Ark Mines (ASX: AHK) confirms high-grade rare earths in pan concentrate samples of Sandy Mitchell - Kalkine Media

Highlights

• Ark Mines has recovered high-grade rare earths and heavy minerals in a single panned concentrate sample from the Sandy Mitchell Project.
• The results highlighted high levels of neodymium praseodymium (NdPr) with NdPr ratio of up to 24% of Total Rare Earth Oxides (TREO).
• Heavy minerals also present in sample including 11.2% Titanium dioxide (TiO₂) and 17% Zirconium dioxide (ZrO2).
• Nearly 1,000m of Phase 1 Sandy Mitchell drill program has been completed, with REE mineralisation visible at end-of-hole (15-18m) in the target area.

Australian mineral exploration company Ark Mines Ltd (ASX: AHK) has reported exceptionally high-grades from the panned concentrate assay from samples at the Sandy Mitchell Project in North Queensland.

The X-Ray Fluorescence (XRF) assay was completed at the rare earths and heavy minerals project by Southern Gold Coast Laboratories. The outcome builds on the historical test work reported earlier by JOGMEC (Japan Organization for Metals and Energy Security) in 2010 after extensive sampling and mineralogical analysis at the project site.

Greater significance of Sandy Mitchell

Sample collection is being done for every metre drilled for assaying for rare earths and heavy minerals. From the first 1,000 metres drilled, samples have reflected presence of rare earths and heavy minerals.

Also, the company is advancing its Phase 1 Sandy Mitchell Air Core drill program well having completed drilling over 1,000 metres. The ongoing drill program is intersecting rare earths and heavy minerals in sands down to approximately 18m which is more than 2x the depth drilled historically.

Remark by management

Mr. Roger added, “Also noteworthy is the progress of the drill program which is delivering beyond our expectations. Historical programs identified material down to approximately 8 metres and we are witnessing depths of more than double this, so the potential scale of the project could be much larger. We expect the drill program to continue for another five days testing areas where historical drilling was undertaken as well as new areas of interest which are yet to be drilled. At over 140km² with an additional 138km² of sub blocks under application adjoining the project, Sandy Mitchell has massive potential."

Stock price information

The company stock has gained more than 45% on a year-to-date basis. Its shares were trading at AU$0.325 at the time of writing on 31 May 2023, with a market cap of AU$16.95 million.