Ark Mines (ASX: AHK): Assays reveal significant increase in REE Grades at Sandy Mitchell - Kalkine Media

Highlights

• Final assays have been received for the 144-hole Stage 1 drill programme at Sandy Mitchell.
• As per the drilling results, there are significant REE and heavy mineral intercepts in all the holes assayed.
• The average grade per-metre for TREO + Yttrium + Scandium stands at 511 ppm, with a maximum grade of 3525 ppm.

ASX-listed mineral exploration company, Ark Mines Limited (ASX: AHK) has hit another landmark milestone in the Sandy Mitchell Rare Earth story. The firm has received the final assays from the 144-hole Stage 1 drill programme at Sandy Mitchell Project, North Queensland. As per the drilling results, there are significant rare earth element (REE) and heavy mineral intercepts in all the holes assayed.

The average grade/metre for Total Rare Earth Oxide (TREO) + Yttrium (Y) + Scandium (Sc) stands at 511 parts-per-million, with a maximum grade of 3525 ppm. Previously, as per the initial 82% of assays, the average was reported to be 498.7 ppm.

Data source: Company update

The assay results are in line with the material sent to Downer Mineral Technologies for gravity concentration beneficiation testing, with raw grades at a lower 463.0 ppm, and yielded a 51.9% TREO (519,000ppm) concentrate with recovery of 84%. Also, assays reflect economically significant by-product grades in titanium and zirconium.

The average grades of raw, un-cut, FeTiO₃ stands at 11,882.1 ppm, with max value of 195,211.5 ppm (19.5%). While TiO₂ grades add 650.5 ppm (max 10,687.4 ppm), raw ZrO₂ grades average 445.3 ppm (max 7,169.6 ppm). Moreover, zircon mineral grades contribute 10.7 ppm HfO₂ (max 162.1 ppm).

Maiden MRE on the cards

The maiden JORC 2012 estimation in the resource grid area of 3,914 m on 331 air core holes will be defined using the assay returns and geological logging and modelling of the data.

Ark is looking forward to initiate work on the maiden Mineral Resource Estimate (MRE) once full set of assay results from Stage 1 (1,488m) & 2 (2,426m) drill programs are received, which will further help in carrying out Pre-Feasibility Study (PFS).

AHK shares traded at AU$0.175 apiece on 29 February 2024.