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Yandal Resources' managing director increases holding in company with on-market purchase

Yandal is developing the Gordons Gold Project which is north of Northern Star’s Kanowna Belle mine.

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Yandal’s shares last traded at 21 cents

Yandal Resources Ltd (ASX:YRL) managing director David Hughes has demonstrated confidence in the company through the on-market purchase of 50,000 fully paid ordinary shares at 25 cents per share.

The transaction brings Hughes’ total shareholding from 2.58 million to 2.63 million shares, as well as 1.95 million unlisted options expiring December 31, 2021.

READ: Yandal Resources encouraged by gold results from Gordons project in WA

The company yesterday confirmed a potentially large structural target at depth at the Gordons Dam prospect, as well as a supergene gold anomaly at the Mulgarrie North prospect, both within its wider Gordons Gold Project in WA’s Eastern Goldfields.

Yandal Resources managing director Lorry Hughes said drilling at Gordons Dam had successfully defined extensions to both oxide and primary mineralisation and had increased the footprint of known mineralised porphyry rocks.

Hughes said: “Results from our last two programs indicate primary mineralisation is widespread and present within both porphyry and mafic rocks.

READ: Yandal Resources has strong upcoming results-based news flow from gold projects

“Once we have completed a full interpretation of the results, we will determine whether immediate follow-up will involve deeper reverse circulation or additional shallow aircore drilling along strike to extend the target zone.”

A 28-hole, 1,464-metre reconnaissance program comprising 28 aircore holes was completed at both prospects, aiming to confirm and extend historic and recently-reported gold mineralisation.

Quick facts: Yandal Resources Ltd

Price: 0.24 AUD

ASX:YRL
Market: ASX
Market Cap: $16.04 m
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Yandal Resources outlines capital raising to accelerate exploration

Yandal Resources Limited (ASX:YRL) managing director Lorry Hughes speaks to Proactive Investors about the new rights issue to shareholders to raise around $2.9 million.    Hughes says this puts the company in a great position when the gold market is flying...

on 26/6/19

2 min read