Arika Resources (ASX: ARI) has announced multiple high-grade gold intercepts from its maiden diamond drilling program at the Pennyweight Point Prospect, part of the Yundamindra Gold JV Project in Western Australia. The results confirm the significant depth and plunge potential of the Pennyweight Point structure, extending mineralization beyond previously reported drill holes.
Key intercepts include 35.76m @ 2.14 g/t Au from 104.27m down-hole (25YMD001), including higher-grade sections, and 23.97m @ 2.54 g/t Au from 162.03m down-hole (25YMD002), also with significant high-grade intervals. These intersections are located approximately 100m and 150m down-dip/down-plunge from a previous intercept of 14m @ 15.48 g/t Au in hole YMRC077, demonstrating the continuity of the mineralized system.
The drilling program, comprising two diamond core holes totaling 376.40m, has defined a strike length of over 350m and extends to at least 200m down-dip from the surface. The system remains open along strike to the south and at depth, presenting further exploration opportunities.
Arika’s Managing Director, Justin Barton, highlighted the significance of these results, stating that the drilling has extended the mineralization some 50m down-plunge, confirming a significant mineral system. He further noted that these findings will assist in future extensional drilling and targeting new discoveries.
The company plans to re-commence drilling shortly to follow up on these encouraging results and to test new targets identified through surface geochemistry. Planned activities also include petrological studies and a drone-supported aeromagnetic survey to further refine target selection.
The Yundamindra Gold JV Project is located in the Eastern Goldfields mining district and is a joint venture between Arika Resources Ltd (80%) and Nex Metals (20%).
