Value creation and project divestment. Importantly, this is a team that's found discoveries all around the world. Now we're focused on delivering this new discovery in New South Wales in Australia. Great commercial capabilities. We don't do exploration for exploration's sake. We do exploration to discover ore deposits, and we return value to shareholders. I like this picture because it's very much what we're about. This is sitting on top of our Spur Project at the moment. If you've got good eyesight, you can spot about six to seven drill rigs there. I'm a firm believer that once you have a project and a discovery, you've got to go after it strong. The risk capital is incredibly impatient. Got it. It's about drilling it, and we're drilling it with conviction and being able to chase that.
A little of you who don't know the Macquarie Arc. It's one of Australia's premier gold and copper belts. In an area here where you look at Northparkes operated by Evolution Mining, Cowal Evolution Mining, the large Cadia complex by Newmont. We've had over 80 million oz of gold discovered this area. It's also got a fair whack of copper, too. We're working in an established district of operating mines, some of the biggest mines in Australia, actually. It's generally a friendly mining jurisdiction. People understand it. Good access. It's a brownfields environment. It's a joy to work there. With our project Spur, it's in the red there. It's a very strategic position. You can see they're completely surrounded by major companies, but we've got this little window of opportunity. We've got connected to power. There's large mining operations. The infrastructure's there.
Very cost-effective exploration. There's no seasonality to this. We're able to drill all year round, 24 hours a day, and that's great. What I think when you look at this area, these are the same rocks as Cadia. These are the same rocks. These ore systems are growing. They're on the same theme. These produce very large gold deposits, and that's exactly what we're looking for. As we have a look at our license, it's a large area. It's 100 sq km. We have 100% ownership of this. There's multiple discovery opportunities here. It's had intermittent exploration over the last 20 or 30 years. That exploration has never been focused. I think when we step through this, you understand how this opportunity arises and why we got it and why we're so excited about it.
Before the war, this area had about 30,000 people living on it, mining alluvial gold. There was an enormous amount of attention here. The war happened. Everyone left. The men went to war. The mining stopped. The project then got sort of attention in the late 1970s. Some of the larger U.S. groups that understood what porphyries were came out. They drilled a porphyry here, low grade, long intervals. Walked away, thought it was a bit too low grade. Then in the early 1990s, Golden Cross had the project. They had an amazing amount of projects in this region. Focus was again a bit on the copper, drilling the gold. Newcrest came along, focused on the porphyry. Drilled that, had a look at it, low grade, moved on. The project's been held by an individual since 2018 with not a lot of exploration done.
When we got a hold of this project, we really saw the opportunity is that when you walk across the ground, you can see the scale of the system. You take rock chips, you can see the grade of it. The gold really hadn't been redrilled since it had been mined in the early days. That was the opportunity. We were focused on the gold, and we set about in the last few years, we've been able to put together quite a large system, and it's continuing to grow today. We've got a very clear strategy, focus on delivering this, and we'll show you, have a look at what we're doing. This is the main area. This is the Cargo Intrusive Complex.
The core of that is a copper porphyry, and around the edges are where we're focused now, to the south of Spur, to the east is Consols, and these systems continue to wrap around. Multiple discovery opportunities here. We're drilling on many different fronts. Really what we're doing is just continuing to step out and grow this system with aggressive drilling. How do you rank exploration success in our business? It's all about the fertility of the system, the gold content. Often we look at 100 gram-metre intervals in this business. From our drilling, from the 200 m holes there, 25 of them exceed 100 gram-metre, which is quite remarkable for a system. That's really what you want to see, a system that's able to generate that fertility, put that gold into it, and supercharge it and get it in there.
That's exactly what we're looking for. Just a few highlights there of some of the intervals we see. Discovery holes, 208 m at over 1 g gold. Some of the earlier RC drilling demonstrating not only is there scale, but there's grade. That's a very important step. A little bit about what we've done. This is a snapshot of where we're going, and you'll start to see how this system's grown since 2024 in July, to where we are today. South of Spur, Consols is our new discovery. You'll see that pop up. We're starting to move to the north and around over a 6 km wide zone. That's the growth, and that's only over a few years, and you can see where we're headed here. We zoom in on the Spur. Mineralization's dominated by high-grade shoots. They're those red lines there.
They have strike zones of over 200 to 300 m. We've drilled this out now over 1 km . This is very much extensional, infill drilling, extensional drilling in this zone. Still a lot of growth. As we move up there to the northeast, that remains open. We've put out some remarkable drill holes in this zone now. What we see is the mineralization is this multi-phase, very simple. We're seeing gold sitting free in quartz. It's associated with what we'd call an intermediate-sulfidation veining. The key takeaway here is that you're looking at a gold system that sits above a copper porphyry. These systems typically have a vertical extent of 1 km , and we're only seeing the tops of the systems now. We're able to get that growth and that scale. It will get deeper.
Very rarely now do you see deposits at our corporate surface like that. All we're doing is continuing to step out and drill it and chase it down. We see those grades, nice intervals, 10 m at 10 g, broad zones, 200 m at 1 g. Let's have a look at Consols. This is our second discovery. Drill hole 62 on there. That drill hole targeted some outcropping gold. It got drilled three times, finished in gold. We put the hole back down, drilled again, finished in gold. Put the drill equipment back on it, went down again, finished in gold, at the maximum depth of drilling. That very much opened up this whole new zone of mineralization at Consols, and this is really the potential engine room of our growth here. Again, system's open 300 m east-west, 400 m north-south, and 600 m vertically today.
If your eyes are good, you could probably see some of these drill intervals. We have six drill rigs operating on this prospect at the moment. It's getting better to the east. It's getting better to the north, and it's getting better to the south. We're putting out some of the better drill holes you'll see globally at the moment. As I said, this is a venture of the same theme. This is governed by really exciting looking mineralization, very coarse gold. Sericite vital fantastic alteration. That really lends itself to really good recoveries and we'll step through those. But not to get too technical, but this system is very similar to what you'd see at Lake Cowal, what you'd see with many systems around the world. They're systems that sit above porphyry copper systems. They're big by nature.
The beauty about them is that we're not selective mining. We're not looking for high-grade zones that pinch and swell or get faulted off. We're looking at a big system that allows the bulk mining, and that's what your large mining companies want. These are the types of deposits that allow you to produce those deposits that are plus 200,000 oz of gold per annum. They do it for several decades. We're right into it here. They're very attractable open pit targets. You can see from us, we're drilling from surface. It's open to 600 m, and we're continuing to expand and step out and systematically explore the system. The hallmarks of these types of systems are some of the biggest deposits in the world. Little bit about the rocks, very simple geology. There's no rocket science here, just following the gold, and having immediate success.
It's always good to find it, but you got to be able to get it out of the rock and get some value for it. The initial metallurgy results have been outstanding. It didn't really surprise us because when we were drilling the core, we can look at it, you can see the coarse gold in it. We're seeing very high recoveries here, over 50% through gravity. The rest are through conventional leaching. Very early stage work, no red flags, no nasties, no impurities. A very simple ore, a very coarse gold. We think that that would be able to be extracted quite easily, very conventional methods. A little bit about where we are now. This is all a drilling game now. The more drill holes I can get in the ground, the faster this is going to grow. It's a steady pace.
The area down there, one is Spur, two drill rigs operating, continuing to define the system. We're looking at where the Zone 2 is there on that map. That's the bridging zone between Spur and Consols. Real exciting. That's where actually we're seeing some spectacular grades. Probably watch for some drilling coming out of there in the coming months. Then we're in the Consols zone. It's trying to understand how big this system could be, extending it to the north. You will see two mining licenses in there. We've acquired them in the previous months. Now we're about to start stepping up and drilling those areas of Ironclad and Goldenclad. That's allowing us to step up. You don't really need to be a geologist to understand that this system's going to wrap around that core intrusive complex there.
All it is that's the engine room of heat. Gold's come out the sides, drops out as the temperature drops. It's a pretty simple model. You can see that wraps up towards Gazzards and Homeland, where we've got an RC drill rig operating at the moment and starting to define those targets in the north. A lot of exploration going on. This is a 6 km-long zone, multiple opportunities. It outcrops at surface. We think it'll have a vertical depth of 1 km to depths. Somewhere down there will be a copper system. It's exciting days. It's a big system. We believe we're unlocking the next multimillion-ounce discovery in the region. That's really the Waratah story. Very simple story about delivering value. Only a small fraction of the system's been explored to date. A lot of catalysts, constant drumbeater news flow.
We've got an amazing 10-year opportunity here and strong investor appeal. We have a strong register. It's a tight register, it's a good register, and lots of news flow. That's very much the Waratah story. Thank you very much.