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Ardea Resources reveals upgraded resource at KNP Cobalt Zone

Published: 02:00 28 Jun 2017 EDT

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The new resource is potentially mineable by open pit

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.

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