Gold explorer WTM has sprung the market with more high-grade results from ongoing drilling at its Spur project, with up to 9.33g/t gold.
The explorer is betting there’s a sizeable gold deposit on its tenure since the tenements are just 5km from Newmont’s +50Moz gold Cadia Valley and near the multi-million ounce Cowal and Boda deposits in NSW’s prolific Lachlan Ford Belt.
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The Spur tenements and surrounding gold projects. Source: WTM
Results from the extra six RC drill holes are on top of assays from the first two holes, which showed a best interception of 11m at 10.82g/t at the Spur East target zone last month.
WTM reckons the early figures confirm the potential for significant shallow gold resources with grades increasing at depth.
“Each drillhole is increasing our confidence in the exploration strategy and we look forward to updating our shareholders with further RC results in the near term,” WTM MD Peter Duerden says.
More drilling is being planned to follow up and expand the exploration program.
Shares have punched up 52% in early trade today.
WTM Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
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