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Shares in Yandal Resources (ASX:YRL) have jumped nearly 7% in late morning trades as the company kicks off RC drilling at Siona.
The target of interest – tipped by Yandal as a “gold discovery” – is currently the subject of follow-up drilling. A twelve hole 2,500m RC program is being conducted with the ultimate goal to figure out how far mineralisation extends.
Drillers will target up-dip and down-dip extensions of a drillhole where the company turned over a 78 metre drill hit grading at 1.2g/t gold from 96m depth. A second at 14 metre for 1.8g/t gold from 63 metre depth is also on the table.
Yandal expects its current drill run to wind up in two weeks; in the mean time, an aircore rig has just finished probing the Caladan and Irulan target araes of interest.
“The exploration team has performed well to get an RC rig back at Siona less than two weeks after receiving the results for 24IWBRC0039,” Yandal chief Chris Oorshchot said.
“With the Company in a strong cash position, the team is now focused on developing the Siona geology model as drilling progresses and delivering high-quality samples to the lab as efficiently as possible.
“We will begin targeting similar structural positions across the broader New England Granite as our geological understanding of Siona grows.”
YRL last traded at 31cps.
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