Ardea Resources Completes Capital Raising to fund Kalgoorlie Nickel Project Feasibility Work

THE BOURSE WHISPERER: Ardea Resources (ASX: ARL) has raised $5.7 million to accelerate activities at the company’s Kalgoorlie nickel project (KNP) in Western Australia.

After the cash is banked, Ardea Resources will have more than $10 million cash it intends spending to progress feasibility study work streams, including hydrology and metallurgical drilling programs, metallurgical test work, and pit optimisation studies.

“The proceeds of the placement ensure Ardea is well funded to maintain momentum on accelerated Kalgoorlie Nickel Project feasibility study work streams,” Ardea Resources managing director Andrew Penkethman said in the company’s ASX announcement.

“With the continued expansion of the lithium-ion battery sector and Original Equipment Manufacturers needing to secure sustainable and ethical mineral supply, Ardea’s Kalgoorlie Nickel Project is perfectly positioned to play a leading role with its globally significant nickel-cobalt and scandium resource at Goongarrie with direct transport infrastructure links to the emerging Kwinana Battery Hub We have drill rigs contracted for the KNP Goongarrie Hub to commence drilling water production bores and metallurgical core holes during the September 2021 Quarter.

“Borefield exploration drilling has recently been completed and defined production bore targets are ready for drilling.

“This hydrology drilling will lock in secure process water supplies for the development of our nickel and critical mineral resources at the Goongarrie production hub.

“The metallurgical testwork will provide samples for additional testwork to refine our plans to use mineralised neutraliser sourced during conventional open pit mining as opposed to having to import neutraliser.

“We will also be assessing options to recover additional critical minerals, in addition to the planned nickel-cobalt and scandium production.

“All of these work streams will further enhance the Kalgoorlie Nickel Project and build upon the prefeasibility and expansion studies completed by Ardea in 2018.”