Total
0
Shares
Ardea Resources (ASX:ARL) - CEO & Managing Director, Andrew Penkethman
CEO & Managing Director, Andrew Penkethman
Source: Ardea Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Ardea Resources (ARL) confirms a nickel sulphide discovery in the West Channel, part of its Emu Lake prospect in WA
  • A third hole drilled at the site intersected a nickel sulphide zone totalling 3.33 metres of minerals the company says are “high grade”
  • The company believes there is significant scope to make more discoveries in the area, with assay results next quarter
  • Shares are up 8 per cent to trade at 54 cents

Ardea Resources (ARL) has confirmed a nickel sulphide discovery in the West Channel, part of its Emu Lake prospect in Western Australia.

Over a nine-month period the company drilled three holes which led to the discovery of massive nickel sulphide mineralisation.

An initial drill hole was reportedly designed to follow-up on a downhole electromagnetic (DHEM) plate that had not been previously drill tested. In March, this hole intersected a narrow zone of remobilised nickel sulphide. A subsequent DHEM survey was then completed which defined an off-hole conductor for drill testing.

To test the conductor, a second diamond drill hole was drilled and intersected a basal nickel sulphide occurrence in June. Assays reportedly showed up to a 4.78 per cent nickel grade as well as values of copper, palladium and platinum.

Following on from the second drill hole the company identified a third potential site which was recently drilled to a depth of 450 metres to test the DHEM plate.

From a depth of 391.05 metres, the company intersected a nickel sulphide zone totalling
3.33 metres of massive, semi-massive, disseminated and matrix nickel sulphide which Ardea claims is “high grade”.

Ardea believes there is significant scope to make additional discoveries as the company owns 20 kilometres of strike in the area.

Drill core logging from the discovery is being finalised, the company says the core samples will be dispatched to an independent assay laboratory. The company expects results next quarter.

Shares were up 8 per cent to trade at 54 cents at 11:35 am AEDT.

ARL by the numbers
More From The Market Herald
New Hope (ASX:NHC) - Outgoing CEO, Reinhold Schmidt

" New Hope Corporation (ASX:NHC) CEO resigns

New Hope Corporation (ASX:NHC) CEO Reinhold Schmidt has resigned.
AVZ Minerals (ASX:AVZ) - Managing Director, Nigel Ferguson

" AVZ Minerals (ASX:AVZ) begins trading on the OTCQX Best Market

AVZ Minerals (ASX:AVZ) has begun trading on the OTCQX Best Market under the ticker code AZZVF.
Aerometrex (ASX:AMX) - Incoming CEO and MD, Steven Masters

" Steven Masters to join Aerometrex (ASX:AMX) as MD in February

Aerometrex (ASX:AMX) has announced Steven Masters will officially commence his role as CEO and Managing Director…