News that caught my eye this week No. 28
Interesting Australian Porphyries
G’day all,
YRL released a couple of announcements this week worth discussing. Apart from that we have a few honorable mentions and a company that I really wanted to write a deep dive on but ran out of time. For now I’ll put it on everyone’s radar.
The Tracker
YRL- Siona Discovery (Update Below)
Follow ups
Yandal Resources-YRL- Siona Results & RC Drilling Commences for 2025
Yandal Resources-YRL- Caladan Air-Core Drilling Demonstrates Discovery Potential
Yandal provided assays for the last of 2024’s follow up RC drilling. The results demonstrate the continuity of mineralization for at least 450m albeit at weaker grades than were observed in the initial discovery holes. Critically, the company highlights the interaction between oblique secondary structures with the granite contact and the control that these appear to exert on the mineralization.
The company provided a long-section showing the heterogeneous width and grade of mineralization with the highest grades encountered near the initial discovery hole and the subsequent high-grade intersect in hole 50.
The announcement went some way into describing Siona as part of a larger mineralized system both within and peripheral to the New England Granite highlighting structures that are being tested by RC.
Ultimately, I find the companies arguments compelling and as stated previously stacking more ounces here has to be the priority. These may very well be more forthcoming nearby than what has been demonstrated by the Siona follow up. I certainly hope so.
In the other announcement of consequence the first assays have started to roll in from the company’s AC drilling at the Caladan prospect (love the Dune references). Here apart from seeing some very well executed “drilling to refusal” the company has got an encouraging hit on what could end up being something interesting in the form of a 11 m at 1.7 g/t Au hit on a 3 km gold in soil anomaly. The new prospect has been christened Arrakis (another Dune reference).
The company will be following up on the one exiting AC line they have approved but going along strike will take heritage surveys that have been scheduled.
New interesting targets
Koonenberry Gold-KNB- Newmont commences drilling at Junee Cu-Au JV Project
This announcement made me pause and go through the last 6 months or so of KNB’s transformation from a company operating in the Koonenberry’s (half way between Broken Hill and Willcania) to having some of the most interesting Porphyry plays in the country.
Of the ground mentioned the project that stood out to me is Junee. The company owns 20% and is free carried to production with Newmont as the operator. They mention that the ground has already had just under 24 million spent on it with 66k m drilled. I am working off the assumption that this spend came from Newmont although I am not certain.
What stands out to me is that the company already has two low-grade mineralized porphyry systems on the tenement with a bunch of other magmatic complex looking features being drilled with air core. Newmont has significant Lachlan expertise, particularly following the Newcrest acquisition so they would not be pursuing this if it did not carry perceived potential.
Honorable Mentions
A few of interest this week and a couple of potential discoveries
S2 Resources-S2R- S2 STARTS 2025 WITH EXPLORATION ON MULTIPLE FRONTS
Strategic Energy Resources-SER- Isa North Project Exploration Update
Disclaimer
Nothing here is financial advice, comes with no warranty and I take no responsibility for anyone’s financial decisions. All opinions are my own.
Cheers,
CC