Ark Mines (ASX:AHK) is continuing to expand its gold portfolio...

Ark Mines (ASX:AHK) is continuing to expand its gold portfolio with a move to acquire a Northern Territory project boasting high recovery rates, mill access and solid resource grades.

The Sydney-based developer has taken another step to improve its asset profile as it readies for near-term gold production by arranging the acquisition of the Glencoe gold project with NT Mining Operations (formerly Crocodile Gold Australia Operations).

Purchase of the property will include A$175,000 in payments plus a 1% royalty from future gold sales. The deal represents part of Ark’s strategy to expand its gold portfolio, which includes the Frances Creek project (NT) where recent resource definition drilling has helped set up a mining lease application.   

Glencoe lies about 120 kilometres south of Darwin and is within trucking distance of the Union Reef gold mill on flat, easily accessible terrain.

The deposit is includes three mineralised zones, the largest of which extends along 700 metres of strike, 100 metres down dip and up to 15 metres in width.

Resources total 704,000 tonnes at 1.9 g/t gold for 42,900 ounces of gold.  This includes 253,000 tonnes at 2.2g/t gold oxide for 17,700 ounces in oxide ounces.

Metallurgical testwork has shown high gravity/cyanidation recoveries of 95.85%.

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