Highlights
- AHK has received assay results for its 100%-owned Sandy Mitchell Rare Earth and Heavy Mineral Project in North Queensland.
- The first batch of results for Ark’s 144-hole Stage 1 drill program suggests existence of REE mineralisation in intervals of all the holes assayed so far.
- The company has also begun tests to analyse REE mineral beneficiation processes, such as floatation and conventional methods.
Shares of Ark Mines Limited (ASX: AHK) gained over 5.8% in morning trade on Tuesday following its latest announcement. The stock was trading at AU$0.180 on the Australian Securities Exchange at the time of writing this article. The company has a market cap of AU$9.37 million.
The multi-commodity project developer on 31 October 2023 announced the assay results for its 100%-owned Sandy Mitchell Rare Earth and Heavy Mineral Project in North Queensland. As per the first batch of results for Ark’s 144-hole Stage 1 drill program, rare earths (REE) mineralisation exists in intervals of all the holes assayed so far.
Alongside, specialist consultant Mineral Technologies is progressing metallurgical test to define the REE and Heavy Minerals detected within the sands at Sandy Mitchell. The company has also begun tests to analyse REE mineral beneficiation processes, such as floatation and conventional methods.