Yandal Resources soars on hitting 78 metres at 1.2 g/t gold at Siona discovery, IWB Project, WA
Mon Oct 21 2024
Yandal Resources Ltd (ASX:YRL) has soared on an emerging gold discovery at the New England Granite Prospect of the Ironstone Well–Barwidgee (IWB) Gold Project in Western Australia, dubbing it 'Siona'.
The company’s reverse circulation (RC) drilling program completed early this month struck a broad zone of gold mineralisation in fresh rock at Siona, with an intersection of 78 metres at 1.2 g/t gold from 96 metres of depth to the end of the hole.
That included two higher-grade sections - 5 metres at 3.2 g/t gold from 102 metres and 5 metres at 2.8 g/t from 139 metres.
Shares skyrocket
Shares have more than doubled as a result with investors paying as much as $0.22, an increase of 120% and a new high of more than two years.
Another drill hole 170 metres to the northwest also struck gold, with a result of 14 metres at 1.8 g/t gold from 63 metres and a 3-metre intersection grading at 4.9 g/t gold from 64 metres.
“Exceptional” results, record prices
“These results are exceptional and may represent a significant emerging gold discovery within the Ironstone Well-Barwidgee Gold Project,” Yandal managing director Chris Oorschot said.
“We plan on completing follow-up drilling at Siona as soon as possible to determine the geometry of the mineralisation so that the exploration team can begin to assess the scale of the mineralised system.
“The timing of this discovery is exciting given the current gold price setting.
“Significantly, this result validates the revised targeting modelling developed following the completion of the Exploration Incentive Scheme (EIS) diamond drilling earlier this year, which implies that there could be several similar structural settings comparable to Siona present across the broader New England Granite area.”
On Friday the gold price hit a new all-time high of US$2,710 per ounce.
More drilling to come
The Siona prospect is still open at depth and along strike – both holes hit gold hosted along the northwest-striking granite-basalt contact at New England, where several northwest-striking structures crosscut the New England prospect.
Those structures are yet to be effectively tested with drilling but Yandal is already planning a follow-up drilling program.
YRL expects to receive the remaining results from the October drilling program in the next two to four weeks, with the next phase of drilling over Siona to begin once an air core drilling program at the Caladan and Irulan target areas is finished.
The follow-up program at Siona will focus on the geometry of the discovery’s mineralisation, as well as re-entering the hole that ended in gold mineralisation to determine how deep the system extends.
The insights gleaned at Siona have also prompted Yandal to assess similar structural targets across the New England Granite contact, and more broadly within the IWB Project.
Source: https://www.proactiveinvestors.com.au/