Apart from its listing of Godolphin Resources in N.S.W. (Rare Earth / Gold/ Copper ) and its more recently listed Kalgoorlie Gold (KAL) which now has a gold resource ,
Some Ardea shareholders may be unaware of Ardea's own modest maiden gold resource announced as 15,300 ounces in May 2020 as follows:
Ardea Resources has produced a gold resource at its Big Four project near Menzies that sits within the boundaries of its huge Goongarrie nickel-cobalt project. The maiden gold resource at the project now stands at 15,300 ounces grading a solid 2.7 grams per tonne gold which may be good enough to seek toll treating options in the area.
The resource model has been constructed over a relatively small footprint of 185 metres in strike length and importantly, the mineralisation is still open down plunge.
The Big Four gold deposit itself is a robust 13m wide and has currently been defined to about 190m below the surface, according to Ardea.
Big Four was an historical mine, exploited in the 1920s and 1930s for about 340 ounces of gold at an average grade of 18.4g/t and there are plenty of smatterings of artisanal workings up and down Ardea’s ground holdings that may well lead to new targets being identified.
Ardea is just starting to scratch the surface of the gold potential within its substantial Eastern Goldfields land holdings and its aim to generate some early cash-flows to support the start-up of its massive Goongarrie nickel-cobalt project is starting to look good.
The Perth-based company said the Big Four project sits within the proposed Goongarrie nickel-cobalt project’s infrastructure site, adding an unexpected but potentially lucrative new dimension to the project.
Prior to wrapping up the maiden resource at Big Four, Ardea ran some confirmatory drilling across the site.
Best results included 18m grading 3.38g/t from 18m, including a 6m higher grade zone grading 6.03g/t gold from 20m. Another hole returned 20m grading 2.91g/t gold from 76m.
According to Ardea, the gold mineralisation starts from just 5m and the average hole depth from all drilling campaigns across the deposit is only 72m, which leaves a reasonable gap of exploration space to be filled in order to close off the gold mineralisation.
Ardea’s tenure encompasses some 65km worth of strike across the prospective Bardoc Tectonic Zone, a massive geological feature that runs over 125km through Kalgoorlie and Paddington.
The Bardoc zone is contiguous with the infamous Boulder-Lefroy Fault that is host to Kalgoorlie’s revered Golden Mile, New Celebration and St Ives gold mining centres.
Ardea Managing Director, Andrew Penkethman, said: “The Big Four gold mineralisation was exposed in old workings at surface, but most of the BTZ structure on Ardea’s tenements is hidden by transported sediments and the development of the laterite profile.”
“Ongoing exploration for gold within Ardea’s Eastern Goldfields tenements is expected to define multiple new zones of mineralisation.”
Ardea said it is now planning to assess options for extracting the value from its gold assets and what potential production scenarios might look like.
The company is planning to continue to explore its sizeable Eastern Goldfields land holdings for gold and nickel sulphides.
Notably, the ASX-listed company said its Goongarrie nickel-cobalt resource is one of the biggest in the developed world and hosts a current resource of some 773Mt grading 0.7% nickel and 0.05% cobalt. The project has an ore reserve of 40.1Mt grading 0.82% nickel and 0.09% cobalt.
Ardea’s pre-feasibility study shows an off the scale post-tax NPV of A$2.3 billion, a post-tax IRR of 27% and a multi-generational initial mine life of 25 years.
The prospect of getting into quick and easy cash flows by exploiting and potentially toll treating the gold within its nickel-cobalt project is an exquisite one for Ardea and may well make a material difference as the company moves closer and closer to developing its massive nickel cobalt play.
Extracts from Matt Birney article 2020
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