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Ardea Resources Limited
is a focused developer
and explorer.

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Drilling confirms continuity of cobalt and nickel mineralisation
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Appendix 3B: New issue announcement, application for quotation of additional securities and agreement
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Quarterly Activities Report - December 2017
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Drilling confirms continuity of cobalt and nickel mineralisation

RC drilling at Goongarrie Nickel-Cobalt Project to improve confidence and upgrade resources delivers better than expected results

  • Final stages of Pre-Feasibility Study refinement to optimise the flowsheet for the Goongarrie Nickel Cobalt Project.
  • Infill RC drilling confirms continuity of mineralisation in optimised pit footprint areas:
    • Ensures reliability of modelling and mine scheduling
    • Providing samples for variability test work and marketing studies
  • Better than expected intercepts are from outside the areas planned for early stage mining, including:
    • AGSR0005 32 m at 0.09 % cobalt and 1.06 % nickel from 16 m
      including 14 m at 0.15 % cobalt and 1.46 % nickel from 22 m
    • AGSR0009 56 m at 0.07 % cobalt and 1.09 % nickel from 12 m
      including 16 m at 0.11 % cobalt and 1.20 % nickel from 30 m
    • AGSR0015 32 m at 0.08 % cobalt and 0.87 % nickel from 32 m
      including 24 m at 0.10 % cobalt and 0.99 % nickel from 36 m
  • Many of these intercepts are from the Elsie South deposit, adjacent to the proposed plant site
  • RC drilling is ongoing. Further results to be reported once compiled.
  • Diamond drilling has commenced:
    • Will provide QAQC confidence in RC drilling results
    • Primary source for metallurgical variability test work samples
    • Source for production of marketing samples

Details in 15 February 2018 announcement

Targeted, intensive exploration

Ardea aim to increase shareholder value through a targeted and intensive exploration program. The Company plans to spend up to A$5 million mainly on drilling over two years on currently defined targets. A focused evaluation of each of the Company’s four leading projects to assess and rank development priorities will be undertaken.