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Spartan Resources (ASX:SPR)

SPR wins the day with a killer 47% resource upgrade to 2.48Moz at its Dalgaranga gold project in WA’s Mid West after incorporating its new high-grade Pepper deposit and upgrading the Never Never resource.

It now sits at an impressive 16.1Mt at 4.79g/t gold. With gold prices stretching all-time highs, that bullion is going to put a smile on a lot of people’s faces.

It’s not too much of a surprise – the gold developer has been uncovering hit after hit after hit, of high-grade gold mineralisation in and around Never Never, launching the junior’s share price up 416% in a year.

Speaking with *, SPR MD Simon Lawson says there’s a reason why he called it Spartan.

“It’s about mindset. And sometimes it takes challenging the accepted and not being afraid of failure,” Lawson says.

“Coming from Gascoyne to where we are now, it was all about having a crack and testing new ideas.

“It’s an incredible turnaround in anyone’s books.
We went back to drill where we were told not to look and had a go, and now we have a 2.8Moz high-grade resource with upside growth potential.”



Never Never upgrade

The Never Never deposit itself continues to pay dividends for this year’s gold darling, with resources upgraded from 5.16Mt at 5.74g/t gold, or 952,900oz, to 5.72Mt at 8.07g/t gold for ~1.49Moz of contained gold.

SPR also just awarded an $18.3m contract for 2350m of twin decline access for underground drilling across four mining areas, which also include the Four Pillars and West Winds areas.

“Since its discovery in mid-2022, the high-grade Never Never gold deposit has consistently delivered some of the most eye-catching drill intercepts seen in the Australian gold sector in many years,” Lawson says.

“This is an incredible outcome only two years from discovery and the direct result of a consistent high-grade drill focus, a highly effective drill strategy and the team’s extensive experience interpreting, modelling and estimating high-grade gold resources.”

A huge amount of volume on this budding gold producer today, rising a whopping 21.61% to $1.21 – tipping the explorer into the$1 billion market cap club (a monster of rock, so to speak).