Waratah Minerals (ASX:WTM) intersected a sequence of loose gold during sonic drilling at Gum Flat, within the Spur project in New South Wales, according to a Monday filing with the Australian bourse.

Drilling returned 14 meters at 0.75 grams per tonne (g/t) grade of gold from 9.5 meters including 4.9 meters at 1.90 g/t grade of gold from 16 meters, 17 meters at 0.43 g/t grade of gold from 11 meters, and 14 meters at 0.55 g/t grade of gold from 6 meters including 9.2 meters at 0.79 g/t grade of gold from 10 meters, the filing said.

The results support the interpretation that the Spur gold zone may extend roughly 150 meters undercover to the west, opening up a new exploration target, per the filing.

Shares fell nearly 1% in morning trade Monday.