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Arika Resources (ASX:ARI) has hit a spate of impressive new intercepts, including more than 21 grams per tonne, from its Pennyweight Point discovery.
The step-out drilling at the Western Australia project has also extended the prospect’s strike length to over 350 metres, with a vertical depth of more than 180 metres below the surface.
Intercepts from one hole included 29 metres at 1.35g/t of gold from 81 metres, including 11 metres at 3.51g/t Au from 89 metres, and one metre at 21.6g/t of gold, 1.2% copper, and 10.2g/t silver from 94 metres.
A second hole reported 42 metres at 0.53g/t of gold from 54 metres, including three metres at 4.51g/t from 81 metres.
Altogether, 19 reverse circulation (RC) holes were drilled for 2,232 metres, with this second-phase work testing for strike and depth extensions to the interpreted ore hosting structure underpinning Pennyweight Point both north and south of where some drilling had been carried out in the past.
It was successful in this goal, extending intercepts from Phase One drilling which included 14 metres at 15.48g/t Au from 46 metres, 33 metres at 2.63g/t from 85 metres, and 33 metres at 3.35g/t from 22 metres – all in separate holes.
Arika’s managing director Justin Barton said results from the prospect, itself part of the wider Yundamindra gold project 65 kilometres southwest of Laverton, pointed to it as a major high-grade gold discovery.
“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,” Mr Barton said on Friday.
“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.”
At 13:27 AEDT, Arika shares were trading at 2.5 cents – a drop of 13.79%.
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