Arika reels in EIS co-funding ahead of new gold-copper drilling

• Arika wins up to $211,213 in WA Government drilling co-funding
• ERM’s 3D review sharpens targets for two deep diamond holes
• Strong gold-copper geochemistry points to a possible porphyry-style system

Special Report:Arika Resources has secured up to $211,213 in WA government co-funding to drill beneath its high-grade Pennyweight Point prospect.

Arika Resources (ASX:ARI) has been awarded up to $211,213 under the Exploration Incentive Scheme (EIS) to help fund two planned 600m diamond drillholes at its Yundamindra gold project, 65km southwest of Laverton in Western Australia.

The holes will test a tonalite porphyry target about 400m below surface, roughly 200m down-dip from the deepest previous drilling.

These drill holes will investigate potential extensions of modelled high-grade shoots and a previously unrecognised porphyry-style gold-copper system.

Fresh eyes on a high-grade system

Independent mining consultancy ERM worked with Arika’s technical team to compile historical and recent drillhole results, study multi-element soil and drilling geochemistry, and build detailed 3D geological and mineralisation models.

The review has helped Arika interpret the orientation of high-grade shoots and select targets beyond the ground tested to date.

“The 3D modelling gives us the ability to look at the data in much greater detail than ever before, enabling us to identify the controls on mineralisation geometries and determine the orientation of the high-grade shoots,” Arika managing director Justin Barton said.

Pennyweight Point hosts Yundamindra’s largest, strongest and most continuous gold-copper soil anomaly, spanning about 1,100m of strike and 350m in width.

Previous drilling has outlined gold mineralisation up to 30m true width across 350m of strike from surface, to around 250m vertical depth. Standout downhole results include 14m at 15.48g/t gold from 46m and 21m at 4.65g/t from 251m.

Gold-copper associations have also appeared in broader hits, including 35m at 1.22g/t gold and 1,214ppm copper from 142m, and 33m at 1.28g/t gold and 1,706ppm copper from 149m.

Looking for a larger geological system

Arika believes the combination of gold, copper and other pathfinder elements, together with alteration observed in drilling, could reflect an older porphyry gold-copper system overprinted by later orogenic gold mineralisation.

Combined magnetic, gravity and induced-polarisation survey data has highlighted several lower-density bodies beneath surface basalt that Arika interprets as buried tonalite intrusions. Subsequent RC drilling intersected tonalitic porphyries along the eastern ridge, where the deep holes are planned.

The deeper holes will test that interpretation beneath the known gold zones. Drilling to date has yet to identify the stockwork veining that could further support the porphyry model.

Barton sees potential parallels with notable West Australian deposits and other interpreted hybrid geological systems, although their scale cannot yet be inferred at Pennyweight Point.

“In terms of deposit models and the scale of the opportunity, we see compelling similarities with the giant Boddington gold-copper deposit in south-west WA, the King of the Hills-Tarmoola gold deposit near Leonora and the recent Two Mile Hill discovery near Sandstone in WA,” Barton added.

The deeper targets follow earlier drilling that expanded Pennyweight Point’s mineralised footprint along the eastern Red Brick Road corridor, while Arika continues broader work towards maiden resource estimates at Yundamindra.

It is also Arika’s second EIS drilling award this year, following a separate grant for deep drilling at the historical Cosmopolitan gold mine within the company’s Kookynie project.

The new Pennyweight Point program is expected to start in the coming months once statutory approvals are received. Its EIS co-funding period runs from December 1, 2026, to November 30, 2027.

This article was developed in collaboration with Arika Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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