Spartan Resources (ASX:SPR) hit a new zone of visible gold with high-grade assays located 110 meters to the south of the Pepper deposit within its Dalgaranga project in Western Australia, according to a Thursday filing with the Australian bourse.
Assays returned 23.6 meters at 2.4 grams per tonne of gold from 503.5 meters down-hole, including 3 meters at 11.4 grams per tonne of gold, the filing said.
Follow-up down-hole wedge drilling is in progress, with a fourth diamond drill rig arriving for the new prospect, according to the filing.
Shares fell nearly 15% in morning trade Thursday.
Price (AUD): $1.28, Change: $-0.22, Percent Change: -14.53%
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