THE DRILL SERGEANT: Ardea Resources (ASX: ARL) announced a new JORC 2012-compliant Indicated and Inferred Mineral Resource estimate, for the company’s Lewis Ponds gold-silver-zinc-lead-copper deposit near Orange in New South Wales.
Ardea reported the new JORC 2012 Mineral Resource for the Volcanic hosted massive sulphide (VHMS) Lewis Ponds project, comprising Indicated and Inferred Mineral Resources, at:
20.24 million tonnes at 0.5 grams per tonne gold, 33.3g/t silver, 1.5 per cent zinc, 0.7 per cent lead, and 0.1 per cent copper for total contained metal of 326,000 ounces gold, 21.6 million ounces silver, 290,000 tonnes zinc and 135,000 tonnes lead.
“The Lewis Ponds polymetallic mineral system is regionally significant and shares similarities with other well-known and significant Lachlan Fold Belt bulk tonnage projects,” Ardea Resources CEO Andrew Penkethman said in the company’s announcement to the Australian Securities Echnage.
“This project is being vended into Godolphin Resources Limited, Ardea’s planned IPO of its New South Wales gold and base metal assets with Godolphin expected to expand upon the considerable resource already defined at Lewis Ponds as mineralisation is open in every direction.
“There has been minimal historic gold exploration done across what is clearly an excellent gold structure with multiple historic workings that hosts Lewis Ponds and the 2.3 million-ounce McPhillamys gold deposit 23 kilometres southeast along structure.”
Ardea has also commenced geophysical surveys at the company’s 100 per cent-owned Perrinvale nickel-copper sulphide project, located west of Leonora in the Eastern Goldfields Province of WA.
“Ardea have been assessing the nickel sulphide potential of their large strategic land holding in Western Australia and defined a number of compelling exploration targets,” Penkethman said.
“A ground EM survey has just commenced at the Perrinvale project and we are excited by the potential to define conductors that represent concealed nickel sulphides.
“At Emu Lake, previous explorers have already defined a conductor in a setting interpreted to be similar to the Silver Swan nickel sulphide mine.
“Drilling of this untested target is expected to commence later this week.
“I look forward to receiving the results from these green fields exploration programs and continuing to assess Ardea’s quality project portfolio.”