Strong cobalt price boosts Ardea's Goongarrie tonnes

IMPROVED metal prices have seen Ardea Resources add 40 million tonnes of resources at its Goongarrie project as part of a prefeasibility study previously flagged for completion this quarter.

Strong cobalt price boosts Ardea's Goongarrie tonnes Strong cobalt price boosts Ardea's Goongarrie tonnes Strong cobalt price boosts Ardea's Goongarrie tonnes Strong cobalt price boosts Ardea's Goongarrie tonnes Strong cobalt price boosts Ardea's Goongarrie tonnes

Strong cobalt prices have boosted Ardea Resources' Goongarrie resource base

Resources have increased from 64.4 million tonnes grading 0.13% cobalt and 0.77% nickel to 108.3Mt at 0.1% cobalt and 0.79% nickel.

The resources are "captured within conceptual PFS pit shells", with Goongarrie comprising shallow, lateritic cobalt-nickel mineralisation over a strike of up to 16km and width of up to 1km.

The cobalt price has rising from less than US$30,000 per tonne in November 2016 to current levels above $84,000/t, while the nickel price has been on the improve in recent months.

The PFS was begun in February last year and was initially slated to be completed in January.

Ardea has been a hugely successful spin out from zinc-focused Heron Resources, with the company floating on the ASX early last year following a A$6 million IPO that is...

topics

loader