Arika crowns Queen of Sheba gold target with rock chips grading up to 19.3g/t

Arika Resources’ rock chip results of up to 19.3g/t return an enticingly untapped gold target southwest of Laverton.

The Queen of Sheba was known in antiquity for a caravan of gifts to King Solomon. Pic: Getty Images

• Arika rock chip results up to 19.3g/t gold unveil the Queen of Sheba prospect

• Mapping confirms a favourable location and an open structure

• Company believes it’s on the radar of major neighbours in M&A-intensive Laverton

 

Special Report: Arika Resources has returned a batch of enticing rock chip results and a new untapped gold target to explore within the eastern corridor at its Yundamindra project southwest of Laverton.

Results from Arika Resources (ASX:ARI) newly dubbed Queen of Sheba prospect came in at 19.3g/t and 12.81g/t gold from 1m and 2m true width channel samples, with another 9.51g/t grab sample coming from a historical shaft.

Mapping has confirmed the prospect’s location in a favourable geological setting and an open structure extending for a minimum of 400m along strike before slinking under cover.

It sits 2km southeast of the project’s starring Pennyweight Point prospect which demonstrated the project’s lustre last year with multiple high-grade 30m+ intercepts.

Arika managing director Justin Barton said locating another strongly mineralised, untested structure within the eastern corridor was very exciting, and demonstrates an incredible opportunity of growth through discovery.

“We’re starting to see a number of different structural orientations and they all appear to be mineralised,” Barton said.

“Our technical team, in conjunction with leading industry consultants, are continuing to take a systematic and methodical approach to exploration.

“Over the course of the last 4 months, the team have identified a multitude of new high priority targets and structures, that further enhances the potential of a significant gold discovery being made at the Yundamindra project.”

Zoom in on the new prospect showing recent rock chip sampling, assay results, and extent of the outcropping quartz reef. Pic: ARI

Greater Yundamindra

Barton noted the initial rock chip results provide significant encouragement to the work undertaken by its technical team in a very short period.

“And with less than ~1% of currently identified structures and targets drill tested to date and with ongoing geochemistry and geophysical assessment being undertaken, we are just starting to unlock the potential of this project,” he said.

“We eagerly await the remaining assays of the rock chips taken across the confluence of structures located in the south-central zone, known as Banjo’s Camp prospect, which stretches for over 4km.”

He added that the company also eagerly awaits soon-expected results from ~5000m of expansional drilling over the Landed at Last and Pennyweight Point prospects.

The rock chip sampling program was designed as a first pass over several new areas highlighted by structural targeting, and initial results have added another largely-undrilled target area to a slew of targets uncovered at Yundamindra late last year.

Auric acquisitions

Mining bigwig Tim Goyder’s $166.5m purchase of Zijin’s 2.3Moz Bullabulling gold project was the first major gold deal of the year and continues an avalanche of WA gold M&A showing little sign of slowdown.

And the Laverton gold field is one that everybody wants a slice of, with Yundamindra an example of the prospective tenure seemingly ignored by the majors for years.

But the cashed up big boys are now sniffing around adjacent tenure, and Arika sees a lot of neighbouring mills and significant producers which might be catching a whiff of Yundamindra.

Any discovery of note could put Arika on the radar of a top gold miner.

“Genesis, Gold Fields, Northern Star, all these companies we’ll be on their radar,” Barton told Stockhead last year.

“We probably already are with the intersections we’re hitting. It’s high-grade, shallow, close-to-surface gold on mining leases.

“We’re under no illusions that as we continue to build the story, at some point one or more of those parties are going to come knocking on the door or looking to take these deposits off our hands.”

This article was developed in collaboration with Arika Resources, 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.