Highlights
- Ark Mines has received the first assays from Stage 1 drilling at Sandy Mitchell.
- Initial assays confirmed significant rare earth element and heavy mineral intercepts in every metre sampled.
- Results suggest an average grade per-metre for TREO + Yttrium + Scandium of 499 ppm, with a maximum grade of 3,500 ppm.
- 26% of TREO are critical rare earths, while 23% are magnet rare earths.
- Assays from Stage 1 and Stage 2 drilling will form the basis of a maiden MRE under the 2012 JORC code.
Australian mineral exploration company Ark Mines Limited (ASX:AHK) has received the first assay results from 144-hole Stage 1 drill program at its 100% owned Sandy Mitchell Rare Earth and Heavy Minerals Project in North Queensland.
Initial assays have confirmed evidence of rare earth mineralisation in all the intervals of the holes assayed so far. Also, assays support the outlook for low-cost downstream processing recently announced beneficiation test work, which suggested the Sandy Mitchell sands make a high-grade rare earth concentrate with strong recoveries using low-cost gravity processes, highlights the update.
AHK shares traded at AU$0.13 apiece at the time of writing on 07 February 2024.