Yandal Resources Ltd (ASX:YRL) substantial holder DGO Gold Ltd (ASX:DGO) has increased its stake in the company to 14.26% from 8.69%.
DGO purchased more than 5.3 million shares in a series of transactions from November 20, 2020, to April 7, 2021, increasing the total number of securities held to more than 13.37 million.
The investment in Yandal is part of DGO’s strategy of investing in ASX-listed brownfield explorers to provide shareholders with the opportunity to participate in a discovery leveraged exposure to gold.
It provides a strong vote of confidence in Yandal’s underexplored projects that are in a Tier 1 jurisdiction and have the potential to host +5-million-ounce deposits with very low discovery costs.
100,000 metres of discovery drilling
As a well-funded explorer, Yandal is undertaking aggressive exploration across its projects aimed at realising the potential.
The company has multiple rigs operating with more than 100,000 metres of discovery drilling planned for 2021.
Last month, Yandal received high-grade results of up to 8 metres at 24.30 g/t gold that confirmed a shallow gold discovery at Sims Find prospect within the Barwidgee Gold Project in Western Australia.
Yandal also intersected high-grade gold mineralisation at Flinders Park and other prospects within the Ironstone Well Gold Project in Western Australia, demonstrating the potential for large gold discoveries within a more than 20-kilometre-long strike zone.
Additionally, the company confirmed a new lode at Mt McClure Gold Project in Western Australia with a reverse circulation drilling program intersecting shallow high-grade results of up to 12.24 g/t gold.