Ardea Resources Limited (Ardea or the Company) is pleased to provide an update on nickel sulphide exploration at its Emu Lake prospect at the Kalpini Project located 70km northeast of Kalgoorlie, Western Australia
Ardea's Managing Director, Andrew Penkethman said: 'The drilling completed by Ardea at Emu Lake since the AELD0003 discovery hole (ASX release 14th January 2022: High-grade Nickel Sulphide Discovery at Emu Lake) has comprised 11 diamond core holes drilled for 5,122.3 metres. All drill holes have intersected nickel sulphide mineralisation and demonstrated the potential for both high grade massive nickel sulphides and disseminated nickel sulphides and reinforced the prospectivity of the underexplored ultramafic sequences within Ardea's tenure in the Kurnalpi terrane. The recently received visual, assay and DHEM results will be used to update the geological model and plan follow-up exploration both at the Binti prospect and within the 20km strike of prospective stratigraphy controlled by Ardea. With such a large search space, additional discoveries are expected to be made.
Initial interpretation is the massive sulphide mineralisation at the Binti prospect may be defined by tight folding around primary lava pathways, with mineralisation on or close to primary basal contact positions. These lava pathway positions are currently interpreted as moderate-steeply south plunging (Figure 5), but more structural and geophysical data is being collected and assessed to confirm this. The mineralised channel positions are open up and down plunge (Figure 5). Previous nickel sulphide intersections at the Binti Gossan occur in the Central Ultramafic whereas thicker intersections at Binti South occur in the Western Ultramafic which is absent at the Binti Gossan prospect. While the width of these potential lava channels may appear limited (i.e. 100m), they can have significant continuation down plunge.
Two thin intersections of massive nickel sulphide were intersected in AELD0006 at Binti Central, the first 0.3m at 5% Ni from 409.74m in the Central Ultramafic and the second 0.3m at 3.35% Ni from 519.39m in the Western Ultramafic. Historic drill hole ELD023 was extended to 520m depth with recent drilling and intersected thin massive sulphides in the Central Ultramafic (0.28m at 5.35% Ni from 292.79m) and in the Western Ultramafic (0.3m at 2.39% Ni from 423.56m). Two thicker intersections of disseminated-blebby nickel sulphides were intersected at Binti Central in ELD023 (10.44m at 0.52% Ni from 423.56m) and in AELD0005 (8m at 0.41% Ni from 350m). Disseminated-blebby sulphides occur at all three prospects, with the more notable intersections at Binti Central (as above) and Binti Gossan (i.e. ELD027: 16.95m at 0.7%Ni, 0.13%Cu, 0.015% Co from 480.89m).
This announcement is authorised for release by the Board of Ardea Resources Limited. For further information regarding Ardea, please visit https://ardearesources.com.au/ or contact: Andrew Penkethman Managing Director and Chief Executive Officer Tel +61 8 6244 5136
About Ardea Resources
Ardea's KNP development with its 5.9 million tonnes of contained nickel is the foundation of the Company, with the nickel sulphide exploration, such as Emu Lake, as an evolving contribution to Ardea's building of a green, forward-facing integrated nickel company. Put simply, in the Lithium Ion Battery sector, the Electric Vehicle and Energy Storage System battery customers demand an ESG-compliant, sustainable, and ethical supply chain for nickel and other inputs. In the wet tropics, with their signature HPAL submarine tailings disposal and rain forest habitat destruction, an acceptable ESG regime is problematic. In contrast, the world-class semi-arid, temperate KNP Great Western Woodlands with its benign environmental setting is likely the single greatest asset of the KNP. The KNP is located in a well established mining jurisdiction with absolute geopolitical acceptance and none of the land-use and societal conflicts that commonly characterise nickel laterite proposals elsewhere. All KNP Goongarrie Hub production tenure is on granted Mining Leases with Native Title Agreement in place. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION 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 Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company
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