Thought I'd do a bit of digging into any relevant (and more recent) geological research undertaken that may help fellow investors.
The link below reports on a GSWA, Monash, Sydney Uni study released April 2017 that covers the broader igneous province that Narndee falls within.
Cutting to the chase to spare all some sore heads, the results of 3D modelling are described in my mind most positively as follows (from page 25):
"the Narndee Igneous Complex has been identifiedas being derived from a distinct hydrousmantle source enriched in light rare earth elements(Ivanic et al. 2015) compared with the MeelineSuite complexes. Because of its higher water content,this intrusion may have had an enhanced capacityto transport higher concentration of metals fromthe mantle to the crust. These metals may also havebeen concentrated to a high degree locally, duringcumulate magmatic processes, in particular withrespect to Cu–Ni–PGEs. The large resultant volumesfor these two intrusions, as inferred fromtheir estimated thicknesses, are indicative of a substantialinput of mantle-derived liquids into thecrust. A high degree of mantle melting is particularlyconducive to economic orthomagmatic mineralization(McCuaig & Hronsky 2014), hence theMeeline and Boodanoo suites are regarded asprospective units." (bold emphasis added)
Page 34, item 7 within the conclusion summarises: "The Ultramafic Zone is a newly defined targetfor Ni–Cr–PGE mineralization. Contiguousparts of the Ultramafic Zone are modelledto be within 500 m of the surface along itsnorthwestern margins."
Regional studies are challenging, with significant and many uncertainties, but my personal view is that there is very real potential in the areas ARN is soon to poke some holes into...
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