Arika Resources Limited (ASX:ARI) Upsizes Drilling Program
Drilling Program Expansion
Arika Resources Limited has expanded its upcoming drilling program to 10,000 metres, up from the initial 6,000m, following a successful $5 million capital raise. The program will utilise a multi-purpose air-core/RC rig and is scheduled to begin in early June, focusing on Pennyweight Point, Landed at Last, and F1-Fault prospects.
Operational Achievements
The company secured multiple new POW approvals, enabling exploration of new areas. ERM Mining Consultants have commenced a comprehensive review of the historic Cosmopolitan Gold Mine at Kookynie, which was one of Western Australia’s most profitable gold mines from 1895 to 1922. Additionally, soil geochemical surveys at Ithaca, Wandin, Mulga Plum, and Kookynie have been completed, with results expected by the end of May.
Capital Raising
Arika has completed Tranche 1 of its $5 million capital raise by issuing 147,086,956 fully paid ordinary shares at $0.023 per share.
Executive Comments
Managing Director Justin Barton stated, “Thanks to the success of the recent capital raise and with a significantly strengthened balance sheet, the team has been able to plan a substantially larger initial phase of drilling at Yundamindra, with some initial drilling also contemplated for Kookynie.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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