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Ardea Resources Ltd.
Summary
| Project: | KNP | |
|---|---|---|
| Deposit: | Goongarie | |
| Location: | Australia | |
| Commodities: | Cobalt-Nickel-Scandium | |
| Date: | 6/8/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 8-6-2018: Ardea Resources Ltd. announces an Exploration/Drilling Update report for its Goongarie deposit at the KNP project. Drilling results incl. 42m @ 0.16% Co, 1.43% Ni, 46g/t Sc from 2m. Ardea Resources Limited (“Ardea” or “the Company”) is pleased t | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Ian Buchhorn (Internal) | |
| ABSTRACT: | Ardea Resources Limited (“Ardea” or “the Company”) is pleased to announce outstanding infill drilling results from the Patricia Anne deposit which has confirmed the near-surface, high-grade nature of the cobalt and nickel mineralisation with consistent scandium credit. The infill drilling program is part of the DFS program which has followed on from the recently announced Goongarrie Nickel Cobalt Project PFS. Patricia Anne has been outlined as the starting deposit when Ardea commences production at Goongarrie. The high-grade and low strip ratio of Patricia Anne will offer Ardea a robust early capital payback in the initial years of mine life. Continuity of mineralisation at Patricia Anne ensures predictability and accuracy for mine scheduling which significantly diminishes operational start-up risk at Goongarrie. The drilling has also confirmed extensive, near-surface scandium mineralisation both overlying and within the cobalt-nickel zone. Current metallurgical programs indicate a scandium credit ranging from 30-100g/t with extractions exceeding 90% which provides a significant benefit to project cashflow. Additionally, the current GNCP DFS drilling has confirmed significant neutraliser carbonate and kaolin clay within Tertiary-aged channel sands overlying the cobalt-nickel mineralisation. The ability to source an onsite neutraliser supply has the potential to provide significant cost benefits to the project. Metallurgical evaluation is continuing using wide diameter diamond drill core. Commenting on the successful drill results, Ardea Managing Director Brett Clark stated this was a significant step forward for the early-stage DFS program. “We are extremely pleased with the results received from Patricia Anne, as they confirm both the reliable continuity of the mineralisation whilst offering an exceptional orebody to begin mining at Goongarrie. With such high-grades demonstrated at surface, this will ensure the financial fundamentals of the project remain extremely positive and will allow Ardea to ensure rapid payback of initial start-up costs. The identification of scandium and potential onsite neutraliser source gives Ardea further encouragement as we continue with the various DFS workstreams.” | |
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