Highlights

• Ark Mines has released its report for the March quarter 2023 outlining AHK’s key achievements.
• Jogmec has conducted extensive historical work at Sandy Mitchell, while ~100 augur drill holes have been completed by other parties.
• For its Gunnawarra Project, the maiden JORC (2012) Edition compliant inferred MRE has been completed.
• The ASX-listed firm is committed to developing and commercialising a DSO REE HM and Ni Co product in North Queensland.

Ark Mines Ltd (ASX: AHK) has released its quarterly activities report for the period ended 31 March 2023.

Before we look at the key updates from the report, let’s have a brief introduction to the company profile. Ark Mines is an Australia-based mineral exploration player focused on developing its projects in the prolific Greenvale and Mt Garnet mineral fields across Northern Queensland. The exploration portfolio of the company includes three projects spanning across 65km² of tenure. These projects are prospective for Cu, Fe ore, Ni-Co as well as porphyry gold.

Sandy Mitchell

At the tenement, a sampling and mineralogical analysis of a mineral sand sample was conducted during the March 2023 quarter by JOGMEC employing QEMSCAN particle mineral analysis process. The probe reflected that the gravity procedures will beneficiate the project. A bulk sample was collected and later panned.

Going forward, the ASX-listed firm will run an infill air core drilling campaign later this month. Also, AHK will conduct a metallurgical test work and gravity separation testing for analysing that the material at the Sandy Mitchell can be panned into a concentrate and a commercial low-cost, fast start up gravity separation processing operation can be put in place.

Gunnawarra Project

An independent consultant to AHK, Hawker Geological Consultants, was able to wrap up the drilling campaign at the project site on time. It returned a total JORC (2012) Mineral Resource Estimate (MRE) of 602,000 tonnes Cobalt at .066%, 1.341 million tonnes at .53% Ni, and 191,500 tonnes of Cu at .054% at a .1% Ni cut off for Gunnawarra.

AHK is also conducting Phase 1 and Phase 2 drilling campaigns at Gunnawarra with 2,844m of RC drilling completed so far.  

Ark has also brought Tony King onboard for rudimentary beneficiation test work on its mineralised Nickel Cobalt laterite material. The company is planning to hold a commercial test campaign at the site for magnetic separation.

Shares soar over 36% YTD
AHK shares have witnessed a jump of over 36% on a year-to-date basis on the Australian Securities Exchange (ASX). In the past five years, the company stock soared more than 57%. Its shares last traded at AU$0.31 on 19 May 2023, with a market capitalisation of AU$13.38 million.