Arika Resources (ASX:ARI) received assays from its recently completed second phase reverse circulation drilling campaign at the Pennyweight Point prospect in its Yundamindra gold project joint venture in Western Australia, according to a Friday Australian bourse filing.

The project is a joint venture between Arika Resources (ASX: ARI) and Nex Metals Explorations (ASX:NME), where Arika holds an 80% stake, while Nex Metals holds 20%. Arika is acting as the project manager.

The campaign consisted of 19 drill holes for a total depth of 2,232 meters, and it was designed to test for strike and depth extensions to the interpreted ore hosting structure.

Assays from the drilling program include intercepts of 29 meters at 1.35 grams-per-tonne grade of gold from a depth of 81 meters and one meter at 21.6 g/t grade of gold, 1.2% grade of copper, 10.2 g/t grade of silver from 94 meters.

Detailed geological, petrological, and structural studies of core recovered from recent diamond drilling are underway to confirm the controls on the mineralization and assist with ongoing targeting.

Arika's shares fell 17% on market close on Friday.