Arika Resources (ASX:ARI) found high-grade gold mineralization at its joint venture Yundmindra gold project's Pennyweight Point Prospect during a recent drilling, according to a Thursday Australian bourse filing.
Assays from two holes include 35.76 meters at 2.14 grams per tonne grade of gold from 104.27 meters including 13.46 meters at 5.28 g/t gold from 111.4 meters.
The company said drilling is planned to re-commence shortly to follow up latest results and begin testing new targets.
The project is a joint venture between the company and Nex Metals (ASX:NME).
Arika Resources' shares surged 37% in recent Thursday trade.
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