Overview
Warriedar Sources (ASX:WA8) is a complicated gold and copper exploration firm backed by a extremely expert staff of specialists, Warriedar maintains an extremely robust and steady portfolio of gold belongings in each Western Australia and Nevada. Between its three tasks – Golden Vary, Fields Discover and Massive Springs – it at present holds greater than 2 million ounces of high-grade gold sources with blue-sky potential for development, and a sturdy pipeline of high-quality drill targets. Warriedar is well-funded for its deliberate 2024 drill applications centered on quickly constructing its gold sources.
Two of its brownfield tasks – Golden Vary and Fields Discover – are situated in Western Australia’s Murchison Province, broadly generally known as an energetic mining and exploration area. Each tasks are located on beforehand mined and underexplored land, and surrounded by profitable, working gold and base metallic mines. Golden Vary hosts roughly 950,000 oz gold useful resource and an present 800 ktpa processing plant and related infrastructure (positioned on care and upkeep throughout 2019 by its earlier proprietor). To the east of Golden Vary is the Fields Discover venture, which comprises important ranges of gold, copper and nickel.
Warriedar’s Massive Springs gold venture in Nevada, USA, is adjoining to First Majestic Silver’s Jerritt Canyon gold mine advanced, an working mine with a manufacturing historical past of over 10 Moz gold. Massive Springs has an present useful resource base of roughly 1 Moz gold inside a granted mining licence, surrounded by roughly 93 sq. kilometers of prime exploration floor potential for Carlin-style gold.
Warriedar additionally prides itself on the experience and expertise of its management staff, driving the corporate in the direction of efficiently attaining its objectives and rising shareholder worth. Geophysicist Dr. Amanda Buckingham serves on Warriedar’s board of administrators, bringing three many years of expertise to her function. Mark Connelly, Warriedar’s non-executive chairman, is a monetary and business government with in depth expertise within the useful resource {industry}. Dianmin Chen, a seasoned mining engineer, completes the complementary ability set of the board.
Located in the course of Western Australia’s extremely energetic Murchison exploration and mining province, the Golden Vary venture is strategically positioned between a number of main working mines and superior exploration tasks. Along with the close by Fields Discover venture, it represents a belt-scale alternative, overlaying a mixed space of 813 sq. kilometres.
A brownfields venture with appreciable previous exploration and growth, Golden Vary hosts a gold useful resource of 945,000 ounces alongside a dominant central shear hall. Present on-site infrastructure consists of an 800-ktpa oxide processing plant, which was positioned on care and upkeep by the venture’s earlier proprietor in 2019. This offers Warriedar with an accelerated, low-capital-intensity pathway to future gold manufacturing pending the success of an ongoing exploration program.
Challenge Highlights:
- Prime Location: Golden Vary is bordered by a number of present mines and deposits, every serving as a worthwhile analogue to the sources it could probably comprise. These embody: Deflector Copper-Gold Mine, owned by Silver Lake Sources (ASX:SLR); Rothsay Gold Mine, owned by Silver Lake Sources; Mt. Magnet. owned by Ramelius Sources (ASX:RMS); Mt Gibson, owned by Capricorn Metals (ASX:CMM); and Golden Grove Copper-Zinc-Silver-Gold mine, owned by 29Metals (ASX:29M).
- Untapped Potential: Historic drilling at Golden Vary was largely centered on shallow oxide gold in proximity to the prevailing mill, with a mean drill depth of 42 metres. Historic pits on-site vary in depth from 20 to 80 metres, with a mean depth of 60 metres. This leaves substantial exploration upside for main gold discoveries each beneath and alongside strike from present shallow open pits.
- Exploration Outcomes: Warriedar undertook an aggressive exploration program in 2023, which included drilling in addition to airborne and floor electromagnetic (EM) surveying at each Golden Vary and Fields Discover. A complete of ~ 36,000m of Reverse Circulation (RC) drilling was accomplished, ensuing within the extension of 5 of the 5 gold Sources drilled (all in Mining Leases) and the development of a number of key Prospects. Importantly, the 2023 work highlighted the place the 2024 focus ought to be – alongside the principle mineralized shear inside a 25 km lengthy pattern known as the Golden Hall. This pattern already hosts 736 koz Au throughout 6 deposits and 16 historic pits. Outcomes from 2023 and early 2024 included:
- Ricciardo (RDRC019): 32 m @ 3.59 g/t gold from 148 m (led to mineralization)
- Ricciardo (RDRC020): 6 m @ 4.69 g/t gold from 142 m
- Ricciardo (RDRC002): 7 m @ 4.48 g/t from 251 m
- Ricciardo (RDRC031): 11 m @ 3.43 g/t gold from 149 m
- Windinne Nicely (WORC056): 4 m @ 5.17 g/t from 52 m
- Austin (AURC086): 20 m @ 1.98 g/t gold, 7.2 g/t silver, 844 ppm lead from 160 m
- Rothschild (BRRC083): 18 m @ 2.43 g/t gold from 191 m
- Mugs Luck (MLRC209): 8 m @ 2.28 g/t gold from 72 m
The Ricciardo deposit, an present 476-koz useful resource in the course of the Golden Hall alongside the principle shear. Assay outcomes from drilling undertaken on the Ricciardo deposit confirmed the presence of high-grade shoots beneath present oxide open pits and demonstrated the superb exploration potential for additional discoveries at Ricciardo
- Present MRE: The present mineral useful resource estimate for Golden Vary is 945 koz contained inside 19,429 kt at 1.5 g/t gold:
- 20 koz contained inside 282 kt at 2.2 g/t gold measured.
- 441 koz contained inside 8,887 kt at 1.5 g/t gold indicated.
- 485 koz contained inside 10,080 kt at 1.5 g/t gold inferred.
- Exploration Roadmap: Warriedar has a transparent line of sight on pursuing substantial useful resource development and exploration success for its Western Australia tasks. The main target throughout 2024 can be drilling for high quality gold ounces to develop present sources alongside the Golden Hall, and drilling for brand new discoveries alongside the 70 km shear (floor all held by Warriedar).
The Fields Discover Challenge and the situation of key prospects.
Situated simply to the east of Golden Vary, Fields Discover is most notable for its extremely irregular geology. Resulting from an intrusive advanced throughout the greenstone sequence, the realm is thought to comprise elevated ranges of nickel, copper and gold. Though the brownfields venture has been the location of earlier exploration, the main focus was solely on gold with one notable exception.
At Fields Discover’s southwest nook stands the historic Warriedar copper mine, which is situated on the finish of Warriedar’s goal zone, generally known as the Warriedar Hall. It is usually value noting that the Murchison Province is usually recognized to be wealthy in copper with each the Golden Grove and Deflector copper mines in geological proximity.
Challenge Highlights:
- Copper Area: The Murchison province is thought for its wealthy copper useful resource. Fields Discover additionally encompasses the Warriedar Hall.
- Exploration Outcomes: Warriedar carried out a good exploration program throughout 2023 which included drilling, airborne and ground-based EM surveying, at Fields Discover. Outcomes embody:
- On the Rothschild gold deposit: the principle gold lode alongside your entire strike size of the deposit was prolonged at depth by 150 m. Assay outcomes included: 18 m @ 2.43 g/t gold from 191 m (BRRC083), 11 m @ 3.39 g/t gold from 197 m (BRRC081).
- New 2023 airborne electromagnetic (AEM) information overlaying a considerable a part of the tenure which was beforehand un-flown. Observe-up floor EM recognized a number of properly constrained precedence 1 targets, prepared for drilling. Many of those are situated with the layered mafic-ultramafic intrusion (the Fields Discover Intrusive Advanced).
- Drilling at Fields Discover West confirmed a multi-phase porphyry intrusive system internet hosting polymetallic mineralisation comprising gold, copper, molybdenum and silver. On the Mopoke Prospect inside this porphyry system, assay outcomes returned 4 m @ 5.00 g/t gold from 92 m (MOR005).
Situated within the prolific Nevada Gold Pattern, the Massive Springs Gold Challenge stands adjoining to First Majestic Silver’s (TSE:FR) Jerritt Canyon Gold Mine Advanced, which has a manufacturing historical past of greater than 10 Moz gold. The venture itself has an present useful resource base of roughly 1 Moz gold and is surrounded by roughly 93 sq. kilometres of exploration floor potential for Carlin-style gold.
Warriedar is at present accumulating the required geoscience information to optimise its drill targets whereas additionally advancing its exploration allowing. It plans to recommence its drilling program upon approval of expanded permits, with an appropriate companion.
The corporate believes the tenement package deal presents monumental untapped potential for development in present gold sources.
Challenge Highlights:
- Present MRE: The mineral useful resource estimate for Massive Springs is 1,014 koz contained inside 15,490 kt at 2 g/t gold:
- 129 koz contained inside 860 kt at 4.7 g/t gold measured
- 428 koz contained inside 6,000 kt at 2.2 g/t gold indicated
- 459 koz contained inside 8,630 kt at 1.7 g/t gold inferred
Administration Workforce
Mark Connelly – Non-executive Chairman
Mark Connelly is a seasoned monetary and business government with in depth useful resource {industry} expertise in administration management and board roles. His direct operational and capital markets expertise spans many jurisdictions together with Australia, North America, South America, Africa and Europe.
Connelly’s North American working and growth expertise consists of a number of years primarily based within the U.S. working for Newmont Mining, one of many world’s main gold mining corporations. This included in depth publicity to and data of Newmont’s flagship Nevada gold operations.
Connelly additionally has an excellent observe report of shareholder worth development and realisation, notably over the past decade. This consists of the event and eventual sale of Papillon Sources for roughly US$570 million and the US$597 million consolidation of Endeavour Mining with Adamus Sources.
Amanda Buckinghamn – Managing Director and CEO
Dr. Amanda Buckingham is a geophysicist who has been concerned in mineral exploration for 30 years. She co-founded award-winning and industry-leading geophysical consulting agency Fathom Geophysics in late 2007, primarily based in each Australia and the US.
Buckingham has in depth exploration expertise globally. Her early profession concerned work as a geoscientist and venture supervisor at majors resembling Rio Tinto, listed juniors in each Canada and Australia and several other years consulting at SRK.
She additionally co-founded Cygnus Metals (ASX:CY5) and Desert Minerals (ASX:DM1). She is at present a director of a number of personal corporations and a analysis fellow on the College of Western Australia.
Dianmin Chen – Non-executive Director
Dr. Dianmin Chen is a mining engineer with greater than 35 years of expertise in metallic mining. He has held a variety of roles within the mining {industry} together with technical, manufacturing and administration positions in Australia, China and Canada.
Chen held government roles with Sino Gold (common supervisor), Citic Pacific Mining (chief working officer), CaNickel (government director and CEO) and Norton Goldfields (managing director and CEO) and served as a non-executive director for a number of publicly listed corporations in Australia and Canada, together with Kalgoorlie Mining, Bullabulling Gold Mines, Sherwin Iron, Norton Goldfields, NKWE Platinum and CuDeco. He’s at present a non-executive director of International Lithium Sources (ASX:GL1).
Chen holds a Bachelor of Engineering in mining, a PhD in mining geomechanics and a WA First Class Mine Supervisor’s Certificates of Competency.
Stuart Burvill – GM Company/Common Counsel
Stuart Burvill is a authorized, business and compliance supervisor and civil and structural engineer with over 30 years of expertise in mining, petroleum, power, shipbuilding, defence and civil infrastructure growth together with rail, roads, bridges and tunnels.
Burvill has in depth expertise in M&A, company and venture finance, capital elevating, possession and funding structuring, joint ventures, development contracts and disputes, company governance and administration and enterprise threat administration. He holds a Bachelor of Engineering (Hons), Bachelor of Legal guidelines, MBA and Grad Dip in Utilized Company Governance.
Graeme Morissey – Chief Monetary Officer
Graeme Morissey joins Warriedar from earlier director-level roles within the audit divisions of world accounting corporations EY, KPMG and Grant Thornton. He has over 15 years of direct expertise in servicing purchasers throughout the mining exploration and growth sector. This consists of particular experience extending throughout compliance with Australian Securities Alternate (ASX) and Division of Mines regulation.
Morissey has additionally consulted straight with CFOs throughout the Australian mining sector, which has included optimisation of inside reporting processes on efficiency, money circulate forecasting, and adherence to budgets. He’s a chartered accountant and a fellow of the Governance Institute of Australia.
Morissey holds a Bachelor of Commerce from McMaster College in Canada.
David Palumbo – Firm Secretary
David Palumbo from Mining Company is a chartered accountant and graduate of the Australian Institute of Firm Administrators with over 14 years of expertise throughout firm secretarial, company advisory and the monetary administration and reporting of ASX-listed corporations. He at present acts as firm secretary for a variety of ASX-listed corporations and serves on the board of Krakatoa Sources (ASX:KTA) and Kaiser Reef (ASX:KAU).
Steve McMillin – Exploration Supervisor (Nevada)
Steve McMillin is a extremely skilled and well-respected exploration geologist. He has over 35 years of sensible mineral exploration expertise in the US, with explicit experience in Carlin-style gold tasks in Nevada.
Earlier than becoming a member of Warriedar Sources, McMillin was at Jerritt Canyon Gold for seven years, together with as chief mine geologist. The manufacturing Jerritt Canyon Gold Mine is situated solely 20 kilometres away from Massive Springs alongside the identical mineralisation pattern. Throughout his time there, he led underground near-mine exploration and useful resource growth, serving to to find 12 new financial deposits and develop a number of.
Previous to 2016, McMillin was chief mine geologist at Hearth Creek with Klondex, senior exploration geologist with Halfway Gold on the Spring Valley and Pan-Goldrock deposits, senior mine geologist at Jerritt Canyon with AngloGold and Queenstake Sources and venture geologist with Newmont Exploration in Nevada.
He’s an authorized skilled geologist with American Institute of Skilled Geologists, and member of the Geological Society of Nevada and the Society of Financial Geologists.
Thomas Dwight – Exploration Supervisor (Western Australia)
Thomas Dwight has labored in mineral exploration for a number of years throughout Australia and inside a number of commodities. He has beforehand centered on Western Australia gold exploration, together with the event of the Tampia Hill Useful resource with Explaurum Operations, but in addition has expertise in porphyry copper mineralisation managing exploration for Duke Exploration in Queensland.
Throughout his time within the {industry}, his focus has been exploration, venture growth and database administration. Dwight holds a Bachelor of Science with Honours from the College of Otago, majoring in geology/earth science.
Peng Sha – Chief Geologist
Peng Sha is a geologist with greater than 12 years expertise within the exploration and analysis of copper, gold, lead, zinc, silver, uncommon earth and lithium mining and exploration tasks. He has in depth experience working with a number of totally different deposit varieties throughout potential mining jurisdictions, together with Australia, Serbia, China and Latin America.
Sha held senior geologist roles in International Ore Discovery, Ballarat Gold Mine and AuKing Mining. He was additionally the exploration supervisor for Zijin Mining Serbia, the place he led the exploration staff within the growth of annual greenfield and brownfield exploration programmes for world-class porphyry, excessive and low sulphidation epithermal gold and copper deposits and VMS lead-zinc-silver deposits.
Sha holds a Grasp of Utilized Science, Geology and an Honours Diploma in Financial Geology (top quality) from James Cook dinner College. He’s a member of the Society of Financial Geologists and AusIMM.
