Yandal Resources serves up 40% increase in gold resource ounces at Flushing Meadows

Yandal Resources Ltd (ASX:YRL) has increased gold resources by 40% at Flushing Meadows deposit, which is part of the 100%-owned Ironstone Well Gold Project near Wiluna in the Yandal Greenstone Belt of Western Australia. The resource now contains 7.4 million tonnes at 1.13 g/t gold for 268,000 ounces with the update utilising sample data from 420 RC drill holes and four diamond drill holes. There is a higher-grade component of 3.6 million tonnes at 1.50 g/t gold for 174,000 ounces with numerous mineralisation envelopes open at depth. Notably, a total of 214,912 ounces of the updated resource estimate are classified as laterite, oxide and transitional material which has the potential for low-cost mining and processing. Shares have been as much as 13% higher to 61 cents intra-day. “40% increase in total contained ounces” Yandal Resources managing director Lorry Hughes said: “Compared to the 2019 mineral resource estimate the new estimate has a 60% increase in tonnage and a 12% reduction in grade for an overall 40% increase in total contained ounces. “Importantly the new estimate has a 109% increase in material reporting to the higher confidence indicated resource category and the bulk of the mineralisation is located above 100 metres vertical depth. “The mineralisation remains open at depth and there are high priority exploration targets along strike and in adjacent positions that are being drilled currently.” The majority of the estimate reports to the inferred resource category and it is likely that with infill drilling to nominal spacing of 20-25 metres, a large portion could be upgraded to the higher confidence indicated resource category. November 2020 Flushing Meadows mineral resource estimate (0.5 g/t Au lower grade cut-off). Resource expansion targets New drill programs are underway to test resource expansion targets at Flushing Meadows and historic prospects within a 10-kilometre radius. Hughes said: “The company plans to aggressively pursue resource growth over the next two years with a large proportion of the exploration budget directed within a 10-kilometre radius of Flushing Meadows including the Oblique and Quarter Moon prospects where significant historic mineralisation occurs. “The company has a dual strategy to prepare our most advanced prospects ready for mining whilst pursuing exploration targets capable of hosting multi-million-ounce gold deposits known to occur in areas close to our projects.” Further details on the 2021 planned program will be available upon completion of the current 12,500 metres RC and aircore program across a number of Yandal Belt prospects. The company’s Yandal Belt projects showing the Flushing Meadows prospect with other nearby prospects and gold deposits in relation to nearby third-party tenure. Feasibility and exploration activities continue Key exploration activities planned during the December and March quarters at the company’s projects include; Receive and review pending results from RC and aircore drilling at the Gordons project; Complete diamond drill program at the Gordons Dam prospect; Complete sighter metallurgical test-work on Gordons Dam mineralised RC intervals and complete feasibility study level metallurgical test-work on Flushing Meadows diamond core intervals; Complete hydrogeological and geotechnical studies as part of feasibility studies at Flushing Meadows; and Complete 12,500-metres of aircore and RC drilling at all Yandal Belt projects as a precursor to larger drilling programs in 2021.