Join our daily newsletter At The Bell to receive exclusive market insights
- Ark Mines (ASX:AHK) has released results from the initial drilling phase at the Sandy Mitchell rare earth and heavy mineral project in North Queensland
- Ongoing assays from the 144-hole stage one confirmed consistent REE mineralisation in every interval
- TREO grade is now 514.1 ppm, indicating the potential for a low-cost, bulk mineable resource
- The Maiden MRE work is set to commence upon receiving the full assay results, followed by validation with stage two drill program results
- AHK last traded at 17 cents
Ark Mines (ASX:AHK) has released results from the initial drilling phase at the Sandy Mitchell rare earth and heavy mineral project in North Queensland.
Ongoing assays from the 144-hole stage one confirmed consistent rare earth mineralisation in every interval. With 82 per cent of assays now received, the average total rare earth oxides (TREO) grade is now 514.1 ppm, indicating the potential for a low-cost, bulk mineable resource.
“These latest assays show another upgrade in TREO+Y+Sc, thus highlighting the emerging quality of the mineralisation at Sandy Mitchell, particularly in the context of the project’s unique geology which is amenable to REE extraction through simple gravity separation,” Ark Mines Executive Director Ben Emery said.
“The initial round of water beneficiation test work carried out by the field team in November was already returning a commercial-grade rare earth concentrate of 51.9 per cent TREO.
“These latest assays represent a significant increase in REE grades compared to, which bodes well for our stated downstream processing strategy.”
Applying a 200 ppm cut-off grade criterion suggests economic feasibility for the majority of mineralisation in the stage 1 area, with by-product grades in titanium and zirconium adding further value.
The assay returns will inform Ark’s maiden JORC 2012 estimation. Stage 1 drilling covers 1.3 square kilometres, representing 1.2 per cent of the total lease area.
The maiden mineral resource estimate (MRE) work is set to commence upon receiving the full assay results, followed by validation with Stage 2 drill program results.
AHK last traded at 17 cents.
