Why is mining firm Ardea (ASX:ARL) winning investors’ attention

Highlights

  • Ardea Resources confirms discovery of a massive nickel sulphide at its Kalpini Project.
  • The 3D geometry of the finding indicates that mineralisation is open in almost all directions for extended drill exploration.
  • Today, the stock closed 50.980% higher at AU$0.770 per share on ASX.

ASX-listed Australia-based exploration and development Company Ardea Resources Limited (ASX:ARL) confirmed on Friday a massive nickel sulphide discovery at its Kalpini Project, 70km northeast of Kalgoorlie, WA. The Company made the announcement following the receipt of assay results from drill core hole AELD0003. Backed by this announcement the shares of the Company closed 50.980% higher at AU$0.770 per share on ASX.

Company today announced:

  • Emu Lake core hole, AELD0003, demonstrated a high-grade giant nickel-copper-PGE sulphide discovery on a felsic footwall contact.
  • Significant results from this round of drilling include: a) AELD0003: 2.72m at 5.42% Ni and 0.85% Cu from 391.04m including 1.23m at 8.22% Ni and 0.56% Cu from 391.04m.
  • Results demonstrate a fertile nickel sulphide horizon:

a.) High grade massive sulphides up to 8.3% Ni, with mineralisation open in all directions.

b.) The fertile horizon or the “Western Ultramafic,” gives way to a new exploration search, with Ardea holding 20km of strike on this target zone.

Subsequent steps:

An Exploration Incentive Scheme (EIS) diamond hole has been approved to test the down plunge extension of AELD0003. The beginning of the drill operation will be subject to rig availability, which at present is limited. CSIRO is closely working with Ardea and is doing research on the occurrence of mineralised nickel sulphide as well as komatiite flow channel at Emu Lake. Their revelations will further help with nickel sulphide exploration.

Also Read: Why is BrainChip Holdings (ASX:BRN) on investors’ radar today?

Bottom Line:

With the results from core hole AELD0003 confirming high-grade nickel sulphides located on an intact basal dacite contact with komatiite, the Company now has three adjoining drill holes that conclusively demonstrate a discovery has been made. Noticeably, the 3D geometry of the AELD0003 finding indicates that mineralisation is open in almost all directions for extended drill exploration. With ARL owning 20km of komatiite strike at Emu Lake, there is considerable scope to advance this nickel sulphide discovery and make other discoveries.

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