Ark Mines reports maiden assay results from 45-hole drill program at Gunnawarra

In a significant update, Ark Mines Limited (ASX:AHK) has released maiden assay results from the recent 2,000 metres, 45-hole drill program at its Gunnawarra Nickel-Cobalt Project in North Queensland. The assays confirm strong nickel and cobalt mineralisation at Gunnawarra.

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The successful 45-hole drill program was conducted in an area known as ‘the Pod’, where drilling by Metallica Minerals Limited (ASX:MLM) in 2008 reported an Inferred Resource of 280,000 tonnes at 0.73% Ni (nickel) and 0.05% Co (Cobalt). The Company believes the deposit is open to the South-East and the North-West, with a follow up drill program being planned now.

Promising assay results

Ark has reported encouraging assay results from the drilling program, highlighting significant intersections of the Pod:

• 28m at 0.73% Ni Eq from surface including 5m at 1.8% Ni Eq from 5m, including 2m of Co at 0.1% from 4m
• 22m at 1% Ni Eq from 4m including 9m at 1.4% Ni Eq from 8m
• 42m at 0.76% Ni Eq from 2m including 19m at 1% Ni Eq from 6m
• 11m at 0.84% Ni Eq from 2m including 2m at 1.2% Ni Eq from 5m
• 28m at 0.7% Ni Eq from surface including 6m at 1.4% Ni Eq from 3m
• 14m at 1.12% Ni Eq from 3m including 4m at 1.7% Ni Eq from 8m

Most of these intersections are shallow with little to no overburden. These very positive results support the Company’s stated objective of expanding the scope of a previously identified 2004 JORC historical MRE (mineral resource estimate) at Gunnawarra and converting it to 2012 JORC status.

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Way ahead

The latest assay results provide the Company with a robust platform to execute on its development strategy at the Gunnawarra Nickel-Cobalt Project, which borders the ‘Sconi’ project operated by ASX-listed Australian Mines Limited (AUZ) – one of the most advanced cobalt-nickel-scandium projects of Australia.

By using more modern drilling practices with a larger air rig, Ark expects to significantly boost the size of the resource with its maiden drilling program that intersected strong nickel-cobalt mineralisation at depths of up to 60 metres, which is around double the depth of the prior drilling program. The Company is now planning to drill known extensions to ‘the Pod’ and other target areas across the Gunnawarra leases.

With maiden results now delivered, Ark intends to achieve the following three objectives:

Ark shares are trading at A$0.330 as of 2:36 PM AEST.

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