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Ardea Resources (ASX:ARL) - Managing Director, Andrew Penkethman - The Market Herald
Managing Director, Andrew Penkethman
Source: The Pick Magazine
  • Ardea Resources (ARL) has made a high-grade, shallow gold discovery at Zeus which is located in the Goongarrie Nickel-Cobalt Project (GNCP) in WA
  • Following the assessment of data Zeus has yielded grades of up to 12.97 and 28.25 grams per tonne gold
  • Gold at the discovery remains open along strike and down dip
  • The Zeus discovery marks the second in just a few weeks after the nearby Lily Albany discovery
  • Ardea is now waiting on multi-element assay results which will allow the company to better define controls and targets for gold mineralisation
  • Company shares are up a healthy 16.5 per cent on the back of this news, trading for 53 cents

Ardea Resources (ARL) has announced a high-grade, shallow gold discovery at Zeus, at its Goongarrie Nickel-Cobalt Project (GNCP) in Western Australia.

The Zeus discovery is located on one granted mining lease within the GNCP and to the east of the nickel-cobalt deposits. Eight closely-spaced reverse circulation drill holes were completed for 569 metres across three sections to determine the orientation of gold mineralisation.

Assay results have shown that gold mineralisation is continuous and open along strike and down dip.

Results include 10 metres at 12.97g/t gold from 42 metres including four metres at 28.25g/t gold from 44 metres and six metres at 2.07g/t gold from 68 metres.

These results build on historic results including nine metres at 4.23g/t gold from 67 metres including one metre at 17.5g/t gold from 68 metres, and eight metres at 3.52g/t gold from 17 metres including two metres at 8.91g/t gold from 19 metres.

Zeus was drilled as part of a reassessment of historic data from different gold targets throughout Ardea's Bardoc Tectonic Zone (BTZ). The targets include the recent Lily Albany discovery, Lady Charlotte and the Grafter area, Windanya, and Elsie North. Results for several of these targets are pending.

Importantly, analysis of historic data, along with Ardea's detailed geological interpretation of the area suggests that gold mineralisation around Zeus may extend for over 1000 metres of strike.

"These gold discoveries are very important for the development of the GNCP because they offer potential early revenue through fast-tracked mining as well as delimiting constraints on infrastructure distributions for the adjacent Goongarrie Nickel-Cobalt Project," Managing Director Andrew Penkethman said.

Multi-element assay results are pending for Zeus. Once received, they'll be included into models to better define and refine controls and targets for gold mineralisation.

Company shares are up a healthy 16.5 per cent on the back of this news, trading for 53 cents at 3:09 pm AEDT.


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