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Ardea Resources prepares to list with Australia’s largest cobalt resource

The Kalgoorlie Nickel Project is 3 times the size of the next largest ASX cobalt resource.
Ardea Resources prepares to list with Australia’s largest cobalt resource
Ardea will be funded to begin exploration drilling at the ASX’s largest cobalt resource

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.



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