Arika Resources Limited (ASX: ARI), an ASX-listed company focused on developing and discovering high-quality gold assets, has announced encouraging results from its ongoing drilling program at the Yundamindra Gold JV Project in Western Australia. The company reported significant shallow gold mineralisation intersected during first-pass reconnaissance drill testing of new geophysical targets located two kilometres south of Pennyweight Point.
Key highlights from the announcement include an intercept of 4 metres at 9.21 grams per tonne (g/t) gold from 48 metres, including 1 metre at 35.30 g/t gold. Additional significant results include 2 metres at 3.33 g/t gold from 47 metres and 3 metres at 1.14 g/t gold from 57 metres. These results come from the maiden drilling of the ‘Red Brick Road’ target corridor. According to Arika, these results validate the company’s targeting approach and confirm the potential of the eastern Pennyweight Point structural corridor to host significant gold mineralisation beyond known occurrences.
The company has drilled approximately 16,500 metres as part of its latest program, with assays pending for 40 holes. Arika’s Managing Director, Justin Barton, noted the significance of these findings, stating that they further validate the company’s targeting processes. He also highlighted the exciting potential of the ‘Red Brick Road’ as a large exploration opportunity, with multiple high-grade gold targets.
Expansion drilling is currently underway at Pennyweight Point to test for down-plunge extensions based on previous diamond drilling results. The Yundamindra Gold JV Project is located 65km south-west of Laverton, in the Northeastern Goldfields mining district of Western Australia. Arika Resources holds an 80% stake in the project, with Nex Metals (ASX: NME) holding the remaining 20%.
