Quarterly Operations Report
Perth, July 31, 2018 AEST (ABN Newswire) - Ardea (
ASX:ARL) (ARRRF:OTCMKTS) is pleased to provide this update of the Company's progress during the June 2018 Quarter.
DEVELOPMENT
Goongarrie Nickel Cobalt Project (GNCP)
- Expansion Study (ES) highlights strong case for an expanded throughput to 2.25Mtpa
--------------------------------------------------------------------Case Pre-tax NPV8 Post-tax NPV8 IRR Payback -------------------------------------------------------------------- 1.0Mtpa PFS A$1.43 billion A$1.04 billion 25 % 5.3 years 1.5Mtpa PFS A$1.93 billion A$1.40 billion 25 % 5.6 years 2.25Mtpa ES A$3.15 billion A$2.29 billion 27 % 5.1 years --------------------------------------------------------------------
- Goongarrie infill 80x40m RC drilling completed, resource estimation current including nickel-cobalt-scandium, neutraliser and alumina
- Key appointments to deliver Definitive Feasibility Study:
o Susanna Beech appointed Approvals Manager, Perth
o Will Stewart appointed Geology Superintendent, Kalgoorlie
- Research and Development for Goongarrie flow-sheet culminates with pilot plant commissioning:
o 15 wet tonnes, sonic core supplemented with RC chips
o End-product will be nickel and cobalt sulphate, available for battery manufacturer testing in September
- Programs for Goongarrie flora, fauna, hydrology, geotechnical design and material characterisation underway
- KPMG Corporate Finance appointed to coordinate the Strategic Partner search for development of the GNCP
EXPLORATION
WA Gold-Nickel Assets
- Mt Zephyr regional - structural interpretation completed defining Yamarna-style structural system with altered granitoid gold host
- Gale prospect large granitoid quartz vein system, awaiting assays
Lachlan Fold Belt NSW
- NSW assets notably Lewis Ponds being evaluated for divestment
- Orange-based, NSW management team appointed
CORPORATE
Cash position at end of Quarter of $19.2M, all corporate and development activity well-funded
To view the full report with tables and figures, please visit:
http://abnnewswire.net/lnk/8VV7271Y
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 deposits which host the largest nickel-cobalt resource in the developed world, coincidentally located as a cover sequence overlying fertile orogenic gold targets;
- advanced-stage exploration at WA gold and nickel sulphide targets within the Eastern Goldfields world-class nickel-gold province; and
- the demerger of the NSW gold and base metal assets with planned in-specie share distribution, with projects located within the Lachlan Fold Belt world-class gold-copper province.
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