The purchases relate to
The resource and host ultramafic rocks effectively extend to the Mining Lease northern, eastern and western lease boundaries. The southern boundary contains the historic Great Ophir underground gold mine and battery sand dump, so is not available for laterite mine infrastructure. The Bulong Taurus acquisition provides continuity of tenure and access for the full Bulong nickel laterite resource containing 54Mt at 0.88% nickel and 0.053% cobalt for 477kt of contained nickel and 29kt of contained cobalt. It is intended that the gold rights for the Taurus acquisition will be transferred to the Ardea gold spin-out,
The KNP Goongarrie Hub requires drill-sterilised ground along the eastern contact of the laterite pits as infrastructure sites. Lady Charlotte was originally acquired for this purpose but 'wildcat' drill holes during the last 12 months have consistently intersected high grade gold mineralisation (ARL ASX announcement 26 May 2021).
Ardea Managing Director,
At both Lady Charlotte and Bulong Taurus, there is considerable gold endowment in adjoininginfrastructure locations, which requires careful management. Assuming the KalGold IPO proceeds as planned and the Bulong gold rights are acquired by KalGold, the Taurus-Great Ophir prospect area in particular represents a high-quality asset with known high grade gold mineralisation at surface.
In compiling historic
A separate lode structure that had not been subject to historical mining was identified during field mapping and returned a channel sample result of 52.4g/t Au (ARL ASX announcement 20 August 2020).The Great Ophir lodes have a steep southerly dip and are located adjacent to Ardea's southern tenement boundary. Acquisition of this new tenure will enable drill targeting of down-dip and down-plunge gold mineralisation at the Great Ophir Deeps.
Any Bulong Taurus laterite mine mullock dumps would need to be located south of the gold mine line of lode
Other gold workings
In addition to Great Ophir and its deep extensions, the new tenure contains several historic gold occurrences, including Central and Turnpike that have been the focus of historic exploration efforts. Active mining of gold from alluvial, not a part of the acquisition agreement, is also ongoing, highlighting the gold prospectivity of the underlying host rock sequence.
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Advanced-stage exploration at compelling nickel sulphide, Critical Minerals and gold targets within the KNP Eastern Goldfields world-class nickel-gold province, with all exploration targets complementing the KNP nicke development strategy.
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This news release contains forward-looking statements and forward-looking information within the meaning of applicable Australian securities laws, which are based on expectations, estimates and projections as of the date of this news release. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management's expectations with respect to, among other things, the timing and amount of funding required to execute the Company's exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company's properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company's ability to raise funding privately or on a public market in the future, the Company's future growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as 'anticipate', 'believe', 'expect', 'intend', 'may' and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, the ability to create and spin-out a gold focussed Company, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in
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