- 01Updated MRE: 105,000t @3.8 g/t Au ~13 koz at Wagtail.
- 02Indicated 69k t @4.2 g/t (9 koz); Inferred 36k t @3.0 g/t (3 koz).
- 030.5 g/t open pit; 1.6 g/t underground.
High-Tech Metals (ASX: HTM) and SSH Group (ASX: SSH) have announced an updated mineral resource estimate (MRE) for the high-grade Wagtail gold joint venture (JV) in Western Australia.
The update—the first comprehensive review of the Wagtail resource since a maiden MRE in October 2022—incorporates all drilling completed over the past two years, including the recent completion of 65 reverse circulation holes for 3,324 metres.
That campaign confirmed the continuity of the quartz reef-hosted gold system at Wagtail through the central portion of the deposit, providing the data necessary to remodel the mineralised lodes using updated geological wireframes.
The new estimate comprises 105,000 tonnes at 3.8 grams per tonne gold for 13,000 ounces including 69,000t at 4.2g/t for 9,000oz (indicated) and 36,000t at 3g/t for 3,000oz (inferred).
It has been reported at a 0.5g/t cut-off for the near-surface portion that is potentially amenable to open pit mining, and a 1.6g/t cut-off for the deeper portion accessible from underground.
Joint Venture Agreement
Wagtail is held under an agreement whereby SSH funds and manages the technical programs required to advance the deposit towards development, and High-Tech retains ownership and participates in future project economics through agreed profit sharing.
The partnership combines High-Tech’s ownership of the Mt Fisher gold project with SSH’s operational mining expertise and development capability.
This enables Wagtail to be advanced in a shorter timeframe than typically achievable by a junior company on its own.
The updated MRE represents a key milestone for the partners and will provide the technical foundation for an ongoing scoping study, mine optimisation, metallurgical test work, and permitting activities.
Improved System Confidence
High-Tech chief executive officer James Merrillees said the new MRE improved the geological understanding and confidence in the mineralised system.
“This update is a vital step forward in providing us with confidence to progress Wagtail from an exploration project towards a potential mining operation,” he said.
“Importantly, the deposit remains open beyond the current MRE limits and the updated model highlights opportunities for future resource growth through further drilling.”
He said the update would provide a more robust basis for mine planning while maintaining contained gold relative to the previous estimate.
The mineralisation remains open down plunge beneath the historical workings and along strike to the north and south, providing the additional opportunities for future growth.
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