Ark Mines updates measured mineral resource estimate at Sandy Mitchell project

Ark Mines Limited (ASX:AHK) has announced an updated Measured Mineral Resource Estimate (MRE) for its Sandy Mitchell Rare Earth Elements and Heavy Minerals Project in North Queensland. The Measured MRE incorporates results from Ark's initial Stage 1 drilling program completed in 2023 and stage 2 drilling for an overall 231% 50.1 Mt resource increase over the May 2024 MRE and a confidence classification upgrade from Indicated in the May 2024 MRE to Measured in the September 2024 MRE.

Executive Director Ben Emery's commentary on the updated MRE

Ben Emery, Executive Director of Ark Mines, expressed optimism about the updated measured resource, stating, 'This updated measured resource bodes well for our ambitions to get the Sandy Mitchell into production. The commercialisation pathway for Sandy Mitchell is now more clearly defined, given the fact it is the simplest REE style of deposit to mine and beneficiate. Importantly, the MzEq grades of 1,733 ppm are also indicative of potential commercial scale based on current market prices for monazite concentrate.' Emery also highlighted the pending results of the Mining Licence application and a forthcoming Scoping Study, which is well-advanced and scheduled for release in the coming weeks.

Summary of the updated Mineral Resource Estimate and outlook

The updated Measured Mineral Resource Estimate (MRE) at Sandy Mitchell Rare Earth and Heavy Mineral Project indicates strong potential for commercial scale production based on the MzEq grades of 1,733 ppm. The resource, developed from only 4.5% of the available anomaly area at Sandy Mitchell, presents real and substantial potential for Mineral Resource expansion. The mineralisation, amenable to low-cost open pit mining methods, has shown promising results in first pass un-optimised beneficiation test work, producing a high-grade rare earth concentrate. The company is advancing discussions with strategic partners and potential offtake customers, highlighting the project's potential as a major development opportunity in the Rare Earth and Heavy Minerals industry in Australia.