Ark Mines Ltd (ASX: AHK) has obtained promising maiden assay results from the recent 2,000m, 45-hole drill programme at its Gunnawarra Nickel Cobalt Project in North Queensland, Australia.
These very encouraging results, highlighted above, support AHK’s stated objective to expand the scope of a previously-identified 2004 JORC historical mineral resource estimate (MRE) at Gunnawarra, and convert it to 2012 JORC status.
The successful 45-hole drill program was carried out in an area known as ‘the Pod’, where drilling in 2008 by Metallica Minerals Limited reported an Inferred Resource of 280,000 tonnes at 0.73% nickel (Ni) and 0.05% Cobalt (Co).
Ark believes the deposit is open to the North West and the South East with a follow up drill programme being planned now.
By utilising more modern drilling practices with a larger air rig, Ark anticipates significantly expanding the size of the resource with its maiden drilling programme which intersected nickel-cobalt mineralisation at depths of up to 60 metres, around double the depth of the previous drilling program.
The latest assay results give Ark a strong platform to execute on its development strategy at Gunnawarra, which borders the ‘Sconi’ project operated by Australian Mines (ASX: AUZ) – one of Australia’s most advanced cobalt-nickel-scandium projects.
Significant intersections of ‘the Pod’ include: o 28m at .73% Ni Eq from surface including 5m at 1.8% Ni Eq from 5m, including 2m of Co at .1% from 4m o 42m at .76% Ni Eq from 2m including 19m at 1% Ni Eq from 6m o 22m at 1% Ni Eq from 4m including 9m at 1.4% Ni Eq from 8m o 28m at .7% Ni Eq from surface including 6m at 1.4% Ni Eq from 3m o 11m at .84% Ni Eq from 2m including 2m at 1.2% Ni Eq from 5m o 14m at 1.12% Ni Eq from 3m including 4m at 1.7% Ni Eq from 8m
The company said these assay results are in line with the timeline projects previously communicated to the market by the Ark management team.
“These are very encouraging assay results that confirm Gunnawarra is enriched with robust nickel and cobalt mineralisation which we believe is present across the broader project site,” Executive Director, Roger Jackson, said.
“The commercial grade intersections occurred at shallow depths and in many cases begin at-surface. We are also encouraged by the direction of the mineralisation structure, which runs in a north-west / south-east line through the middle of the drilling area and supports the establishment of a competent mine structure.
“We have three objectives now these maiden results have been delivered: continue drilling to upgrade and increase the current resource base and identify more mineralized zones; assess off-take opportunities for a potential Direct Shipping Ore (DSO) operation; and progress with the necessary permits for mining.”
For further information please visit: https://arkmines.com/
