Warriedar (ASX: WA8) doubles gold resource at Ricciardo with low-cost, high-impact exploration Strategy
November 18, 2024Warriedar Resources (ASX:WA8) has delivered a game-changer with its latest Mineral Resource Estimate (MRE) update for the Ricciardo Gold Deposit, part of the Golden Range Project.
The new estimate of 947,500 ounces of gold at an average grade of 1.8 g/t represents a staggering 99% increase in contained ounces compared to the previous statement.
This boost highlights the effectiveness of Warriedar Resources targeted exploration strategy.
Key Highlights:
- Doubling the Resource: The updated MRE, featuring 16.44 million tonnes at 1.8 g/t Au, now includes 467.5 koz for open-pit and 480 koz for underground resources.
- Efficient Discovery Cost: Achieved at an all-in discovery cost of approximately A$16/oz, underscoring a high return on investment for exploration activities.
- Open-Ended Growth: The mineral system remains open at depth and along strike, suggesting substantial potential for further expansion.
Warriedar’s Managing Director, Dr Amanda Buckingham, summed up the significance of this milestone: “This is the result we have been working towards all year. With less than 15,000 metres of targeted, efficient drilling, we have added over 470,000 ounces to the Ricciardo deposit, doubling the resource.”
The Ricciardo deposit’s success comes down to a simple yet highly effective strategy: drilling beneath shallow open pits to extend the known resources.
This approach, proven by Warriedar’s producing neighbours, has delivered substantial results. The broader Golden Corridor, a 25km stretch encompassing Ricciardo, now stands as a key growth driver for the company.
Warriedar’s exploration focus is set on high-grade extensions within the corridor, with recent drilling at the southern end already showing promise.
Nine reverse circulation (RC) holes, covering 1,472 metres, have been completed, with assays pending.
Located on existing mining leases in Western Australia’s Murchison region, the Ricciardo deposit offers strong commercial viability. Its proximity to processing facilities and infrastructure bolsters its development prospects.
Dr Buckingham added: “The opportunity in front of us is irresistible. The Golden Corridor offers substantial upside from a relatively straightforward drilling focus.”
In an industry driven by cost-effective growth, Warriedar’s ability to add high-quality ounces at such a low discovery cost stands out.
With total Golden Range Project resources now exceeding 1.28 million ounces, Warriedar has positioned itself well for sustained value creation.
The updated resource reflects the ongoing evolution of Warriedar’s geological understanding and targeted exploration.
The project’s long-term potential is further enhanced by recent geological work, confirming the presence of multiple high-grade mineralised shoots.
Warriedar’s future appears bright as it pushes forward with exploration, poised to leverage its strategic approach in unlocking further value at Ricciardo and the wider Golden Range projects.
This outcome not only validates Warriedar’s exploration thesis but sets a strong foundation for future growth, with further drilling expected to expand the resource base in the coming months.
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