Yandal Resources Ltd (ASX: YRL) has announced an initial Mineral Resource Estimate (MRE) for its Success deposit within the 100% owned Mt McClure gold project in Yandal Greenstone Belt of Western Australia.
The project covers 36 sq. km of tenure approximately 20km south-west from the historic Bronzewing mine and is close to existing haul roads and Northern Star’s Orelia Development.
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 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 Success MRE contains a total of 1,255,000t @ 1.9g/t Au for 75,000oz (> 1g/t Au lower cut-off 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 Success MRE includes mineralisation beneath the historic shallow open pit which was mined to a depth of approximately 80m. The modelled wireframes extend to a maximum vertical depth of approximately 210m 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 Success extends for at least a further 150m down dip beyond the currently defined wireframes providing scope for additional resource updates upon completion of infill drilling.
We are extremely pleased with the initial mineral resource estimate of 75,000 ounces at Success. It builds on the 44,000 ounce MRE reported for Challenger in August and confirms what a fantastic asset Mt McClure is to the company,” Managing Director, Tim Kennedy, said.
“To have these ounces contained within granted mining leases, close to haulage infrastructure, and with Northern Star’s Orelia development within 10km of our tenement boundary, highlights the strategic value of the project.
“As with Challenger, the MRE at Success is constrained by drilling and remains open at depth. Broad spaced deeper drilling by Yandal over the past few years indicates that mineralisation continues at least a further 150m down-dip to a vertical depth of approximately 290m.
“There is clear potential to extend the Success Resource with further targeted drilling beneath the base of the MRE, an opportunity that we intend pursuing as a matter of priority.
“The Success MRE is the second of three MRE’s currently under evaluation by Yandal. The Parmelia MRE is progressing well and we look forward to reporting the outcome as results become available.”