Arika Resources (ASX:ARI) is up +2.4% on market open after ramping things up in Western Australia’s gold-rich Northeastern Goldfields.
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The company today locked in a major land grab in the Kookynie region, about 60 kilometres southeast of Leonora. The company just inked a deal with Iris Metals (ASX:IR1) to acquire around 108km² of prime exploration ground, which then pushes Arika’s total footprint in the area to as much as 150km².
This move puts Arika firmly in second spot in the Western Australian district when it comes to landholding; only Genesis Minerals holds more right now.
“We’re stoked to secure this deal right in the heart of the Leonora district. It’s a huge step for us. These tenements have serious potential… we’re now one of the major players in the region,” said managing director Justin Barton.
The acquired ground is packed with upside, including loads of historical gold workings and several high-grade intercepts already logged. Still, it’s been mostly untouched for more than 20 years due to a patchwork of private ownership. Iris did the hard yards stitching the tenements together, and now Arika’s capitalising.
“There’s been very little modern exploration across these tenements. We’re confident they hold significant gold upside and will play a major role in our future drilling campaigns,” Barton highlighted.
A key win here is how the new ground links up Arika’s Ithaca and Champion prospects with Genesis Minerals’ Ulysses Project (2.23Moz Au). The result? A contiguous slice of a high-grade corridor with big discovery potential.
An extra 66km² of the tenure lies ~35km west of Kookynie, sitting along strike from recent high-grade discoveries, but it’s barely been scratched.
Meanwhile, drilling continues at Kookynie as part of Arika’s 10,000m program, aimed at firming targets across the now-expanded project area.
AR1 has been up +2.4% at 4.2cps.
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