Spartan shares surge on Dalgaranga resource upgrade
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The news: Shares in Spartan Resources surged on the ASX after the explorer significantly upgraded the mineral resource estimate for its Dalgaranga Gold Project in Western Australia.
The numbers: Spartan said total gold content at Dalgaranga is now estimated at 2.48 million ounces at a grade of 4.79 grams per tonne. This reflects a 45% increase in total ounces and a 90% increase in grade.
Shares in the company jumped more than 21% to $1.21 after the news in early trading.
The context: Spartan said the upgrade followed aggressive drilling at the flagship Never Never Deposit and the new Pepper discovery, and highlighted the potential for Dalgaranga to become a leading high-grade underground gold mining operation.
The group’s maiden underground ore reserve from Never Never is due for delivery in the second half of 2024.
The announcement comes just weeks after bigger rival Ramelius Resources lifted its stake in Spartan to nearly 18%. Ramelius shares were trading 0.5% higher at $1.97 each.
The source: ASX announcement
