Arika expands Pennyweight Point footprint as gold strikes roll in

The hole returned 33m at 1.28g/t gold, 1.28g/t silver and 1,706ppm copper from 149m, including a 15m section grading 2.39g/t Au.

Notably, it was sunk between two significant gold strikes recently reported by the company – 21m at 4.65g/t Au from 251m and 35m at 1.22g/t Au from 142m.

Arika Resources (ASX:ARI) believes the new intercept has confirmed continuity of thick, high-grade mineralisation in the central part of the deposit and demonstrated that the system is developing at depth.

Drilling targeting southern extensions of the project’s oxide zone also intercepted shallow and broad mineralisation, returning 66m at 0.58g/t Au from 8m, including 9m at 2.13g/t from 45m.

“Our very first RC drill-holes of the year, testing for near-surface and depth extensions to the Main Lode mineralisation have come up trumps,” noted ARI managing director Justin Barton.

“The results give us confidence that we have defined a thick, high-grade zone of mineralisation continuous over at least 350 metres of strike in the central part of the deposit which remains wide open north and south along strike and at depth.

“The system is clearly growing and we’re adding significant ounces with every hole we drill.”

Management believes Yundamindra could be emerging as a large and high-grade gold system.

The project is towards the westernmost margin of the Laverton Greenstone Belt, which has produced more than 28Moz of gold.

Arika has defined numerous priority target areas through geophysical and geochemical analysis and continues to pepper Yundamindra with the drill bit.

The ongoing program is targeting depth and strike extensions of known gold occurrences along the Red Brick Road trend of the Eastern Corridor, which stretches for 10km and hosts Pennyweight Point.

It is also testing the Yellow Brick Road trend within the Western Corridor, which extends for 16km. This prospective structure hosts the Landed at Last target area. 

Past drilling along both trends delivered a series of significant gold strikes.

Previous intercepts at Pennyweight Point include 14m at 15.48g/t Au from 46m, 10m at 9.02g/t from 251m and 33m at 3.35g/t from 22m.

Similarly, drilling along the Yellow Brick Road trend in the vicinity of Landed at Last has defined more than 2.5km of mineralised strike.

Notable intercepts included 4m at 41.56g/t Au from 52m, 30m at 2.26g/t from 26m and 14.8m at 3.10g/t from 87m. Arika is targeting a maiden resource estimate for Pennyweight Point in the near-term.