The study noted exploration upside across all project, especially for conglomerate-hosted gold at Bellary, which is alongside Novo Resources’ (CVE:NVO) ground.
The board is now reviewing plans to fast-track a high-level exploration program.
Also of note, the board has confirmed it has recently been approached by Australian and international groups interested in the four projects.
Hardey’s executive chairman Terence Clee said: “While considerable resources have been devoted to closing out the two vanadium transactions, our geology consultants have been conducting reviews on the gold assets.
“This initial update on Cheela, Bellary, Hammersley and Elsie North is highly encouraging, particularly the prospect of subsurface target mineralisation being apparent.
“More importantly, recent approaches by Australian and international groups is timely, with the Board seeking to optimise these assets through bringing in prospective strategic partners.”
Overall, the geology consultant believes there is discovery potential given the widespread occurrences of Hardey Formation and Mount Roe Basalt style rocks.
Notably, a number of companies have recently made significant gold mineralisation discoveries in the region associated with the aforementioned rock types.
Two vanadium projects still the focus
Hardey’s clear priority still remains developing the newly acquired vanadium projects, while at the same time optimising legacy assets.
This twin objective is being progressed to maximise value for shareholders.