Ark Mines Limited announced that it has received assay results back from NAL Laboratories, for the second phase of drilling at the Company's highly prospective nickel cobalt Gunnawarra EPM in North Queensland. The program is targeting known Ni-Co mineralisation in shallow laterites as well as other potential mineralisation in some step out locations. 844 metres have been drilled to-date and the Phase 2 Ni-Co results mark a positive addition to the Phase 1 assays, which were indicative of shallow, robust nickel mineralization.

Along with the Phase 1 drill program Ark has now completed 2,844m of Reverse Circulation drilling at Gunnawarra and drilling will remain ongoing (weather permitting) into 2023 with a significant number of untested drill targets still remaining at the project. The accumulated assay results leave Ark on track to achieve its targeted objective with the delivery of a maiden Mineral Resource estimate at Gunnawarra, which is expected in the first half of 2023. Prior to this, the Company anticipates undertaking more drilling.

Significant nickel-cobalt drillhole intersections included: 3m @ 1.2% NiEq from 6m, plus 3m @ 1.2% NiEq from 6m, plus 1m @ 0.81% NiEq from 17m, plus 1m @ 1.14% NiEq from 32m; 2m @ 0.96% NiEq from 4m, plus 1m @ 0.73% NiEq from 12m, plus 1m @ 0.90% NiEq from 29m; 3m @ 0.93% NiEq from 8m, including 1m @ 1.2% NiEq from 8m; 9m @ 0.79% NiEq from 18m, including 2m @ 1.3% NiEq from 25m.