Yandal Resources Ltd has executed tenement swap and royalty deeds over tenements in the Kalgoorlie area with PVW Resources Ltd which will result in expanding the Malone Gold Prospect.
The agreement will Yandal swap its 100% interest in a number of tenements within the Gordons Gold Project in return for a 100% interest in Exploration Licence E27/570, which is immediately north of the Malone Gold Prospect.
This will increase the Malone mafic-felsic contact target strike length by around 800 metres to nearly 4.5 kilometres within the combined prospect area.
To start on-ground exploration
Yandal Resources’ managing director Lorry Hughes said: “I believe the tenement swap makes good sense for Yandal as the ground acquired could host strike and depth extensions to mineralisation at our Malone Prospect to the immediate south.
“It is early days, however, it is likely we can commence on-ground exploration while we have rigs in the area shortly.
“Yandal currently has one aircore and two reverse circulation (RC) rigs operating at its Gordons Project with a diamond rig expected to mobilise to priority targets within two weeks.”
Gordons Project tenement and regional geology plan showing the acquired tenement E27/570 and divested tenements E24/214, P24/5266-5271.
Progressing further drilling
Currently, the company is progressing a further 20,000 metres of drilling at Gordons Gold Project and is awaiting assay results from one diamond, 100 aircore and 70 RC drill holes.
The company is also compiling historic exploration data from E27/570 and plans to start new aircore drilling in the current quarter as a part of the combined 20,000-metre regional drilling program planned for the rest of 2021.
Yandal Resources and PVW retain a reciprocal 2% net smelter royalty on all products produced from the respective tenements.
What’s next
Key exploration activities planned by Yandal during the next few months include:
- Receive and interpret assays from drilling completed at the Gordons Dam, Malone, Cleft, Sims Find, Cash and Flushing Meadows North prospects;
- Continue focus on drilling with four rigs at the Gordons Dam and Malone prospects to determine target size potential as soon as possible;
- A fifth rig is scheduled subject to state border movements to drill a 3,000-4,000 metre RC program later in July at the Mt McClure project;
- Recommence drilling at prospects surrounding Flushing Meadows and Sims Find; and
- Preparation for investor site visits to Gordons Dam during the Diggers and Dealers Conference from August 1-5.