Yandal Resources managing director Chris Oorschot joins Proactive’s Tylah Tully to discuss a significant gold discovery at the New England Granite Prospect of its Ironstone Well-Barwidgee (IWB) Gold Project in Western Australia.
Yandal has named the discovery 'Siona' after a reverse circulation drilling program revealed an intersection of 78 metres at 1.2 g/t gold starting from 96 metres depth, including higher-grade sections of 5 metres at 3.2 g/t and 5 metres at 2.8 g/t.
A second drill hole, 170 metres northwest, also returned 14 metres at 1.8 g/t, including 3 metres at 4.9 g/t.
The discovery led to a sharp rise in Yandal's share price on Monday, with shares increasing by 120% to $0.22 intra-day, a two-year high.
Oorschot described the results as "exceptional" and highlighted plans for further drilling to determine the geometry and scale of the mineralisation.
The discovery comes as gold prices reached an all-time high of US$2,710 per ounce.
Yandal plans to conduct follow-up drilling at Siona, which remains open at depth and along strike.
The company expects additional results from its October drilling program in the coming weeks and aims to further explore the New England Granite area for similar targets.