Arika Resources (ASX:ARI) found 4.5 kilometers of gold-bearing quartz reef structures based on a surface rock chip sampling program at the Yundamindra gold project in Western Australia, according to a Wednesday Australian bourse filing.
The program was designed as a first-pass assessment of several new areas highlighted from structural targeting, the filing said.
The drill testing of priority targets at the project will begin as soon as the firm receives all required regulatory approvals.
The project is an 80%-20% joint venture between Arika and Nex Metals Exploration (ASX:NME), respectively.
Arika's shares fell 10% in recent trading on Wednesday.
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