Yandal Resources (ASX:YRL) said assay results from the first line of air-core drilling at the Caladan target area within the Ironstone Well-Barwidgee gold project in Western Australia identified a new prospect, according to a Wednesday filing with the Australian bourse.
The new prospect has been named Arrakis, and follow-up drilling will be scheduled for the coming weeks with a reverse circulation rig.
Air-core drilling at the Caladan target area returned significant intercepts, including an intercept of 11 meters at 1.7 grams per tonne (g/t) of gold from a depth of 97 meters, including 3 meters at 3.5 g/t of gold from 102 meters.
The company said 17 air-core holes were drilled along the target area for a total of 2,688 meters. Drilling programs are underway and upcoming across several target areas and prospects, it added.
Yandal Resources' shares rose past 24% in recent trade on Wednesday.
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