Arika Resources (ASX:ARI) said assay results from the recently completed diamond drilling campaign at the F1-Fault prospect at its Yundamindra gold joint venture project in Western Australia showed an extension of strong gold mineralization, according to a Tuesday Australian bourse filing.
The drilling was designed to test for depth extensions beyond the known limits of the near-surface mineralization and to provide insights into geotechnical aspects for future mining studies, the filing said.
A significant assay from the drilling included 14.8 meters at 3.1 grams-per-tonne grade of gold from 87 meters down-hole. It plans to restart drilling shortly to follow up latest results and begin testing new targets.
The project is a joint venture between Arika, which holds an 80% interest, and Nex Metals Explorations (ASX:NME), which holds a 20% interest.
Arika's shares jumped 13% in recent trading on Tuesday.
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