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Metalicity Limited ( (AU:ARI) ) just unveiled an update.
Arika Resources has reported strong December quarter exploration results from its Yundamindra Gold Project in Western Australia, where more than 23,000 metres of drilling since June have significantly expanded shallow and deep gold mineralisation across multiple corridors. On the Western “Yellow Brick Road” corridor, drilling at the Landed at Last and Queen of Poland prospects has defined at least 2.5km of continuous shallow gold mineralisation and consistently returned significant intercepts, positioning the area as a key candidate for a maiden mineral resource. On the Eastern “Red Brick Road” corridor, deep drilling at Pennyweight Point has extended high-grade mineralisation to about 250 metres below surface with the zone remaining open, while first-pass work on new geophysical targets has delivered high-grade shallow hits and high-resolution magnetic data at Yundamindra South has generated 20 new high-priority targets in largely unexplored ground. Financially, the company strengthened its balance sheet with a heavily oversubscribed A$5.7 million placement to institutional and sophisticated investors and the A$1.15 million sale of its non-core Admiral Bay Zinc Project, providing additional capital to accelerate exploration at Yundamindra and Kookynie and reinforcing market confidence in its WA gold portfolio.
The most recent analyst rating on (AU:ARI) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Metalicity Limited stock, see the AU:ARI Stock Forecast page.
More about Metalicity Limited
Arika Resources Limited is an Australian gold exploration company focused on advancing its Yundamindra and Kookynie gold projects in Western Australia. The company targets shallow and deeper high-grade gold mineralisation along key structural corridors, pursuing resource delineation and growth in a historically prospective gold region, while funding its activities through equity placements and portfolio rationalisation.
Average Trading Volume: 2,523,176
Technical Sentiment Signal: Sell
Current Market Cap: A$39.11M
For a thorough assessment of ARI stock, go to TipRanks’ Stock Analysis page.