Waratah Minerals (ASX:WTM) defined a maiden mineral resource estimate of 3.1 million ounces of gold at 1.2 grams per tonne across the Spur and Consols gold zones at its Spur Project in New South Wales, according to a Wednesday Australian bourse filing.
The company said the resource is 27% indicated and 73% inferred, establishing an initial gold resource at the project.
Managing Director Peter Duerden said the company's immediate objective is to grow the resource toward 5 million ounces while continuing to test the broader potential of the Spur Gold Corridor.
Waratah Minerals shares fell 3% in recent Wednesday trade.
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