Initial Mineral Resource Estimate of 75,000oz Au at Success
Perth, Sep 6, 2022 AEST (ABN Newswire) - Yandal Resources Ltd (ASX:YRL) is pleased to announce an initial Mineral Resource Estimate ("MRE") for its Success deposit within the 100% owned Mt McClure gold project in Yandal Greenstone Belt of Western Australia.
- Inferred Mineral Resource Estimate ("MRE") of 1,255,000t @ 1.9g/t Au for 75,000oz reported above 1.0g/t Au lower cut-off grade.
- Builds on MRE of 718,000t @ 1.9g/t Au for 44,000oz reported for Challenger in August (see ASX release dated 22 August 2022)
- MRE includes mineralisation beneath historic Success pit.
- Gold mineralisation envelopes defined to a maximum vertical depth of approx. 210m, beyond which they are constrained by a lack of drilling and remain open.
- Success is the second of three MRE's being defined at Mt McClure - estimate for Parmelia is currently in progress.
- Deposit located on granted mining lease and is close to haulage infrastructure and within 10km of Northern Star's (ASX:NST) Orelia development.
- New drill programs are being planned to test MRE expansion potential beneath each historic open pit and at several other advanced prospects
Yandal Resources' Managing Director; Tim Kennedy commented:
We are extremely pleased with the initial mineral resource estimate of 75,000 ounces at Success. It builds on the 44,000 ounce MRE reported for Challenger in August (see ASX Announcement 22 August 2022) and confirms what a fantastic asset Mt McClure is to the Company. To have these ounces contained within granted mining leases, close to haulage infrastructure, and with Northern Star's (ASX:NST) Orelia development within 10km of our tenement boundary, highlights the strategic value of the project.
As with Challenger, the MRE at Success is constrained by drilling and remains open at depth. Broad spaced deeper drilling by Yandal over the past few years indicates that mineralisation continues at least a further 150m down-dip to a vertical depth of approximately 290m. There is clear potential to extend the Success Resource with further targeted drilling beneath the base of the MRE, an opportunity that we intend pursuing as a matter of priority.
The Success MRE is the second of three MRE's currently under evaluation by Yandal. The Parmelia MRE is progressing well and we look forward to reporting the outcome as results become available.
The project covers 36km2 of tenure approximately 20km south-west from the historic Bronzewing mine and is close to existing haul roads and Northern Star's (ASX:NST) Orelia Development.
The project is situated within the "Southern Trend" of the historic Mt McClure mining camp which has an overall gold endowment of >1.8moz from a number of open pits covering a strike length of some 45km.
The Mt McClure Project includes three historic mining areas; Challenger, Success and Parmelia which all have substantial mineralisation beneath the base of mining as defined by historic and more recent drilling by Yandal Resources.
The initial Success MRE contains a total of 1,255,000t @ 1.9g/t Au for 75,000oz (> 1g/t Au lower cutoff grade) The MRE was compiled in accordance with the guidelines defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC, 2012) by Andrew Bewsher of BM Geological Services.
Next Steps/Exploration Pipeline
Key exploration activities planned during the September quarter include;
1. Aircore and RC programs to test priority targets at Ironstone Well and Barwidgee including Cash, Sims Find, New England Granite, Newport, Quarter Moon, Oblique and Barwidgee Shear.
2. RC drilling programs at Mt McClure testing target areas adjacent to historic open cut mines and commence aircore drill testing of structural targets identified from aeromagnetic data
3. Review historic and recent drilling data at the Mt McClure Project to establish controls on potential higher grade plunging shoots and the potential for increasing the initial Mineral Resource Estimates at Challenger, Success and Parmelia.
4. Finalise follow-up drilling at the Gordons Project including tests of the newly identified highgrade mineralisation at the Meuleman Prospect and Zoehrer Prospects
*To view tables and figures, please visit:
About Yandal Resources Ltd
Yandal Resources (ASX:YRL) listed on the ASX in December 2018 and has a portfolio of advanced gold exploration projects in the highly prospective Yandal and Norseman-Wiluna Greenstone Belts of Western Australia. Yandal Resources' Board has a track record of successful discovery, mine development and production.
Yandal Resources Ltd