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Yandal Resources Ltd

Yandal Resources well funded with $5.9 million for gold exploration following rights issue

Earlier this week, Yandal confirmed further encouraging gold intersections from drilling at the Ironstone Well project in WA.

Yandal Resources Ltd - Yandal Resources well funded with $5.9 million for gold exploration following rights issue
The company also received positive results from a survey at the Gordons Gold Project

Yandal Resources Ltd (ASX:YRL) has received cleared funds and issued the remaining shortfall shares and attaching options under its 1 for 4 non-renounceable pro-rata rights Issue to raise a total of $2.94 million.

Yandal received significant interest from existing shareholders and from new investors to support the company as it advances its portfolio of gold projects.

The company is now well funded with $5.9 million cash on hand.

Near-surface gold intersections at Yandal

Earlier this week, Yandal confirmed further encouraging intersections from drilling shallow depths at the Flushing Meadows gold prospect within its Ironstone Well project in WA.

One-metre assay results from infill reverse circulation drilling have delineated several high-priority target areas down-dip from mineralised holes in the northeast and significant mineralisation was returned on all drill lines.

Highlighted assays include:

  • 4 metres at 3.91 g/t gold from 45 metres;
  • 3 metres at 2.53 g/t from 7 metres; and
  • 3 metres at 3.04 g/t from 47 metres.

High-priority gold targets at Gordons Dam prospect

The company recently received positive results from a Sub Audio Magnetic (SAM) survey at the Gordons Dam prospect within the Gordons Gold Project in the Kalgoorlie-Boulder region of WA.

The SAM survey identified eight new exploration target areas related to primary conductors to the south-west, north-west and east of known mineralisation.

The new targets (G1-G8) are currently being reviewed against the drill hole database for further refinement and prioritisation ahead of drilling in September

Quick facts: Yandal Resources Ltd

Price: $0.27

Market: ASX
Market Cap: $11.94 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