Nov 6, 2024

Arika Resources Hits 30m @ 2.26 g/t Gold at Landed at Last, Yundamindra Project, Western Australia

Introduction:

Arika Resources Limited (ASX: ARI) has reported significant gold intercepts from its recently completed RC drilling program at the Landed at Last prospect, part of its Yundamindra Gold Project in Western Australia, highlighted by 30m at 2.26 g/t Au from 26m.

Drill Results:

30m @ 2.26 g/t Au from 26m (including 4m @ 11.72 g/t Au from 40m and 1m @ 24.10 g/t Au from 43m) (YMRC050)
40m @ 1.22 g/t Au from 30m (including 7m @ 6.19 g/t Au from 45m) (YMRC048)
26m @ 1.46 g/t Au from 22m (including 9m @ 3.61 g/t Au from 23m) (YMRC046)
25m @ 1.1 g/t Au from 30m (including 6m @ 3.53 g/t Au from 36m) (YMRC049)
14m @ 3.13 g/t Au from 28m (YMRC0003) (previously reported)‍
9m @ 4.29 g/t Au from 51m (YMRC0004) (previously reported)

Project Overview:

The Yundamindra Gold Project is located 65km southwest of Laverton in the eastern goldfields mining district of Western Australia. The project is a joint venture between Arika Resources (80%) and Nex Metals (20%). Landed at Last is part of a ~2.5km long gold mineralized corridor comprising multiple gold bearing structures.

The project is situated in the Laverton Greenstone Belt, one of the best-endowed gold regions in Australia, hosting world-class mines like Sunrise Dam (8 Moz) and Wallaby (7 Moz) approximately 20-30km east of Yundamindra. The belt has produced over 28 million ounces of gold.

Program Details:

The recently completed drilling program at Landed at Last consisted of 10 reverse circulation (RC) drillholes for a total of approximately 700m. The drilling has confirmed and extended historical intersections within the near-surface oxide/supergene zone and successfully identified bedrock hosted extensions at depth. Gold mineralization at Landed at Last occupies a major structural 'flexure' hosted entirely within sheared, altered and quartz-veined 'granodiorite'. The zone extends for a total combined strike length of at least 600m and has been drill tested down-dip to a maximum depth less than 100m below surface.

Understanding These Results:

The reported intersections represent significant shallow gold mineralization, with multiple holes encountering thick zones of medium to high-grade gold. The results confirm continuity and quality of previously reported intercepts from Arika's maiden program in May 2024.

The mineralization remains open along strike and at depth, suggesting potential for resource expansion. The presence of high-grade zones within broader mineralized envelopes indicates the possibility of defining economically viable ore bodies.

Management Commentary:

Justin Barton, Arika's Managing Director, stated:

“Our follow-up drilling program at Landed at Last has returned more impressive thick gold intersections confirming the scale of the opportunity and importantly has extended mineralisation at depth in fresh rock. With the outstanding results returned from our maiden drilling program in May at Landed at Last and Bonaparte, these results further enhance our belief that a significant shallow gold orebody or system that extends for 2.5km+ may be emerging on the western line of Yundamindra.”

“Combined with the outstanding results also returned from this same program at Pennyweight Point, which sits circa 6kms to the east of Landed at Last, a significant and exciting gold story is building at Yundamindra, and we have only just begun to scratch the surface. With gold prices continuing to hit record levels and all prospects at Yundamindra on mining leases, this is an exciting time for shareholders as we look to unlock the value in this project.”

“Following these results, we are now in the final stages of planning our follow-up drilling program at Pennyweight Point and the greater Landed at Last prospects, with drilling anticipated to recommence shortly”

Next Steps & Catalysts:

Preparations for follow-up Phase 2 drilling at Pennyweight Point and Landed at Last are in progress, with drilling anticipated to commence shortly. The company is also compiling regional scale geophysical data to compare the tectono-stratigraphic setting at Yundamindra with neighboring deposits.

Additional geophysical surveys being considered include ultra-detailed magnetics, ultra-detailed gravity, and Sub-Audio Magnetics (SAM). An assessment of all available geochemical data has commenced to help understand multi-element anomalism associated with gold occurrences and identify potential gold trends beyond drill-tested areas.

Commodity Outlook:

Gold prices continue to hit record levels, enhancing the economic potential of the Yundamindra Project. The project's location in the world-class eastern goldfields mining district of Western Australia, with proximity to major gold deposits and processing facilities, positions it favorably.

Conclusion:

The latest results from Landed at Last demonstrate potential for a shallow gold system extending over 2.5km+. With mineralization remaining open along strike and at depth, and multiple untested structures within the mineralized corridor, the project shows growth potential. The upcoming follow-up drilling programs and geophysical studies will be crucial in further defining the resource potential at Yundamindra.

Sources:

ARI Drill Results Announcement

Additional Figures:

Australia

ASX

Gold

Nov 12, 2024