Waratah Minerals Ltd (ASX: WTM) is an Australian gold and copper exploration company with a focus on discovering tier-one mineral deposits. The company’s flagship Spur Gold-Copper Project in the East Lachlan region of New South Wales lies within one of the most prospective porphyry belts in Australia. With tenure close to Newmont Corporation’s Cadia Valley operation, Waratah is targeting both shallow epithermal and deeper porphyry-style mineralisation. The company also maintains projects in Victoria and Western Australia, with a lean operating model designed to efficiently deploy capital into high-impact exploration.
Porphyry System Emerges at Breccia West
Waratah Minerals has made rapid progress at the Breccia West target within its Spur Project, confirming the presence of a mineralised porphyry system through initial drill results. The company reported that the second diamond hole, recently completed, intersected zones of potassic-altered magmatic-hydrothermal breccia and stockwork veining associated with magnetite. These geological signatures are highly encouraging and consistent with the core of a porphyry copper-gold system.
To capitalise on this momentum, a third diamond drill rig has now been mobilised, with a new hole underway. The focus remains on testing deeper and lateral extensions of the high-priority magnetic anomaly, which has been further refined using updated geophysical models. The current interpretation suggests a substantial intrusive body beneath the Breccia West zone, offering a clear target for ongoing drilling.
These findings follow earlier RC drilling that confirmed shallow gold mineralisation across the >1km Spur Gold Corridor. The Breccia West discovery complements this with deeper porphyry-style potential, opening a dual-pathway development opportunity.
Waratah’s strategic location — just 5km from the world-class Cadia Valley operation — significantly enhances the value proposition. Proximity to existing infrastructure, geological analogues, and a proven mineral district create an ideal setting for rapid exploration success.
The company’s latest update confirms that the Spur Project is evolving into a rare opportunity: a district-scale system with both shallow gold and deeper porphyry copper-gold targets. With three rigs now active and strong geological validation, Waratah is accelerating toward potential discovery milestones that could materially re-rate the company.
Investor Response and Strategic Upside
The market reacted strongly to Waratah’s exploration update, with the company’s share price jumping 27.66% to $0.300, placing it near the upper end of its 52-week range. With a 177.27% one-year return, Waratah is one of the top-performing micro-cap exploration stocks on the ASX in 2025. This latest rally reflects investor confidence in both the geological model and the company’s ability to execute efficiently on a high-potential asset.
Waratah’s recent $8.4 million capital raise now looks well-timed. The funding has enabled the mobilisation of additional rigs and expanded the scope of its ongoing exploration campaign. Investors appear to be backing the company’s decision to front-load drilling activity in 2025 to accelerate results and resource delineation.
The decision to explore Breccia West more aggressively stems from compelling geophysical and geological data. The recent magnetic reinterpretation revealed a previously unrecognised 2km-long intrusive complex margin — a key vector for porphyry mineralisation. The presence of magnetite, potassic alteration, and sheeted veining in recent core samples adds further weight to this target.
Beyond Breccia West, the broader Spur Project area offers multiple untested anomalies, providing strong follow-up potential. The fact that mineralisation is evident at both shallow and deeper levels adds flexibility to development scenarios, from heap-leachable epithermal gold to bulk-tonnage porphyry copper-gold systems.
With drilling continuing at pace, further results are expected in the coming weeks. Any confirmation of significant porphyry intercepts or high-grade gold zones would likely act as catalysts for another wave of investor interest.
Overall, Waratah’s dual-target model — combining near-surface epithermal gold with deeper porphyry copper potential — positions it uniquely within the current exploration landscape. The company’s ability to sustain drilling momentum, backed by a strong technical team and fresh capital, makes it one to watch closely in the months ahead.