Yandal Resources Ltd (ASX:YRL) has been as much as 55 per cent higher after receiving high-grade results of up to 8 metres at 24.30 g/t gold that confirm a shallow gold discovery at Sims Find prospect within the Barwidgee Gold Project in Western Australia.
Intersections from reverse circulation (RC) drilling demonstrate the potential of a more than 10-kilometre-long priority target zone.
The 8-metre result from 9 metres in hole YRLRC457 included 1-metre at 129 g/t from 12 metres.
Investors jumped on the stock with shares as much as 55 per cent higher to 62 cents intra-day, approaching the record high of 65 cents set last October.
Other strong results include:
- 3 metres at 20.85 g/t from 30 metres, including 62.25 g/t from 30 metres;
- 5 metres at 6.53 g/t from 17 metres, including 30.40 g/t from 17 metres; and
- 2 metres at 12.27 g/t from 37 metres, including 1-metre at 24.03 g/t from 37 metres.
Managing director Lorry Hughes said: “It is really quite astounding that we have been able to generate these high-grade intercepts and improve the prospectivity at Sims Find and the immediate adjacent areas with our first drill program.
“The area has seen fractured ownership in the past which has hampered effective exploration.
“We have an incredible opportunity to take a big picture view with our consolidated ownership of the area and leverage off a number of highly anomalous historic intercepts to explore for major deposits along strike and at depth”.
A total of 39 angled RC holes for 2,458 metres were drilled at depths between 18 and 102 metres during the December quarter.
The holes were designed to confirm and extend historic mineralisation in the vicinity of the historic Sims Find and Lady Lila shallow underground workings that were mined briefly in the 1930s.
Other notable results include 2 metres at 9.06 g/t gold from 48 metres, including 1-metre at 17.90 g/t from 48 metres; 7 metres at 3.50 g/t from 23 metres, including 1-metre at 12.05 g/t from 26 metres and 5 metres at 3.33 g/t from 22 metres, including 1-metre at 8.15 g/t from 23 metres.
The excellent grades encountered at Sims Find when combined with available historic geo-datasets highlight the prospectivity of areas to the north and south for substantial distances.
Yandal’s historic drilling database is particularly useful and the company believes it is clear that numerous anomalous RAB, aircore and RC intercepts require follow-up.
The company is at an advanced stage of reviewing the available geophysical, geochemical and geology datasets in light of the new results and is generating exploration drilling plans to implement in the March and June quarters of 2021.
Key exploration activities planned during the March and June quarters include:
- Receive and interpret 1-metre RC assays from Flinders Park, Mt McClure, Rosewall, Oblique and Quarter Moon and begin follow-up RC programs;
- Commence reconnaissance drilling between Flinders Park and Flushing Meadows and along strike from Sims Find;
- Complete 20,000 metres combined of AC and RC drilling across the Gordons project and assess the potential to compile a maiden MRE for Gordons Dam; and
- Begin pit optimisation and technical activities for mining approvals at Gordons Dam.