Yandal Resources Ltd (ASX:YRL) earlier this week confirmed it has raised 13.50 million dollars to progress exploration across its Ironstone Well-Barwidgee Gold Project and other targets in Western Australia. Managing Director Chris Oorschot joined Proactive to explain.
Highlights
- Yandal Resources raised $13.5 million to accelerate exploration.
- Funds will be directed towards the Arrakis discovery and the Caladan target within the Ironstone Well-Barwidgee Gold Project.
- Awaiting second batch of RC drilling results due within a week.
- Diamond drilling set to commence at Arrakis in the next one to two weeks.
- Plans to mobilise another RC rig before Christmas for a substantial program.
- Additional work advancing at the New England Granite target.
- Flushing Meadows deposit hosts a 268,000-ounce resource and new concepts are under evaluation.
- Oorschot noted that gold prices are supportive, saying it is “a great environment to be having exploration success.”
Focus on Arrakis, Caladan and Upcoming Drilling
The company said the new funds will be directed towards its recent discovery at Arrakis and the broader Caladan target, which remain key focus areas for the next phase of drilling. It highlighted that Arrakis has been a strong driver for investor interest, reflected in the 10% share price increase at the time of the announcement.
Managing Director Chris Oorschot told investors that the company is awaiting the second batch of results from its RC drilling program, which are due within the next week. He said a diamond rig has been secured to restart drilling at Arrakis, with the program expected to commence within one to two weeks. In addition, Yandal intends to mobilise another RC rig before Christmas to complete a substantial round of drilling.
Broader Exploration and Investor Outlook
The company also pointed to broader work underway outside of Arrakis and Caladan. It is advancing plans at the New England Granite target and reviewing development concepts at its Flushing Meadows deposit. The Flushing Meadows resource currently stands at 268,000 ounces of gold.
Oorschot said the supportive gold price environment is an advantage for the company’s exploration strategy. He told investors, “It’s a great environment to be having exploration success, and it’s great to share that with our investors.”
The 13.50 million dollar raise was backed by both existing and new shareholders, which the company said demonstrated confidence in its exploration portfolio.
Potential catalysts for Yandal in the coming months include the release of RC assay results, commencement of diamond drilling at Arrakis, and further drilling across Ironstone Well-Barwidgee before year-end. Progress at the New England Granite target and any updates on development concepts at Flushing Meadows may also provide additional momentum.
The company said it remains focused on advancing its exploration assets in the Yandal Greenstone Belt and expects steady news flow as programs progress.