Ardea Resources (ASX:ARL) ends strong on ASX today. Here’s why

Highlights

  • Ardea Resources confirms nickel sulphide discovery in Emu Lake prospect in WA.
  • ARL sees significant scope for more discoveries in the area.
  • Shares of ARL end up gaining 5% on ASX today.

Australian miner Ardea Resources (ASX:ARL) has discovered prospects for nickel sulphide in its Emu Lake prospect in Western Australia. In over nine months ARL has drilled three holes leading to the discovery of massive nickel sulphide mineralisations.

  • Initial drill was followed up by a downhole electromagnetic (DHEM) plate which had not been drill tested before. In March, the same drill hole intersected with a narrow nickel sulphide zone. In June ARL intersected a basal nickel sulphide occurrence as well.
  • Assays according to ARL have showed a 4.78% nickel grade discovery along with values of copper, palladium and platinum. Ardea believes there is tremendous scope for additional discoveries at the 20km long strike area.
  • Drill core logging has been finalised for the discovery and according to ARL, core samples will be dispatched to labs soon, results of which are expected next quarter.

Meanwhile on ASX today, ARL shares closed 5% up from previous close trade at AU$0.525 per share.

Bottom line-

Nickel sulphide is useful for EV batteries and ARL’s claim of more potential discoveries seems to have reflected well on the stock price today.

Also Read: Panther Metals IPO: How to invest in this metal explorer?

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