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- Ark Mines (AHK) completes phase two reverse circulation drilling at its Gunnawarra nickel-cobalt project in North Queensland
- The 28-hole program targeted nickel-cobalt mineralisation in shallow laterites, which Ark says it successfully encountered to the west and southeast of known mineralisation
- Ark Mines expects to receive assays in the next two weeks, which it will use to inform a maiden mineral resource estimate for the Gunnawarra project
- AHK shares are down 3.39 per cent to trade at 28.5 cents at 12:57 pm AEDT
Ark Mines (AHK) has completed a phase two reverse circulation (RC) drilling program at its Gunnawarra nickel-cobalt project in North Queensland.
The company completed 28 holes for 844 metres, with each hole drilled to an average depth of 30 metres.
The RC program targeted nickel-cobalt mineralisation in shallow laterites, as well as other potential mineralisation in step-out locations.
According to the company, drilling encountered lateritic material to the west and southeast of the existing mineralisation.
Executive Director Ben Emery said it was “encouraging” to see lateritic material on the western and southeastern margins of previous drilling.
“Gunnawarra is a highly prospective nickel asset with near-term development potential, close to infrastructure and in a top tier jurisdiction,” Mr Emery said.
“We plan to fast-track assays and use the results from this campaign, and the first, to report our maiden mineral resource estimate (MRE).”
In addition to the MRE, the company is reportedly progressing other “meaningful initiatives” on which it will provide an update in the next few weeks.
AHK shares were down 3.39 per cent to trade at 28.5 cents at 12:57 pm AEDT.
