Latest news with #Kookynie
Herald Sun
3 days ago
- Business
- Herald Sun
Arika's search for golden game changer
Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. 'Garimpeiro' columnist Barry FitzGerald has covered the resources industry for 35 years. Now he's sharing the benefits of his experience with Stockhead readers. In a $5100/oz-plus Aussie gold market there is nothing quite like a big targeted exploration program in a prodigious gold region to get the interest up. And so it is with Arika Resources (ASX:ARI), which has been attracting followers of late on the strength of its 10,000m drilling program at two projects in the Leonora-Laverton district. It is funded for the hunt after a $5 million capital raise in May and at a share price of 3.9c for a market cap of $33.5 million, Arika has plenty of leverage to exploration success. Investors won't die wondering with this one, as there will be a steady flow of exploration results over the next 6-12 months. Both of the company's projects – Yundamindra and Kookynie – are surrounded by the region's big name producers like Genesis, Northern Star and Gold Fields, among others. As recent activity in the region has demonstrated, there are plenty of options around toll treatment/ore purchase/acquisitions should Arika work up a deposit that is measured in the hundreds of thousands of ounces rather than the millions of ounces category. Arika is after the big discovery for sure. It's just that in this gold price environment there is plenty of value to be had with smaller finds. Think of it as a potential value backstop while Arika continues the hunt for the game changing discovery. Where is the game changer? Both of Arika's projects are peppered with historic workings which are obvious drilling targets. But there are also a bunch of targets hidden from oldtimers by cover. Geophysics and geochemical work leading up to the drilling program has taken what could be called high-priority targets to more than 50. Arika reported first results from drilling at the F1 Fault at the Landed at Last prospect at Yundamindra on Monday. The best intercepts included 4m at 41.56g/t from 52m and 27m at 2.45g/t from 61m, and they've served to rev up interest in the stock. F1is one of several north-east trending structures which cross-cut Landed at Last's mineralisation towards the northern end of what Arika, without blushing, calls the Yellow Brick Road. It is a mineralised structural corridor than extends for more than 16km along the western flank of the Yundamindra syncline. A 10km section of the Yellow Brick Road is dotted with historical workings. Despite its location and history of gold mining, the Yundamindra area has only ever been lightly explored. What modern era drilling was conducted by previous owners was mostly shallow at less than 50m. Before the latest drilling Arika tested for depth extensions, with the deepest hole to date at the prospect returning a super encouraging 14.8m grading 3.1g/t from 87m. More where that came from Arika boss Justin Barton said on Monday that it was important to remember that F1 was just one of the many under-explored prospects along the Yellow Brick Road. Garimpeiro reckons Dorothy most likely agrees. The drill rig motored on from F1 to another highly ranked prospect called Bonaparte (assays pending) and is now testing the Banjo's Camp prospect. As indicated earlier, assay results from the drilling campaign will be rolled out on a regular basis. Over at Kookynie, Arika shares tenement boundaries with Genesis Minerals (ASX:GMD) . An aeromagnetic survey has been completed at the Ithaca prospect, which sits immediately along strike from Genesis' Ulysses gold mine. Like the prospective areas at Yundamindra much of the prospective ground at Kookynie is on mining leases, which means if there is a near-term opportunity to monetise a smallish discovery while the search for the big one goes on, Arika will be able to act quickly. Originally published as Barry FitzGerald: Prodigious gold region a yellow brick road for Arika
The Australian
04-08-2025
- Business
- The Australian
Asra Minerals wraps up gold drilling at Challenge and Eclipse
Special Report: Asra Minerals has completed a 23-hole reverse circulation drilling program at the Challenge prospect, following up on significant shallow gold intersections from historical drilling. Asra Minerals completed 1938m of drilling at Leonora South during the June quarter This includes the recent completion of 17 RC holes at the Challenge prospect The program is following up significant shallow gold intersections from historical drilling The 1362m campaign averaged a rate of ~300m per day. Before drilling the Challenge prospect, Asra Minerals (ASX:ASR) drilled 23 RC holes at the Eclipse prospect for a total 2070m. In total, 40 drill holes were carried out for 3432m to further define and extend known mineralisation at both prospects. Challenge and Eclipse sit within Asra's Leonora South asset in WA's Kookynie region and are within 200m of the 21,600oz at 2.1g/t gold resource at the company's Sapphire deposit. The project covers eight semi-contiguous mining licences over 549km2 of ground near the mining town of Leonora, known for high-grade gold discoveries such as the nearby Ulyssess operation featuring 850,000oz of gold. Asra racks up exploration and corporate wins During the June quarter, Asra knocked off 1938m of drilling at Leonora South targeting extensions at multiple priority targets within the Niagara prospect area, which included 1424m of RC drilling and 514.8m of diamond tails. The company also locked in $3m via a placement to investors to fast-track exploration across Leonora South and completed the sale of its Boorara leases for a cash consideration of $200,000 – streamlining Asra's focus and strengthening its balance sheet. ASR managing director Paul Stephen said the June quarter had been 'exceptionally productive' for the company, marked by significant strides across its exploration programs and a series of corporate initiatives. Asra bolsters leadership and technical teams 'The successful completion of more than 1,300m of drilling at Leonora South represents a critical step in understanding and expanding the high-grade Orion and Sapphire deposits, and we eagerly await results next quarter,' he said. 'Financially, our three million placement has significantly bolstered our balance sheet, providing capital to accelerate our exploration ambitions. 'The divestment of the Boorara leases and the consolidation at Mt Cutmore are further testaments to our disciplined approach to portfolio management, focusing on high-potential, core assets,' he added. Asra also strengthened its leadership and technical teams with key appointments including Stephen as managing director, Lenoard Math as CFO and the addition of Ziggy Lubieniecki as geological consultant. 'We look forward to keeping the market and our valued shareholders updated as we continue to build on this momentum in the coming quarter,' he said. This article was developed in collaboration with Asra Minerals, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Sponsored Nova Minerals has released a conceptual processing flowsheet for its 1.24Moz RPM deposit in Alaska. Sponsored Rhythm Biosciences has announced that its second-generation ColoSTAT blood test detects colorectal cancer consistently across all stages of the disease.
