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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.