Once granted, the new project area which has been named Coonara, will expand AHK's total land holding around its Babinda project to 337km2 with the area prospective for gold, zinc, copper, silver and lead. Mineralisation is evident from over 20 historical mines on the project, and at the old Babinda Copper Mine, one line of shafts recorded 7.0% Cu, 31.0 g/t Au and 367.0 g/t Ag in multiple veins.
As previously reported, AHK has recently completed a ground gravity survey at Babinda over a previously discovered 4milligal gravity high. Ongoing survey work is continuing and a second geophysics team has been engaged to undertake more detailed gravity survey work to further refine the drilling targets.
The Gravity High coincides with an underlying magnetic high and localised Pb anomaly and is located on the Coonara Fault. The gravity high sits just North of YTCs (ASX:YTC) Hera project.
Ark's Managing Director Roger Jackson said: "Given the encouraging results we have received from the completed ground gravity survey at Babinda, the Board thought it prudent to expand Ark's tenement holding around the project. We expect that the new ground will be equally as prospective as Babinda. Test work is ongoing on the project and we are very encouraged by the findings to date.
"AHK is also pleased to report that drilling at the Bald Hills project in the Lachlan Fold Belt will commence on 19th May. Drill sites are currently being prepared and the rig is expected to arrive in site in the next few days. Bald Hills is prospective for copper, gold and rare earths, and very promising gold grades have identified from rock chip samples."
About Ark Mines Limited
Ark Mines Limited is a publicly listed company with five highly prospective tenements in the Lachlan Fold Belt, in the central west of New South Wales. Ark's exploration efforts are focussed on gold and base metals, whilst potential for "rare earth" and iron provide Ark with a diversified suite of valued commodities.
Aurelia Metals Ltd
Ark Mines Limited