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Ardea Resources Limited

Kalgoorlie Nickel Project ARL 100%

The 100% owned Kalgoorlie Nickel Project (KNP) is located in the tier-one mining jurisdiction of Kalgoorlie, which offers world-class infrastructure in an established mining hub.

The prefeasibility study, focussed on the high grade Goongarrie Nickel Cobalt deposit within the KNP, recognised Goongarrie as a globally significant, readily scalable project.

Ardea ASX announcement dated 31 May 2021 detailed that scaleability in announcing the KNP scope has been expanded from Goongarrie alone for Goongarrie to now include high grade goethite satellite pits at Highway and Siberia North (Goongarrie Hub). The FS now includes mineralised neutraliser from Kalpini and Bulong (Kalpini Hub) and Aubils, Boyce Creek, Jump Up Dam and Lake Rebecca nontronite mineralisation (Yerilla Hub). The FS is evaluating the potential revenue contributions from scandium and Rare Earth Elements (REE) throughout the KNP.

“The initial Ardea KNP Feasibility Study programs including granting of water extraction licences and bench-scale metallurgy are focussed on work streams that are independent of the final decision regarding KNP throughput and sale product.

“Along with Ardea’s membership of the Future Battery Industry Cooperative Research Centre at Curtin University Perth, the aim with the KNP is to replicate successful HPAL nickel operations such as Coral Bay in the Philippines and Moa Bay in Cuba, contributing Critical Minerals to the rapidly expanding Lithium Ion Battery sector.”

— Ardea’s Managing Director, Andrew Penkethman

KNP - Optimum Resource Scale:

On 16 June 2021, Ardea presented a mineral resource for the Highway deposit (part of the Goongarrie Hub), and an updated JORC 2012-compliant Mineral Resource Estimate (MRE) completed for the Goongarrie Hub (previously termed Goongarrie Nickel Cobalt Project - GNCP), including a High Grade Resource - 78 million tonnes at 1.0% nickel Sustainable Long-life Battery Metal Resource Confirmed

JORC 2012-compliant Mineral Resource Estimate (MRE) update for the Kalgoorlie Nickel Project (KNP)
Goongarrie and Highway deposits MRE based on 0.8% Ni cut-off grade Goongarrie and Highway deposits MRE based on 0.5% Ni cut-off grade KNP MRE based on 0.5% Ni cut-off grade
Measured Indicated & Inferred MRE
  • 78Mt at 1.0% Ni and 0.069% Co
  • Contained metal 784kt Ni and 54kt Co
  • 350Mt at 0.70% Ni and 0.044% Co
  • Contained metal 2.4Mt Ni and 154kt Co
  • 830Mt at 0.71% Ni and 0.046% Co
  • Contained metal 5.9Mt Ni and 384kt Co

Notes:

  • Resources include 23Mt of saprock at 0.68% Ni, 0.023% Co with 33% carbonate mineral content (as magnesite and dolomite).
  • All tonnages and grades rounded to two digit precision.

Read full announcement

Resource

Updated KNP nickel and cobalt Mineral Resources based on a 0.5% Ni cut-off grade
Camp Prospect Resource Category Size (Mt) Ni (%) Co (%) Contained Metal Estimation Details
Ni (kt) Co (kt) Method Source Year
Goongarrie Goongarrie South Measured 18 0.94 0.085 171 15 LUC Ardea 2021
Indicated 82 0.71 0.049 584 40 LUC Ardea 2021
Inferred 10 0.64 0.033 61 3 LUC Ardea 2021
Highway Indicated 71 0.69 0.038 487 27 LUC Ardea 2021
Inferred 21 0.67 0.040 141 8 LUC Ardea 2021
Ghost Rocks Inferred 47 0.66 0.042 312 20 OK Snowden 2004
Goongarrie Hill Indicated 40 0.65 0.037 259 15 LUC Ardea 2021
Inferred 29 0.60 0.025 176 7 LUC Ardea 2021
Big Four Indicated 49 0.71 0.047 346 23 LUC Ardea 2021
Inferred 14 0.68 0.043 96 6 LUC Ardea 2021
Scotia Indicated 12 0.71 0.065 82 7 LUC Ardea 2021
Inferred 5 0.72 0.043 37 2 LUC Ardea 2021
Goongarrie Subtotal Measured 18 0.94 0.085 171 15
Indicated 253 0.69 0.044 1,758 112
Inferred 127 0.65 0.037 823 47
Combined 398 0.69 0.044 2,753 175
Siberia Siberia South Inferred 81 0.65 0.033 523 27 OK Snowden 2004
Siberia North Indicated 10 0.64 0.051 64 5 OK Snowden 2009
Inferred 53 0.66 0.043 352 23 OK Snowden 2009
Black Range Indicated 9 0.67 0.090 62 8 OK HGMC 2017
Inferred 10 0.69 0.100 68 10 OK HGMC 2017
Siberia Subtotal Indicated 19 0.65 0.070 126 13
Inferred 144 0.66 0.041 943 59
Combined 163 0.66 0.045 1,070 73
KNP Goongarrie Hub TOTAL Measured 18 0.94 0.085 171 15
Indicated 272 0.69 0.046 1,885 126
Inferred 270 0.65 0.039 1,767 107
Combined 561 0.68 0.044 3,822 248
Bulong Taurus Inferred 14 0.84 0.051 119 7 OK Snowden 2007
Bulong East Indicated 16 1.06 0.055 169 9 OK Snowden 2004
Inferred 24 0.79 0.053 190 13 OK Snowden 2004
Bulong Subtotal Indicated 16 1.06 0.055 169 9
Inferred 38 0.81 0.052 309 20
Combined 54 0.88 0.053 477 29
Hampton Kalpini Inferred 75 0.73 0.044 550 33 OK Snowden 2004
Hampton Subtotal Inferred 75 0.73 0.044 550 33
KNP Kalpini Hub TOTAL Indicated 16 1.06 0.055 169 9
Inferred 114 0.76 0.047 859 53
Combined 130 0.79 0.048 1,028 62
Yerilla Jump Up Dam Measured 4 0.94 0.048 36 2 OK Snowden 2008
Indicated 42 0.78 0.043 324 18 OK Snowden 2008
Inferred 18 0.63 0.034 116 6 OK Snowden 2008
Boyce Creek Indicated 27 0.77 0.058 206 16 OK Snowden 2009
Aubils Inferred 49 0.70 0.066 346 33 OK Heron 2008
KNP Yerilla Hub TOTAL Measured 4 0.94 0.048 36 2
Indicated 68 0.78 0.049 531 33
Inferred 68 0.68 0.057 462 39
Combined 140 0.73 0.053 1,028 74
KNP TOTAL Measured 22 0.94 0.079 207 17
Indicated 357 0.72 0.047 2,584 168
Inferred 452 0.68 0.044 3,088 199
GRAND TOTAL Combined 830 0.71 0.046 5,879 384

Legend: LUC – Local Uniform Conditioning; OK – Ordinary Kriging

Highway and Goongarrie nickel and cobalt Mineral Resources using a 0.8% Ni cut-off grade
Deposit Resource Category Tonnes (Mt) Ni (%) Co (%) Contained Metal
Ni (kt) Co (kt)
Goongarrie Hill Indicated 5.3 0.92 0.050 49 2.6
Inferred 1.9 0.92 0.034 17 0.6
Subtotal 7.2 0.92 0.046 66 3.3
Goongarrie South Measured 11.0 1.13 0.106 125 11.6
Indicated 21.1 0.99 0.071 208 15.0
Inferred 1.2 0.92 0.043 11 0.5
Subtotal 33.3 1.03 0.081 344 27.1
Big Four Indicated 12.1 0.97 0.068 118 8.3
Inferred 2.7 0.94 0.062 25 1.7
Subtotal 14.7 0.97 0.067 143 9.9
Scotia Dam Indicated 2.9 0.98 0.108 29 3.2
Inferred 1.4 1.02 0.057 14 0.8
Subtotal 4.3 0.99 0.091 43 4.0
Highway Indicated 15.1 1.01 0.053 152 8.0
Inferred 3.7 0.98 0.053 36 2.0
Subtotal 18.8 1.00 0.053 188 10.0
Combined Deposits Measured 11.0 1.13 0.106 125 11.6
Indicated 56.5 0.98 0.066 556 37.1
Inferred 10.8 0.95 0.051 103 5.6
Grand Total 78.3 1.00 0.069 784 54.3

For more detail and explanatory discussion, see ASX announcement dated 16 June 2021.

(June 2021)