Yandal Resources (ASX:YRL) is preparing for the next phase of drilling at its Ironstone Well – Barwidgee (IWB) Gold Project in Western Australia.
The $36.38 million market capitalisation company says upcoming drilling is expected to begin in late Q1 or early Q2 2024. Drilling is being designed to follow-up on key positions at the Oblique prospect, as well as investigate the Quarter Moon and New England Granite prospects.
A diamond drilling program is also scheduled for March or April this year to provide detailed information on the host stratigraphy, structures, and the nature of a magnetite-rich area across Oblique.
Yandal reports the drilling is being planned after announcing today (12 January 2024) it has received all assay results from a 14-hole reverse circulation (RC) drilling program completed at Oblique.
The company notes results highlight ‘broader’ and ‘higher-grade’ mineralisation where previous drilling was unable to effectively test the target due to difficult ground conditions. They also flag a number of potential parallel structures to the south that are open along strike and at depth.
Results also suggest a ‘large’ structure, designated OBL01, is a ‘compelling’ prospect which remains untested to the northwest and southeast.
According to Yandal, OBL01 has potential to open up additional exploration targets to the main Oblique mineralisation trend.
Key results include hole YRLRC1175 with 3m @ 11.4 grams per tonne (g/t) Au from 102m including 2m @ 16.9g/t Au from 102m.
Managing Director Tim Kennedy says: “Results from this program have confirmed our view that Oblique has large-scale mineralisation potential.
Most importantly, these results highlight for the first time the importance of the cross-cutting structures as a key control on mineralisation and provide a focus for exploration moving forward. Other interpreted parallel structures are evident in the magnetic imagery and will also be a focus of ongoing exploration.”
The IWB Project lies just 30km and 38km from the townships of Jundee and Wiluna, respectively, and includes regional structures and numerous subordinate structures with demonstrated gold potential.
As of 30 September 2023, Yandal had $3.2 million cash and cash equivalents at hand, although it raised an additional $4 million through a share placement in November.
Write to Adam Drought at Mining.com.au
Images: Yandal Resources
