Ardea Resources Ltd: March 2019 Quarterly Operations Report
Cash position at end of Quarter of $10.7M.
Andrew Penkethman commenced as Chief Executive Officer.
Goongarrie Nickel Cobalt Project (GNCP)
- Strategic Partner process continues to see strong interest from battery producers and end-users wanting to secure long-term supplies of nickel and cobalt.
- High grade pit optimisations and neutralisation test-work ongoing.
- Approvals Studies continue with expert reports for flora, fauna, surface water and tailings being finalised.
WA Gold and Nickel Sulphide
Technical reviews completed, targets defined and initial drilling completed.
- Mt Zephyr - initial Ardea drilling confirmed a large low-grade gold system at Gale, and nickel sulphide gossan at Jones A.
- Bardoc Tectonic Zone - aircore drilling north of Big Four has made a magnesite neutraliser discovery, drilling commenced near the historic Big Four Gold Mine.
NSW Gold and Base Metals
IPO of NSW assets advancing, technical reviews with field programs confirm high prospectivity targets across all tenure:
- Lewis Ponds - data base update to support resource estimate underway.
- Mt Aubrey - high priority epithermal gold system identified in historic drill data. Prospectivity further confirmed by soil auger geochemical anomalies up to 103ppb gold and porphyry molybdenum target defined with anomalies up to 108ppm molybdenum. Additional tenure applied for covering mineralisation strike extension.
- Yeoval - high priority porphyry copper system confirmed by soil auger geochemical anomalies up to 1,720ppm copper.
- Gundagai - gold-copper system confirmed by soil auger geochemical anomalies up to 94ppb gold and 767ppm copper, localised within broader 0.2% manganese halo.
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About Ardea Resources Ltd:
Ardea Resources Ltd. (ASX:ARL) (OTCMKTS:ARRRF) (FRA:A91) is an ASX-listed resources company, with 100%-controlled Australian-based projects, prioritising a three-pronged value creation strategy which is:
- development of the Goongarrie Nickel Cobalt Project, which is part of the Kalgoorlie Nickel Project, a globally significant series of nickel-cobalt-scandium deposits which host the largest cobalt resource in the developed world;
- advanced-stage exploration at WA gold and nickel sulphide targets; and
- the demerger of the NSW gold and base metal assets with planned in-specie share distribution.
Ardea Resources Ltd.
Ardea Resources: Andrew Penkethman Chief Executive Officer, Ardea Resources Ltd. Tel: +61-8-6244-5136