December 2018 Quarterly Activities Report
Perth, Jan 31, 2019 AEST (ABN Newswire) - Ardea Resources Ltd (
ASX:ARL) (ARRRF:OTCMKTS) provides the Company's December 2018 Quarterly Activities Report.
CORPORATE
Cash position at end of Quarter of $12.2M with currently planned 2019 development and exploration activities fully funded.
DEVELOPMENT
Goongarrie Nickel Cobalt Project (GNCP)
- Pilot plant trials produce nickel and cobalt sulphate
- Strategic Partner discussions coordinated by KPMG continue.
- Pit optimisations and neutralization test-work ongoing.
- Process water palaeochannels and structures drilled, good volumes.
- EPA referral continues with programs for flora and fauna completed, hydrology, geotechnical and material characterisation progressing.
EXPLORATION
WA Gold and Nickel Sulphide
Technical reviews completed, targets defined and drill access current.
- Mt Zephyr - first modern gold-nickel sulphide drilling campaign commencing at Gale, Paul's Find, Dunn's Line and Jones A.
- Bardoc Tectonic Zone - Ardea high-resolution magnetic survey received, interpreted and targets selected, approvals for drilling lodged, centred on historic Big Four Gold Mine.
- Ghost Rocks - data review completed, Twelve Mile Base Metal prospect up to 0.6% Ni with 14.3% Cu in historic rock-chip sampling.
- Bedonia - initial soil sampling completed, gold and nickel sulphide targets defined, additional tenure acquired on gold targets along strike on Cunderlee Fault Zone, Heritage engagement commenced.
NSW Gold and Base Metals
IPO spin-out of NSW assets advancing, technical reviews confirm high prospectivity targets, IPO independent experts in process of appointment.
- Lewis Ponds - additional historic hard-copy data acquired and being digitized as part of re-interpretation as a bulk-tonnage system.
- Mt Aubrey - high priority epithermal gold system identified in historic drill data, current auger geochemistry field validation ahead of planned drilling, targets adjoin historic BHP shallow oxide gold pit.
- Yeoval - high priority porphyry copper-molybdenum-gold system identified in historic drill data, previous JORC-compliant resource requires data validation.
Executive Chair Katina Law stated:
"The Goongarrie Nickel Cobalt Project is our core asset, with systematic progress achieved during 2018 including completion of the PFS in March 2018, Expansion Study in July 2018 and successful piloting in October 2018.
Complementing the Goongarrie development work, we have the emergence of new gold and nickel sulphide targets from Ardea's West Australian nickel laterite tenure as an exciting new exploration direction for Ardea.
The New South Wales assets have advanced considerably during the Quarter, allowing the decision to proceed with an IPO during 2019 and appoint independent experts to commence the spin-out process.
The Company has a clear development strategy and is well-funded. This financial strength will provide additional capacity to execute our work programs and enhance our asset base during 2019".
To view the full report, please visit:
http://abnnewswire.net/lnk/M7QS80TM
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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