Arika Resources begins 3,000-metre drilling at Pennyweight Point
By Liezl GambeKey points
- Arika Resources started a Phase 2 diamond drilling programme of up to 11 holes for 3,000 metres at Pennyweight Point.
- The company’s share price remained unchanged at $0.024 following the announcement.
- Arika aims to test deeper gold extensions below previous reverse circulation drilling limits and refine its geological model.
Arika Resources (ASX:ARI) began a 3,000-metre diamond drilling programme at its Pennyweight Point Prospect to test deeper gold extensions.
Previous drilling at the prospect defined gold mineralisation up to 30m wide over a 350-metre strike length.
Westralian Diamond Drillers is conducting the 11-hole programme, with initial holes expected to take six weeks to complete.
Following the announcement, the Arika Resources share price was unchanged at $0.024.
The company reported that the remaining diamond holes are scheduled to be drilled early in the new year.
Arika is also processing roughly 10,000m of reverse circulation samples from its Kookynie Project, with assay results pending.
Recent corporate activity includes securing Exploration Incentive Scheme funding approval in October and completing a two-tranche capital placement.
