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Ardea Resources Ltd.
Summary
| Project: | KNP | |
|---|---|---|
| Deposit: | KNP | |
| Location: | Australia | |
| Commodities: | Cobalt-Nickel | |
| Date: | 3/28/2018 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-3-2018: Ardea Resources Ltd. announces a Pre-Feasibility Study report for its KNP deposit at the KNP project. PFS results incl. post-tax NPV of A$1.04b (8%), IRR of 25%, and a 25 yr LOM at the project. Ardea Resources Limited (“Ardea” or “the Company”) | |
| Resources: | (Reserve, P+P): 40.13Mt @ 0.09% Co, 0.82% Ni at Goongarrie South and Big Four deposits | |
| CP/QP: | [Resources]: Stephen Hyland (Hyland Geological and Mining Consultants) | |
| ABSTRACT: | Ardea Resources Limited (“Ardea” or “the Company”) is pleased to announce outstanding results from the Pre-Feasibility Study (PFS) on its 100%-owned Goongarrie Nickel Cobalt Project (Goongarrie) 85 km north of Kalgoorlie. Most importantly, the PFS confirms that Goongarrie could become a multi-decade producer of high quality cobalt and nickel sulphate products to support the rapidly growing electric vehicle (EV) and battery storage markets. With significant potential upside available in up-scaling the project, initial Definitive Feasibility Study (DFS) programs are now underway. The PFS Base Case is based upon mining and processing 1 million tonnes per annum (Mtpa) of run of mine ore over an initial 25 year mine life. Commenting on the results, Ardea Chair Ms Katina Law stated: “The PFS has delivered outstanding results for Ardea. It demonstrates the strong financial returns of the Goongarrie Nickel Cobalt Project based on current commodity prices and with demand for both nickel and cobalt sulphate continuing to grow, the potential returns to our investors could be much higher. The large resource, simple leach kinetics of the Goongarrie ore and exploration potential of the broader area provide significant opportunity to increase the scale of production and as such, Ardea will assess opportunities to further enhance the project economics concurrently with the DFS.” | |
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