ASX small-cap gold share Spartan Resources Ltd (ASX: SPR) has ripped 189% higher over the past 12 months.
The gold explorer finished trading at $1.91 per share today, up 0.53% following a market announcement.
Meanwhile, the S&P/ASX All Ordinaries Index (ASX: XAO) finished 0.92% higher on Tuesday following the RBA interest rate decision.
Let's see what Spartan Resources told the market today.
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Spartan Resources shares lift on maiden drilling program news
Spartan Resources released an exploration and operations update for its Dalgaranga Gold Project today.
The explorer said its maiden underground drilling program at the West Winds Deposit has confirmed a high-grade shoot at depth.
Over 4,700 metres of underground drilling has been completed at West Winds.
Spartan said the results confirm the high-grade plunge shoot at depth below the current resource estimate.
Latest assay results include:
- 8.0m at 4.16g/t gold from 344.70m from within a broader intercept of 21.93m at 1.74g/t gold from 332.50m down-hole
- 5.1m at 5.58g/t gold from 348.53m from within a broader intercept of 21.17m at 1.97g/t gold from 348.53m down-hole
- 9.67m at 4.32g/t gold from 255.7m from within a broader intercept of 32.57m at 2.36g/t gold from 249.11m down-hole
Spartan also revealed significant new results from in-fill and extensional drilling at the high-grade Pepper Deposit.
Assay results include:
- 25.76m at 23.20g/t gold from 597.66m down-hole, including 7.84m at 69.06g/t gold from 644.8m
- 15.42m at 19.44g/t gold from 583.7m down-hole, including 5.24m at 51.71g/t gold from 686.02m
- 20.65m at 13.82g/t gold from 579.65m down-hole, including 4m at 61.73g/t gold from 582.46m
The company said development of the Juniper Decline was advancing on schedule.
So far, more than 1,675 metres of drilling have been completed, with the initial scope on track for completion before 30 June.
Spartan Executive Chair, Simon Lawson, said:
Drilling activities have quickly ramped up and our 2025 exploration campaign is in full swing, with three surface rigs and one underground diamond drill rig operating on site at Dalgaranga.
This reflects our commitment to deliver further growth in our high-grade resource inventory and unlock the next chapter of growth at Dalgaranga above and beyond what will be captured in the upcoming Feasibility Study.
ASX gold shares in the green amid new record commodity price
Many of the other ASX gold shares also finished in the green today following a strong session for the gold commodity price.
The S&P/ASX All Ordinaries Gold Index (ASX: XGD) finished up 0.49%.
The gold price is currently at US$3,145, up 0.79% today and up 8.1% over the past month.
According to Trading Economics, the gold price keeps smashing records due to its safe-haven appeal to investors.
Among the ASX 200 large-cap gold shares, Evolution Mining Ltd (ASX: EVN) shares finished up 1.69% to $7.23 at market close.
Newmont Corporation CDI (ASX: NEM) shares finished 1.06% higher at $77.93.
Among the smaller players, Perseus Mining Ltd (ASX: PRU) shares finished up 1.20% to $3.37.
The Gold Road Resources Ltd (ASX: GOR) share price finished 0.35% higher at $2.90.
Spartan's suitor, Ramelius Resources Ltd (ASX: RMS), finished 0.84% higher at $2.39.
Last month, Ramelius and Spartan Resources announced a takeover deal.
The parties announced they had entered into a binding Transaction Implementation Deed (TID).
Under the TID, Ramelius proposes to buy all issued Spartan Resources shares it does not already own via a scheme of arrangement, or if this is not successful, a conditional off-market takeover offer for the same consideration.
The proposed consideration for Spartan Resources shareholders is 25 cents per share in cash plus 0.6957 new Ramelius shares for each Spartan share held.
The ASX small-cap gold share has risen 19.06% since the deal was announced.
