Arika Resources (ASX:ARI) Reports High-Grade Gold Assay Results at Yundamindra
Exploration Results
Arika Resources Limited has received initial results from its surface rock chip sampling program at the Yundamindra Gold Project. The Eastern Corridor has returned high-grade gold assays up to 19.3 g/t Au from a 1m true width channel sample. Additional assays from the Queen of Sheba and Banjo’s Camp prospects are expected shortly.
Rock Chip Sampling and Mapping
The Queen of Sheba Prospect, located 2 km southeast of Pennyweight Point, has shown significant gold intersections with structures extending at least 400m along strike and remaining open. At Banjo’s Camp Prospect, large parallel E-W trending quartz veins up to 10m wide have been identified, extending over 4.5 km. These areas have not undergone effective drilling and represent new high-priority targets.
Executive Comments
Managing Director Justin Barton said: “Locating another strongly mineralised, untested structure within the Eastern ‘Pennyweight’ Corridor is really exciting and demonstrates the incredible opportunity for growth through discovery at Yundamindra. We’re starting to see a number of different structural orientations and they all appear to be mineralised. Our technical team, in conjunction with leading industry consultants, are continuing to take a systematic and methodical approach to exploration at the Yundamindra Project. Over the course of the last 4 months, the team have identified a multitude of new high priority targets and structures, that further enhances the potential of a significant gold discovery being made at the Yundamindra Project. These initial rock chip results provide significant encouragement to the work being undertaken by our technical team in a very short period of time and with less than ~1% of currently identified structures and targets drill tested to date and with ongoing geochemistry and geophysical assessment being undertaken, we are just starting to unlock the potential of this project. We eagerly await the remaining assays of the rock chips taken across the confluence of structures located in the south-central zone, known as Banjo’s Camp prospect, which stretches for over 4km. The Company also eagerly awaits the assays of the expansional drilling program undertaken at our Pennyweight Point and Landed at Last prospects, which began in December and is continuing. Initial assays from our Pennyweight Point drilling are expected soon.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.