Warriedar Resources Strikes High-Grade Gold: 14.49 g/t Hit Below Historic Pit at Ricciardo
- StockHound
- May 13, 2024
- 6:51 am
- Mining News
Key Take Away: Warriedar Resources (ASX: WA8) has encountered more high-grade gold in drilling below the historic Ardmore pit at its Ricciardo deposit, part of the Golden Range Project in Western Australia’s Murchison region. This included a 4m at 14.49 g/t hit that ended in high-grade mineralisation. The company also extended mineralization at its Rothschild deposit and made a new greenfields discovery at Provenance, both within the nearby Fields Find Project.
The latest assays from Ricciardo include a standout intercept of 4m at 14.49 g/t gold from 188m depth, ending in mineralization. This hole was targeting a high-grade shoot beneath the old pit and appears to have hit the jackpot, with the stellar grade well above the deposit’s current resource average of 1.7 g/t. Other solid hits include 12m at 1.91 g/t from 74m (also ending in mineralization) and 7m at 1.17 g/t from 119m.
These results add to a series of impressive intercepts reported earlier this year, demonstrating significant potential to grow the 476,000-ounce resource at Ricciardo. Importantly, they show the gold system remains open at depth, with the 14.49 g/t hit ending in mineralization due to difficult drilling conditions. The company will extend this hole with a diamond tail later this calendar year to fully test this high-grade zone.
Over at the Fields Find Project, drilling at the Rothschild deposit extended the known gold structures by 100m to the east, where they remain open. Meanwhile, first-pass drilling at the Provenance prospect, 700m north of Rothschild, hit 8m at 1.60 g/t gold from 92m in a newly-discovered parallel system. The company also noted a set of untested base metal targets in the western portion of Fields Find that warrant follow-up.
Looking ahead, Warriedar plans to kick off a fresh round of resource expansion drilling at Ricciardo in the next week, including both reverse circulation (RC) and diamond drilling. The diamond tails will be used to extend some of the recent holes that ended in mineralization, hopefully leading to an even bigger bounty of high-grade gold.
Gold’s enduring allure as a safe haven and inflation hedge has been on full display over the past year, with prices reaching record highs in the face of economic headwinds, geopolitical uncertainty and rising interest rates. For Australian gold companies like Warriedar, the strong USD gold price has translated into record highs in local currency terms, providing a robust backdrop for exploration and development. New high-grade discoveries in Tier-1 mining jurisdictions like WA are likely to be highly sought-after.
With a market capitalization of around A$41 million, Warriedar is still a relatively early-stage explorer, but one with a growing inventory of quality gold ounces in a prime location. The company’s cash balance of A$4.8 million (as of March 31, 2024) gives it a decent runway to keep the drills turning and build on its recent success.
The hits keep coming for Warriedar Resources, with the latest round of drilling success at Ricciardo and Fields Find reinforcing the exploration potential of its Murchison gold portfolio. The combination of near-surface resource growth, deeper high-grade extensions, and intriguing greenfields discoveries ticks a lot of boxes for the next ‘bang for buck’ gold story. With further assays pending and rigs set to start turning again, Warriedar looks poised to generate strong news flow over the coming months.
Warriedar Resources Limited (ASX:WA8)
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