Ardea Resources Ltd (ASX:ARL) (OTCMKTS:ARRRF) provides the Company's quarterly operations report for the quarter ended 31 march 2019.


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 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:
Andrew Penkethman
Chief Executive Officer, Ardea Resources Limited
Tel: +61-8-6244-5136

Link: March 2019 Quarterly Activities and Cashflow Report

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Ardea Resources Ltd

Related Industry Topics:
Metals Materials General Mining Nickel Cobalt