Initial Resource Estimate of 44,000oz Au at Challenger
Perth, Aug 22, 2022 AEST (ABN Newswire) - Yandal Resources Ltd (
ASX:YRL) is pleased to announce an initial Mineral Resource Estimate ("MRE") for its Challenger deposit at the 100% owned Mt McClure gold project in Yandal Greenstone Belt of Western Australia (Figure 1*). The project covers 36km2 of tenure approximately 20km SW from the historic Bronzewing mine and is close to existing haul roads and Northern Star's (ASX:NST) Orelia Development.
Key points:
- Inferred Mineral Resource Estimate ("MRE") of 718,000t @ 1.9g/t Au for 44,000oz reported above 1.0g/t Au lower cut-off grade.
- MRE includes mineralisation beneath historic Challenger pits and nearby satellite deposit.
- Gold mineralisation envelopes defined to a maximum vertical depth of 140m beyond which where they are constrained by a lack of drilling and remain open.
- Challenger is the first of three MRE's being defined at Mt McClure - estimates for Success and Parmelia are currently in progress.
- Deposits located on granted mining lease and are close 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 open pit and at several other advanced prospects.
Yandal Resources' Managing Director; Tim Kennedy commented:
The definition of an initial mineral resource estimate of 44,000 ounces at Challenger is a highly encouraging outcome for the Mt McClure Project and the Company and provides us with a great foundation for future growth. Challenger is the first of three initial mineral resource estimates that will be produced at Mt McClure based on historical drill data and drilling completed by Yandal. The fact that we have been able to produce this estimate using the vast database of historical drilling from previous miners has resulted in a very cost-effective addition to our existing resource base. Of particular interest is that the initial MRE remains open at depth, with Yandal's deeper broad spaced step-out drilling completed over the past couple of years confirming that mineralisation continues at least a further 170m down-dip at Challenger.
We are looking forward to the outcome of the Success and Parmelia initial MRE studies and to planning follow-up drilling with a view to potentially expanding the resource base even further.
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 Company's 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 Challenger MRE contains a total of 718,000t @ 1.9/t Au for 44,000oz (> 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.
The Challenger MRE includes mineralisation beneath three historic shallow open pits and one unmined satellite deposit (refer to Figure 2). The modelled wireframes extend to a maximum vertical depth of 140m and are constrained by a lack of drilling at depth. Previous broad spaced deep drilling by Yandal Resources has confirmed that the mineralisation envelope at Challenger extends for at least a further 170m down dip (Refer ASX Announcement 21/04/2022) beyond the currently defined wireframes providing scope for additional resource updates upon completion of infill drilling.
Challenger is the first of three MRE's currently being defined with the Success and Parmelia MRE's currently in progress.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/3Y621R20
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.
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