Arika Resources (ASX: ARI) has returned strong assays with reverse circulation drilling at the Pennyweight Point prospect within the Yundamindra gold joint venture in Western Australia’s north-eastern goldfields.
The campaign aimed to test for western extensions to near-surface oxide/supergene mineralisation as well as strike, depth, and plunge extensions of the prospect’s gold-hosting structure within fresh rock.
The results confirmed the continuity of gold mineralisation along strike down-dip and down-plunge, with best assays of 21 metres at 4.65 grams per tonne gold from 251m including 16m at 6.04g/t from 252m, 6m at 13.87g/t from 253m and 3m at 19.39g/t from 258m, 16m at 2.94g/t gold from 12m including 8m at 5.72g/t from 16m and 4m at 10.05g/t from 20m, and 35m at 1.22g/t gold from 142m including 20m at 1.86g/t from 146m.
They build on previous assays from Pennyweight Point — including 23.97m at 2.54g/t gold from 162.03m with 5.38m at 10.62g/t from 170.52m; and 35.76m at 2.14g/t gold from 104.27m with 13.46m at 5.28g/t from 111.40m — and confirm the mineralisation to extend from surface over a strike length of 350m to a vertical depth of 250m.
Advancing Maiden MRE
Managing director Justin Barton said the results provide a strong foundation to advance Pennyweight Point towards a maiden mineral resource estimate.
“This is a great way to start the year, with recent step-out work at Pennyweight Point delivering multiple thick intercepts with internal very high-grade zones, [and] this round of drilling has extended the known mineralisation along strike and at depth,” he said.
“We have strong indications that the grade and tenor of mineralisation is increasing at depth, with some of our best holes defining the current strike and depth limits of the deposit and highlighting the potential for future underground mining.”
The company will accelerate it drilling campaign at Yundamindra with the addition of a second rig this week.
Full JV Ownership
Arika currently holds 80% equity in the Yundamindra joint venture, which includes the nearby Kookynie project.
The company recently signed a deal with Nex Metals Explorations (ASX: NME) to acquire the remaining 20%, and sees this transaction as key to unlocking the potential of both projects, which sit in the heart of the prospective Leonora district.
“Securing full ownership of Yundamindra and Kookynie gives us total control over our flagship assets and removes the complexity of joint venture arrangements,” Mr Barton said.
“This allows us to accelerate exploration and development across two highly prospective tenement packages.”
