September 2018 Quarterly Activities Report
Goongarrie Nickel Cobalt Project (GNCP)
- First pilot plant run successful - Goongarrie goethite ore delivers excellent performance with on-specification nickel and cobalt sulphate produced.
- Finalisation of EPA referral underway with programs for Goongarrie flora, fauna, hydrology, geotechnical design and material characterisation all underway or awaiting requisite climatic event.
- Goongarrie infill 80x40m RC drilling completed on all 1.5Mtpa pit areas, extended to 2.25Mtpa pit areas and completed.
- New resource estimation including nickel-cobalt-scandium and neutraliser with target completion Q4 2018.
- Ongoing Definitive Feasibility Study (DFS) drilling program confirms high-grade intercepts at the Pamela Jean Deeps orebody.
o AGSR419 112m at 1.30% Ni, 0.26% Co, 31g/t Sc from 30m(see Note 1 below)
o AGSD0001 100.8m at 1.00% Ni, 0.08% Co from 32m(see Note 2 below)
o AGSR0413 76m at 1.11% Ni, 0.09% Co and 38g/t Sc from 24m
o AGSR0418 56m at 1.29% Ni, 0.14% Co and 18g/t Sc 104m
o AGSR0190 57m at 1.04% Ni, 0.10% Co and 21g/t Sc from 70m
- Strategic Partner search advancing with KPMG.
WA Gold-Nickel Assets
- Mt Zephyr - structural interpretation completed defining Yamarna-style structural system with altered granitoid gold host. Drill sites selected and first drilling campaign scheduled.
Lachlan Fold Belt NSW
- Orange-based management team in place in NSW - completing full re-interpretation of Lewis Ponds ore as a bulk-tonnage system.
Cash position at end of Quarter of $15.8M, all corporate and development activity well-funded.
1 Calculated using a 0.5 % nickel cut-off, 2 m minimum intercept, and 4 m maximum internal waste
2 0.5 % nickel cut-off, 2m minimum intercept, and 4m maximum intern waste, previous report 2017 core hole
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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 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.
Ardea Resources Ltd