Arika Resources hits gold at Pennyweight Point

Arika Resources (ASX:ARI) reported significant gold discoveries from the maiden reverse circulation drilling program at Pennyweight Point within the Yundamindra Gold Project in Western Australia.

Exceptional high-grade intersections from the site include 14m at 15.48 g/t gold from 46m, 33m at 3.35 g/t gold from 22m, and 36m at 2.01 g/t gold from 73m.

The drilling program comprised 23 reverse circulation drill holes, revealing substantial gold mineralisation from both the shallow oxide/supergene zone and deeper bedrock levels.

The results highlight the potential of the Pennyweight Point prospect as a significant gold discovery.

Arika's Managing Director, Justin Barton, remarked, “The results from our maiden drilling campaign at Pennyweight Point are exceptional. These objectives have been achieved, with Phase 1 being bookended by spectacular results.”

The Yundamindra Gold Project, located 65km southwest of Laverton, remains open for exploration in all directions, with phase 2 drilling scheduled to commence next month.

Arika’s Landed at Last prospect assays are awaited, offering further prospects for expansion.

Arika Resources holds an 80% stake in the Yundamindra Gold Project in a joint venture with Nex Metals (ASX:NME), covering a strategic region within the world-class Laverton goldfields.

Arika Resources is an Australia-based company, which is engaged in the mineral exploration and development of the Kookynie and Yundamindra Gold Projects.

At the time of reporting, Arika Resources' share price was $0.038.