Spartan Resources Finds New Gold Mineralization Zone at Western Australia Project; Shares Down 15%

MT Newswires Live11-07

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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