Arika Resources Limited (ASX:ARI) Reports Significant Step-Out Drilling Results
Exploration Results
Arika Resources Limited (ASX:ARI) has reported significant new intercepts from its Phase 2 Reverse Circulation (RC) drilling program at the Pennyweight Point Prospect, part of the Yundamindra Gold JV Project. The strike length of the mineralised zone has been extended to over 350m and reaches a vertical depth of at least 180m below surface. Notable intercepts include 29m @1.35g/t Au from 81m (YMRC085), 42m @0.53g/t Au from 54m (YMRC0086), and 8m @1.36g/t Au from131m (YMRC090). These results build on previous Phase 1 drilling, reinforcing Pennyweight Point as a significant high-grade gold discovery with an extensive zone of shallow oxide/supergene mineralisation.
Executive Comments
Managing Director Justin Barton stated, “The latest assays from step-out drilling at Pennyweight Point provide further encouragement in our quest to unlock the potential for a multi-million ounce gold system at Yundamindra. Recent drilling has confirmed significant strike and depth extensions of the known mineralisation, which remains open along strike, down-plunge and at depth. This is very encouraging and supports our belief that Yundamindra has the potential to host multiple significant gold deposits.”
Future Plans
Arika is awaiting assay results from the Landed at Last and Queen of the May prospects and plans to recommence drilling shortly to follow up the latest results and test new targets. Additionally, detailed geological, petrological, and structural studies are underway to better understand the controls on mineralisation and assist with ongoing targeting efforts.
Motley Fool contributor Kiarra Jackson 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.
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