http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Mon, 23 Oct 2017 11:48:46 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Ardea Resources signs $5M gemstone mining deal ]]> http://www.proactiveinvestors.com.au/companies/news/184976/ardea-resources-signs-5m-gemstone-mining-deal-184976.html Ardea Resources Ltd (ASX:ARL) has signed a strategic deal with Australian Jade Mining Limited (AJML) to transfer the semi-precious gemstones mining rights within its Western Australian tenement portfolio.

The company is expected to realise over $5 million by monetising its tenement package, with $200,000 received up-front.

Moreover, Ardea will continue to retain the rights to all minerals other than semi-precious gemstones within Yerilla, Jump Up Dam, Aubils and Canegrass areas, northeast and north of Kalgoorlie.

The deal includes a payment of $800,000 on transfer of the tenements, $1 million within one year, $3 million of Ardea shares in IPO or cash payout and an ongoing 2% royalty on AJML’s gross sales.

Chrysoprase is one of Australia’s true signature gemstones that is commonly known as ‘Australian jade’ in China.

AJML intends to utilise its expertise and relationships in the Chinese jewellery industry to mechanise chrysoprase mining in Western Australia.

Additionally, AJML will be offered the first right of refusal to purchase other chrysoprase deposits discovered by Ardea at commercial rates.

Chrysoprase is highly sought after and valued in China, where it is used in jewellery and carvings as a substitute for amphibole jade.

Ardea’s share price increased circa 53% during the past three months, last trading at $0.90.

]]>
Wed, 04 Oct 2017 08:15:00 +1100 http://www.proactiveinvestors.com.au/companies/news/184976/ardea-resources-signs-5m-gemstone-mining-deal-184976.html
<![CDATA[News - Ardea Resources gets $5.54M to advance cobalt-nickel project near Kalgoorlie ]]> http://www.proactiveinvestors.com.au/companies/news/184026/ardea-resources-gets-554m-to-advance-cobalt-nickel-project-near-kalgoorlie-184026.html Ardea Resources Ltd (ASX:ARL) has received binding commitments for a share placement to sophisticated and professional investors to raise $5.54 million at $0.725 per share.

The placement was heavily oversubscribed and is expected to settle on or about 21 September 2017.

Importantly, Ardea will have over $12 million in cash upon settlement of the placement.

The funds raised will be used to accelerate the company’s drill programs at the KNP Cobalt Zone (previously scheduled for 2018) near Kalgoorlie in Western Australia.

Ardea is aiming to expedite completion of the KNP pre-feasibility study and bring forward the definite feasibility study.

The bulk of these programs will focus on the KNP Cobalt Zone through reserve definition (e.g. Patricia Anne deposit at Goongarrie South) and resource upgrades (e.g. Black Range and Kalpini).

The results of these drill programs will be used to define mining schedules that will be integral to the definite feasibility study.

It is worth noting that Ardea recently upgraded the global resource at the KNP Cobalt Zone to 65.7 million tonnes at 0.13 % cobalt and 0.79 % nickel.

The company will also use the new funds to drill-out its non-core gold and base metal projects (e.g. Mt Zephyr) to evaluate potential further work, JV or spin out opportunities.

If the company’s outstanding options are exercised in due course, Ardea is expected to have sufficient funds through to the completion of the definite feasibility study in 2019.

]]>
Fri, 15 Sep 2017 10:38:00 +1000 http://www.proactiveinvestors.com.au/companies/news/184026/ardea-resources-gets-554m-to-advance-cobalt-nickel-project-near-kalgoorlie-184026.html
<![CDATA[News - Ardea Resources owns one of the world’s largest cobalt deposits; granted trading halt ]]> http://www.proactiveinvestors.com.au/companies/news/183719/ardea-resources-owns-one-of-the-worlds-largest-cobalt-deposits-granted-trading-halt-183719.html Ardea Resources Ltd's (ASX:ARL) shares are in pre-open following the ASX granting the company a trading halt, pending details of a capital raising.

The company only listed in February this year with the IPO entry price at $0.20, and last traded at $0.81.

Driving the valuation has been a rebound in the cobalt price.

Ardea wholly-owns one of the world’s largest cobalt deposits, which is located in Western Australia.

]]>
Mon, 11 Sep 2017 14:04:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183719/ardea-resources-owns-one-of-the-worlds-largest-cobalt-deposits-granted-trading-halt-183719.html
<![CDATA[News - Ardea Resources reveals upgraded resource at KNP Cobalt Zone ]]> http://www.proactiveinvestors.com.au/companies/news/179944/ardea-resources-reveals-upgraded-resource-at-knp-cobalt-zone-179944.html Ardea Resources (ASX:ARL) has upgraded the global resource at its KNP Cobalt Zone near Kalgoorlie in Western Australia to 65.7 million tonnes at 0.13 % cobalt and 0.79 % nickel.

This includes 25.3 million tonnes at 0.14 % cobalt and 0.83 % nickel at Goongarrie South, and 11.4 million tonnes at 0.13 % cobalt and 0.71 % nickel at Big Four.

Notably, the contained cobalt metal in the KNP Cobalt Zone now exceeds 83,000 tonnes based on this updated resource.

The new resource estimate is defined based on a complete remodelling of historic data.

This was done by stripping back to original drill holes and assays and constructing new triangulations and cobalt grade shells.

Goongarrie South and Big Four measures over 15 kilometres strike length of shallow, lateritic, cobalt-nickel mineralisation.

The new resource represents mineralisation that is potentially mineable by open pit.

Further upgrades to the KNP Cobalt Zone resource are expected as remodelling of the constituent deposits beyond Goongarrie South and Big Four using cobalt-only cut-offs continue.

The upgraded resource being estimated for all parts of the KNP Cobalt Zone is expected to significantly enhance the KNP Cobalt Zone pre-feasibility study.

Ardea’s share price more than tripled since February 2017, last trading at $0.555.

]]>
Wed, 28 Jun 2017 16:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/179944/ardea-resources-reveals-upgraded-resource-at-knp-cobalt-zone-179944.html
<![CDATA[News - Ardea Resources confirms high-grade cobalt, nickel at Black Range ]]> http://www.proactiveinvestors.com.au/companies/news/179184/ardea-resources-confirms-high-grade-cobalt-nickel-at-black-range-179184.html Ardea Resources (ASX:ARL) has received drilling results confirming high-grade cobalt and nickel mineralisation at the Black Range project near Kalgoorlie in Western Australia.

The Black Range project is part of Ardea’s KNP Cobalt Zone containing 49.7 million tonnes at 0.12% cobalt and 0.86% nickel.

Ardea drilled a series of 27 reverse circulation drill holes during March and April 2017 totalling 1,996 metres.

The company intercepted an extensive blanket of strong cobalt and nickel mineralisation, including:

- 10 metres at 0.12% cobalt and 0.74% nickel from 16 metres; and
- 16 metres at 0.16 % cobalt and 0.74 % nickel from 60 metres.

The continuity at a significantly higher cut-off value of 0.10% cobalt underscores the high quality of the deposit.

Ardea’s drilling also highlighted potentially significant occurrences of scandium, with accessory platinum-palladium and chromium mineralisation.

Work has commenced on upgrading the cobalt resources at Goongarrie Hill and Scotia Dam. These are smaller resources that are expected to be completed quickly.

Work will then commence on upgrading the Black Range resource, which will include all new data generated by the recent drill program.

With a historic resource of 20.1 million tonnes at 0.75% nickel and 0.10% cobalt, Black Range already constitutes a significant proportion of the KNP Cobalt Zone resource.

]]>
Wed, 14 Jun 2017 10:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/179184/ardea-resources-confirms-high-grade-cobalt-nickel-at-black-range-179184.html
<![CDATA[News - Ardea Resources to reveal exploration results ]]> http://www.proactiveinvestors.com.au/companies/news/176692/ardea-resources-to-reveal-exploration-results-176692.html Ardea Resources (ASX:ARL) has been granted a trading halt by the ASX, pending the release of exploration results from the company’s Lewis Ponds Project.

The halt will remain in place until the opening of trade on Wednesday 26th April 2017, or earlier if an announcement is made to the market.

]]>
Fri, 21 Apr 2017 10:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/176692/ardea-resources-to-reveal-exploration-results-176692.html
<![CDATA[News - Ardea Resources shares rise on progress at Kalgoorlie project ]]> http://www.proactiveinvestors.com.au/companies/news/173654/ardea-resources-shares-rise-on-progress-at-kalgoorlie-project-173654.html Ardea Resources (ASX:ARL) has commenced a pre-feasibility study (PFS) to optimise a metallurgical flow sheet for its Kalgoorlie Nickel Project in Western Australia.

The company’s shares were last trading about 45% higher intra-day on Friday, at $0.665.

The project has one of the world’ largest cobalt resources of 805 million tonnes at 0.05% cobalt and 0.7% nickel, containing 380,000 tonnes cobalt and 5.6 million tonnes nickel.

Initial drilling will be undertaken on specific areas to confirm continuity and provide samples for the PFS. The drilling will focus on the Black Range and Kalpini areas near Kalgoorlie.

A four to six week drilling program is expected to commence in March, with Ardea initially targeting the high-grade portions of the deposit, known as the KNP Cobalt Zone.

The focus of Ardea’s evaluation during 2017 will be to optimise a metallurgical flow-sheet for the KNP Cobalt Zone.

A “low capex” concept is the starting basis of current studies with the scoping model targeting up to 2 million tonnes per annum or ore production grading 0.15% cobalt and 1% nickel.

The budget for the current work program is $1 million.

The company has planned three lines each comprising eight drill holes at Black Range for a total of 24 reverse circulation drill holes, in March 2017.

Ardea listed on the ASX earlier this month, after raising about $5.1 million from an initial public offer at $0.20 per share.

The company is focused on the cobalt potential within its Kalgoorlie Nickel Project and the open-pit mining potential of its Lewis Ponds zinc-gold deposit in New South Wales.

]]>
Fri, 24 Feb 2017 11:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/173654/ardea-resources-shares-rise-on-progress-at-kalgoorlie-project-173654.html
<![CDATA[News - Ardea Resources prepares to list with Australia’s largest cobalt resource ]]> http://www.proactiveinvestors.com.au/companies/news/171971/ardea-resources-prepares-to-list-with-australias-largest-cobalt-resource-171971.html Ardea Resources (ASX:ARL), a spin-off from Heron Resources (ASX:HRR), is preparing to list on the ASX in February 2017 by raising up to $6 million from an initial public offer priced at $0.20 per share.

The company is focused on the cobalt potential within its Kalgoorlie Nickel Project in Western Australia and the open-pit mining potential of its Lewis Ponds zinc-gold deposit in New South Wales.

The Kalgoorlie Nickel Project is the largest cobalt resource documented for an ASX-listed
Australian mineral explorer.

Ardea plans to drive shareholder value through drilling programs at both projects scheduled in March 2017.


Kalgoorlie Nickel Project

The 100% owned Kalgoorlie Nickel Project is located 65 kilometres north of Kalgoorlie in Western Australia.

The project has one of the world’ largest cobalt resources of 805 million tonnes at 0.05% cobalt and 0.7% nickel, containing 380,000 tonnes cobalt and 5.6 million tonnes nickel.

This includes a high-grade cobalt zone of 49.7 million tonnes at 0.12% cobalt and 0.86% nickel containing 59,640 tonnes of cobalt.


Lewis Ponds zinc-gold deposit

The 100% owned Lewis Ponds zinc-gold deposit is located 15 kilometres east of Orange in central New South Wales.

The deposit contains 6.6 million tonnes at 1.5 g/t gold, 69 g/t silver, 2.4% zinc and is focused on a high-grade underground operation.


Analysis

By raising $6 million, Ardea will be funded to begin exploration drilling at the ASX’s largest cobalt resource.

Cobalt is a necessary metal for the production of the latest generation of high density lithium-ion batteries.

Due to its high run-time properties, the use of cobalt in portable lithium-ion batteries for electric vehicles is rising.

Through the immediate drilling of key targets, significant near-term news flow is expected post-listing.

]]>
Mon, 23 Jan 2017 08:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171971/ardea-resources-prepares-to-list-with-australias-largest-cobalt-resource-171971.html