viewYandal Resources Ltd

Yandal Resources to progress Flushing Meadows feasibility study in September quarter

The company is well funded to explore its portfolio of highly prospective gold projects located in the Yandal and Norseman-Wiluna Greenstone Belts in Western Australia.

Yandal Resources Ltd - Yandal Resources to progress Flushing Meadows feasibility study in September quarter
An upgraded resource is expected in the September quarter

Yandal Resources Ltd (ASX:YRL) has enjoyed a productive quarter ending 30 June 2020 with exploration at the Gordons Dam and Flushing Meadows gold prospects at its Ironstone Well Project ramping up over the quarter.

Managing director Lorry Hughes said: “Results received from both prospects provided strong encouragement to continue aggressive exploration drilling programs and to complete mine development activities.

“At Gordons Dam potential is emerging for a new porphyry and shear zone hosted gold discovery close to Kalgoorlie, Western Australia and within short haulage distances to operating mines and processing infrastructure.

“Results are awaited from recently completed RC and AC drilling and planning for follow up programs are well advanced.”

High-grade intercepts

High grade RC drill intercepts at Gordons Dam have confirmed the potential for a significant gold discovery at the prospect, with results including:

  • 1 metres at 17.01 g/t within 11 metres at 1.89 g/t from 97 metres;
  • 4 metres at 9.48 g/t from 100 metres;
  • 1 metres at 15.11 g/t within 7 metres at 2.65 g/t from 32 metres; and
  • 3 metres at 7.59 g/t within 12 metres at 2.59 g/t from 30 metres.

The mineralisation is open in all directions with a current strike length of 700 metres.

Around 4,930 metres of new RC and AC drilling has also been completed with assays pending and new RC and diamond drilling programs are in the advanced planning stages to provide high quality geological and structural information about the mineralisation discovered.

Flushing Meadows

Hughes said: “At Flushing Meadows over 12,000 metres of RC drilling has been completed since the maiden mineral resource estimate (MRE) for the deposit was released in September 2019 and work has begun to update mineralisation envelopes and block modelling parameters based on new assays and comprehensive QA/QC data.”

It is anticipated that when completed in the September quarter, the MRE will contain a larger portion of material reporting to the higher confidence indicated resource category.

Location map of key prospects within the Ironstone Well, Barwidgee and Mt McClure gold projects

Feasibility study

A feasibility study including a mining proposal and mine closure plan is underway the Flushing Meadows Prospect.

Hughes said: “Open pit mine feasibility study activity is expected to advance significantly during the September and December quarters.”

After the completion of a pit optimisation and design study, a close spaced RC drilling program will be designed at Flushing Meadows to reduce assay data density in a number of key mineralised areas of the MRE, both above and below the standing ground water table as part of ongoing QA/QC programs.

Regional exploration plans

Exploration on regional targets within the remainder of the Ironstone Well and Barwidgee projects was largely restricted to target generation and planning for AC and RC drill testing as focus was maintained on pre-development activity at the Flushing Meadows prospect.

Drilling programs that were postponed in the June quarter are planned to be completed in the September quarter include;

  • 21 AC holes for 2,500 metres at the Flushing Meadows North prospect;
  • 6 AC holes for 720 metres at the Flushing Meadows South prospect;
  • 3 RC holes for 200 metres at the Flinders Park prospect;
  • 3 RC holes for 330 metres and 5 AC holes for 420 metres at the Quarter Moon prospect;
  • 2 RC holes for 210 metres and 7 AC holes for 420m at the Oblique prospect;
  • 2 RC holes for 174 metres at the Sims Find prospect; and
  • 2 RC holes for 200 metres at the Barty Bullseye prospect.

Looking ahead  

The company is well funded to pursue growth activities in the near-term after a strongly supported entitlement issue (1 for 5 at 25 cents each) was completed during the quarter.

Yandal had around $5.8 million cash at end of July plus an additional $1.2 million shortfall placement is expected to be finalised in the September quarter.

Further exploration and development activities planned during the September quarter include;

  • Receive/interpret all pending assays from the recently completed RC and AC drilling at Gordons Dam;
  • Commence new 5,000 metres RC and 3,000 metres AC programs at Gordons Dam and scope sites for 500 metres diamond drilling;
  • Complete Flushing Meadows MRE update and associated pit optimisation studies; and
  • Commence planning for a Heritage survey over priority exploration areas including the Flushing Meadows Resource as part of ongoing drilling and mining approvals activities.

Quick facts: Yandal Resources Ltd

Price: 0.24 AUD

Market: ASX
Market Cap: $19.25 m

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