Yandal Resources Confirms Gold Mineralisation at New England Granite Prospect
YRL (YRL) Share Update September 2024 Monday 23rd
Yandal Resources Confirms Gold Mineralisation at New England Granite Prospect
Yandal Resources Ltd (ASX: YRL) has announced encouraging results from its diamond drilling program at the New England Granite Prospect, confirming significant gold mineralisation.
Instant Summary:
- Significant gold intercepts found in two diamond holes.
- Highest gold grade: 0.5m @ 2.2g/t Au from 393.2m.
- Follow-up RC drilling has commenced.
- Program co-sponsored by the Western Australia State Government Exploration Incentive Scheme.
Exploration Update
Yandal Resources Ltd (ASX: YRL) has received promising assay results from its diamond drilling program at the New England Granite Prospect (NEG), part of the Ironstone Well-Barwidgee Gold Project. The NEG is located 75km south of the Jundee Mining Centre and 45km north of the Bronzewing Mining Centre, operated by Northern Star Resources.
Two 400m deep diamond holes, 24YRLEIS0001 and 24YRLEIS0002, were drilled under the Western Australian Department of Energy, Mines, Industry Regulation, and Safety (DEMIRS) Exploration Incentive Scheme. The results show significant gold mineralisation, confirming the potential of the NEG to host gold deposits.
Key Results
Initial results from the drilling program include:
- 3.3m @ 1.1g/t Au from 345.3m in 24YRLEIS0002, including 0.9m @ 1.8g/t Au from 347.6m.
- 2.9m @ 0.5g/t Au from 286.2m in 24YRLEIS0002.
- 3.8m @ 0.4g/t Au from 384.1m in 24YRLEIS0002, including 0.3m @ 1.9g/t Au from 385.5m.
- 0.5m @ 2.2g/t Au from 393.2m in 24YRLEIS0002.
- 8.0m @ 0.4g/t Au from 137.0m in 24YRLEIS0001.
- 9.5m @ 0.3g/t Au from 151.0m in 24YRLEIS0001.
These results demonstrate that mineralisation and broad low-level gold anomalism occur within the NEG intrusive body, with higher grades associated with narrow shear zones. This provides a clear targeting model moving forward.
Next Steps
Yandal Resources has commenced follow-up RC drilling across the NEG Prospect. Results for the recently completed diamond drilling at Quarter Moon are expected in the coming weeks. Additionally, first-pass AC drilling will commence across the Irulan and Caladan targets in early October.
Commenting on the new target areas, Yandal Resources’ Managing Director, Mr. Chris Oorschot, stated, 'The exploration team is very pleased with results from our two Exploration Incentive Scheme diamond holes completed at our New England Granite Prospect. This program was designed to confirm the potential of the New England Granite Prospect to host gold mineralisation and provide structural data to assist in designing a broader RC program.'
The confirmation of gold mineralisation at the New England Granite Prospect is a positive development for Yandal Resources. This news is likely to boost investor confidence and may lead to an increase in the company's stock price. The co-sponsorship by the Western Australia State Government Exploration Incentive Scheme also adds credibility to the project.
Investor Reaction:
Analysts are likely to react positively to the news, given the significant gold intercepts and the early-stage potential of the New England Granite Prospect. The commencement of follow-up RC drilling indicates that Yandal Resources is committed to further exploring and developing this promising site.
Conclusion:
Investors should keep an eye on the upcoming results from the follow-up RC drilling and the diamond drilling at Quarter Moon. Yandal Resources' strategic approach to exploring the New England Granite Prospect could yield substantial returns. Stay tuned for more updates as the company progresses with its exploration activities.