Spartan Resources delivers strong drilling results and updates Exploration Target

Spartan Resources Ltd (ASX: $SPR) has reported exceptional high-grade gold intercepts at the Never Never Gold Deposit, extending the mineralisation to over 1km depth. The company also updated the JORC-compliant 'Exploration Target' for the Never Never Deposit to 8.1 to 9.9 Mt at 5.8 to 6.7g/t Au for 1,600,000 to 1,900,000 ounces. The company's cash balance as of 31 March 2024 was $30.5 million.

Executive Commentary on Quarterly Activities

Spartan Managing Director and CEO, Mr Simon Lawson, highlighted the company's exceptional drilling results at the Never Never Gold Deposit, reinforcing the deposit's exceptional endowment. He also emphasized the success of the drilling programs and the appointment of Mr Craig Jones as the Chief Operating Officer, stating that Mr Jones' operational track record will be invaluable to Spartan. Mr Lawson expressed the company's delight in appointing Deanna Carpenter as a Non-Executive Director and the busy period ahead with ongoing drilling and feasibility studies.

Summary of Quarterly Activities and Outlook

Spartan Resources has continued to deliver exceptional high-grade gold intercepts at the Never Never Gold Deposit, with an updated JORC-compliant Exploration Target. The company's cash balance of $30.5 million provides a strong financial position. The appointment of Mr Craig Jones as Chief Operating Officer and the successful completion of an $80 million equity raising further strengthen the company's position. With ongoing drilling programs and feasibility studies, Spartan is focused on converting its exploration success into profitable production and unlocking the full value of its discoveries.