at 28.5% antimony. Only about 11% of historical drilling at Ricciardo was previously assayed for antimony, suggesting potential for resource growth through re-assaying of historical samples.

Management Commentary

Warriedar Managing Director and CEO, Amanda Buckingham, commented:

"These initial met results for the primary antimony mineralisation at Ricciardo are undeniably exciting. The context to them is the significant volume of antimony at Ricciardo, including high-grade zones that appear relatively discrete from the higher-grade gold mineralisation, that are not yet well-defined but show serious scale and grade potential. While we are excited about this emerging opportunity at Ricciardo, I want to emphasise again however that pursuit of this opportunity will be in parallel with our growth-focussed gold drilling at Golden Range, which remains our current core focus."

Project Context

The Ricciardo deposit, which recently reported a gold resource of 947,500 ounces, has never been systematically assessed for antimony. The antimony mineralization extends over approximately one kilometer of strike length below the existing Ardmore and Copse-Silverstone pits.

Market Opportunity

The timing is favourable for Warriedar's antimony discovery, as supply constraints have driven significant price increases in the global antimony market. Antimony is classified as a critical mineral, used in flame retardants, lead-acid batteries, and various industrial applications.

Antimony is critical mineral that has seen its price triple from US$12,000 to US$37,700 per tonne. While gold remains the primary focus, the antimony content could add significant value to the project in the future.

Financial Position

With a market capitalization of A$45 million and A$6.2 million in cash, Warriedar is well-positioned to advance both its gold and antimony objectives at Ricciardo. The company's share price was last traded at A$0.060.

Strategic Focus

While the antimony potential adds an exciting dimension to the project, Warriedar emphasizes that high-grade gold remains its primary focus at Ricciardo and the broader Golden Corridor deposits. The company plans to pursue antimony development in parallel with its ongoing gold exploration activities.

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