Ark Mines Ltd (ASX:AHK) Reports Q4 Activities and Exploration Progress
Exploration Highlights
Ark Mines reported a significant upgrade to its Mineral Resource Estimate for the Sandy Mitchell Rare Earths Project, expanding the Exploration Target to 1.3 billion tonnes to 1.5 billion tonnes of monazite equivalent at higher grades. The updated estimate now represents 4% of the broader Exploration Target, offering substantial opportunities to scale the project commercially.
Mining Lease Application
The company successfully submitted a Mining Lease application covering approximately 406 hectares of the Sandy Mitchell deposit. This submission includes the area based on the recently reported Measured Resource Estimate, positioning Ark Mines to advance with low-cost open pit mining and gravity processing methods.
Future Development Strategy
Ark Mines plans to initiate a follow-up drilling program and metallurgical test work in early 2025 to further expand the Measured Resource and support a Pre-Feasibility Study. Additionally, the company announced that its Ordinary Shares have been approved to trade on the OTCQB Venture Market in the United States, aiming to access new capital sources and increase liquidity for the Sandy Mitchell Project development.
Executive Comments
Roger Jackson, Executive Chairman, stated, “The December quarter marked another strong period of execution for Ark, as we continue to transition from exploration to project development at the flagship Sandy Mitchell Rare Earths Project in North Queensland. We look forward to updating investors with the next steps in our development strategy over the coming months.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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