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Ark Mines Limited (AHK)
is a publicly listed company on the Australian Securities Exchange (ASX).


{{businessSummary}}

General Overview

About Ark Mines Limited

Ark Mines Ltd (Ark or Company) is a Sydney based company carrying out exploration on its five projects in the Lachlan Fold Belt, in the central west of New South Wales. The Lachlan Fold Belt is a long-standing, proven mineralised region. Several world-class mines already operate within the area, including: Cobar's Endeavour, CSA, and Peak Mines; Tritton Mine; Mineral Hill; and new discoveries at Tottenham, Mount Boppy, Hera, Nymagee and Wonawinta.

It is the Company's intention to become a substantial gold and base metals producer. These prospects, combined with the "rare earth" and iron potential of the Company's tenements, provide Ark a diversified suite of valued commodities in a well serviced mining province with excellent infrastructure.

Ark has taken advantage of significant improvements to the technical database made available for all explorers in New South Wales, initiated by the NSW State Government. These technical advances, together with significant drilling and geological fieldwork carried out by leading independent geologists, have produced a number of focused targets.

The Company has expended significant funds in exploring and delineating drill targets on Babinda, Nangerybone, Bald Hills, Byrock and Gundabooka (collectively the Projects) in preparing the Company for an Initial Public Offering (IPO). Pursuant to the IPO, Ark is seeking to raise $3,100,000.

The primary purpose of the IPO is to raise sufficient funds for a series of drilling programs to immediately access the Company's strategic target locations and some other anomalies within the tenements.

The Company maintains a dedicated group of professionals and successful explorers on the Board and on the management team. Ark's diverse group of geoscientists have a proven track record utilising innovative exploration techniques. The Company's directors consider that Ark investors will be able to take advantage of the extensive exploration and research program undertaken to date.

The Ark Prospectus contains detailed information about the IPO, the Company, its Projects and the risks associated with an investment in a speculative minerals exploration company. They encourage you to study the Ark Prospectus in order to make an informed decision before deciding to invest in Ark.

Ark offers investors the opportunity to take part in a diversified and highly focused exploration program in a long-established and successfully developed mining region. Ark look forward to welcoming you as a Shareholder and taking part in the Company's growth and development.

Strategy

Ark has a focus on delivering shareholder value through clever strategic exploration. Ark will concentrate on its highly prospective Lachlan fold belt Exploration Licenses, while keeping an eye on other projects within the region, and in other mining provinces in Australia and abroad.


Projects

Babinda

This EL is on an eastern margin of Cobar Basin that hosts three world class gold and base metal mines (Peak, CSA, Endeavor). There are targets for lode type gold-zinc ore deposits in shear zones on Babinda. The EL is less than 20km from YTCs Hera and Nymagee Mines.

EL 6338 is also one of the most attractive but underexplored areas in NSW for zinc associated with gold, lead and silver in NSW.

Exploration by Ark has shown that two principal groupings of base metal and Au deposits are located on this EL. These are Babinda and Harts Tank, which are closely related to major north trending structures related to the Gilmore Suture. The existence of an epithermal system is based on the nature of the alteration in the Harts Tank area. Abundant quartz-sulphide-carbonate veinlets are present and carbonate is common in the breccias. Ark has identified anomalous gold and extensive elevated base metal values.

Mineralisation evident from twenty plus old mines and exploration by Ark is associated with centres of volcanism. Gossan outcrops at Rainbow Ridge give 12% lead and 9.1 g/t gold with high bismuth, molybdenum and antimony values in quartz-sulphide veinlets. Ark delineated a 550m x20m Pb soil anomaly at this site. An epithermal system is evident at Harts Tank Mine with Henry's Hotel Mine returning 1.2 g/t Au.

One line of shafts at the old Babinda Copper Mine records 7.0% copper, 31.0 g/t gold and 367.0 g/t silver in multiple vein, breccia – fill tuff with disseminated chalcopyrite. At the old Lord Dudley Mine gold assayed 2.0 g/t with zinc, copper and lead up to 1.2%. Previous drilling at old Upton Mine gave 0.5 g/t gold and 7.2% zinc. Samples taken near the Road Shaft prospect has assayed up to .5g/t Au and 3.8% Pb.

Visible gold is evident within the old workings on this Exploration Licence.

Ark geologists have completed maglag sampling and defined three types of targets on four large main anomalous zones. These will be drill tested. Drilling will commence in early 2011 at Harts Tank Ridge (10 Reverse Circulation Holes), on a Au, Cu, Bi epithermal target, the Pines (3 RC Holes, Cu, Au-Zn target) and the Babinda/Elaine Mine (7 RC Holes Zn-Pb target) all on old mines, anomalies and major shear zones defined in magnetic surveys.

After significant mag.lag. geochem along shear zones Ark has generated drill targets along a 800m wide anomalous Au, and Cu zone. Aeromagnetic interpretation shows a major chain of narrow linear magnetic highs trending N-NW. A second set runs northwest through the southwest. On a regional scale, these two chains of narrow linear magnetic highs indicating shear flow zone targets are similar to those associated with ore bodies in the Cobar Mining Field and define major shear zones.

Drilling will cover three target areas:

  • Historic targets such as the mines near Babinda and previously mapped and sampled gossanous zones in the Harts Tank area (Au-Cu). Z-Pb anomaly, anomalous strike extension and parallel Pb-As-Au anomaly;
  • 'New' targets, generated by mag lag geochem (i.e. Pine Ridge and Harts Tank); and
  • Conceptual targets such as the North Northwesterly extension of the Harts Tank mineralised trend under the Whitbarrow Creek alluvium, which could not be maglag sampled. This extension is outlined by the aeromagnetics shear trend.

Bald Hills

The Bald Hill EL covers the Mount Dijou-Bald Hills old gold mine workings and the Wilga Downs copper-gold mines. The mineralisation is related to a suite of basic volcanics and intrusives.

Mt Dijou is an ancient island arc volcanic centre and basalts are interbedded with chert and Banded Iron Formations that contain anomalous gold values. Several high grade auriferous quartz reefs have been worked. The volcanics are prospective for stratiform gold ore deposits, porphyry Cu/Au and epithermal gold.

Two areas of mineralisation are defined by Ark: the Bald Hills line of workings; and the Mt Dijou/Green's Mines. The Bald Hills area includes 70 old gold mines.

The principal mine in the area was the Perseverance (Mt Dijou area), where the mineralised lode ranged from 0.3m up to 4m in width and about 280m in length with grade mined up to 15 g/t Au. Gold was also present in the wall rock with values from 4 to 7 g/t. It was worked intermittently up until the 1950's. In the volcanics around the mine area drill intersections of 2m x 3.7 g/t Au were obtained by Ark.

The Greens Mine contains gold in quartz veins and mineralization also disseminated in the host rock. Recent rock sampling by Ark geologists gave values 2.54g/t Au, 8.4g/t Au, 38.5g/t Au.

Base metal mineralisation at Wilga Downs Mines is being tested by Ark. Stratiform base metal sulphide mineralization is in schists and conglomerates equivalent to the Cobar Supergroup.

A drilling program is proposed by Ark at Perseverance and Lucky Ned workings, and other interpreted structures in the Banded Iron Formation. Drilling will be undertaken to prove up gold mineralisation underneath and adjacent to Perseverance and Lucky Ned workings, as the target being cross cutting structures.

Samples (soil RAB from bed rock) were taken close spaced, focusing on mineralised shear zones. The target lode type ore body will have a strike extent of less than 200m, similar to Cobar Mining district. The lines for sampling are directly over old mine workings.

Detailed ground magnetic surveys have been undertaken by Ark, and drilling targets have been designed in association with these results.

On regional scale images, Ark has interpreted:

  • Deep seated non- magnetic intrusions (= magnetic low);
  • Coincident gravity low; and
  • Magnetic ridges wrapping around this intrusion.

These patterns (large magnetic and gravity lows), with magnetic ridges (magnetic necklaces) wrapping around them, common in:

  • Archean Shields (like Pilbara or Yilgarn); and
  • Lower Proterozoic basement (such Pine Creek – Top End, Tanami region).

In these regions there are deposits of gold and uranium preferentially located on the periphery of the intrusive in gaps in magnetic ridges, between the beads of magnetic necklace. This is interpreted here at Bald Hills by Ark as a prime target.

Byrock

Previous gold mining is in evidence from old mine shafts at Byrock. Interpretation of high resolution aeromagnetic surveys shows there are rocks of the prospective Cobar Supergroup on this EL which host the Endeavor, CSA and Peak Mines to the southwest of this EL beneath a shallow blanket of younger sediments.

The target is for base metal (Cu, Pb, Zn) massive sulphide and gold deposits related to structures and intrusives. Mineralisation consists of workings on gold-copper quartz veins at New Lagoon Prospect and alluvial gold workings at Lafoe's Tank.

Magnetic targets B1-8 were delineated by Ark. Subsequently magnetic anomalies B1, 2, 4 and 5 were located with ground magnetic surveys. This data was modelled by Ark to determine optimum drill test sites. Samples B1 and 2 of ironstone float and a 50m outcrop at target B5 returned anomalous values of 743 ppm and 913 ppm As (pathfinder here to Au) and 449 ppm and 630 ppm Cu respectively.

B1 is enhanced by the New Lagoon Mine. Samples from the workings returned elevated values of up to 280 ppm Cu, 100 ppm Pb, 460 ppm Zn and 450 ppm Ni.

B1 anomaly gave 280 ppm Cu, 110 ppm Pb, 220 ppm Zn, 420 ppm Ni in Rotary Air Blast drilling.

Maglag sampling has located a number of anomalous values over the magnetic targets (i.e. Peaks of greater than 1.0 g/t Au, 5820 ppm Cu over B5 were obtained).

This EL contains several targets that will be drilled for gold and tin deposits. Several air core drill holes at B1 anomaly intersected zones of gold mineralisation which may be an extension/repetition of the New Lagoon gold mine workings 1200m to the north. Aeromagnetics highlight this structure over 1500m, which may be a loci for significant gold mineralisation.104 air core holes totalling 3,500m were drilled by Ark for bedrock geochemical samples on traverses to 54m depth. Assessment by Ark is continuing.

Iron anomalies up to 50% from rock chip sampling are being followed up. The massive goerthite after skarn also gave anomalous gold, arsenic and copper. Anomalous gold over 3 to 6m was obtained from 4 holes at Anomaly B1, 1,200m south of New Lagoon gold mine. These are on a magnetic anomaly 1,500m in extent that is to be air core drilled by Ark.

At B5 the magnetic anomalies gave 242ppm Sn from massive goethite gossan and As-Mo-Sb maglag anomalies. Mineralisation is intrusive related and of Doradilla replacement or Ardlethan Porphyry style. The primary zone is to be tested by RC drilling.

Gundabooka

The Gundabooka EL is located at the northern end of the well defined corridor of mineralisation hosting the world class Cobar Au, Ag and Cu, Zn, Pb mines. Recent aeromagnetic imaging shows that the Cobar Group of rocks extends north into this EL.

There are over 20 old gold, silver and base metal mines on this EL.

The target is for shear related gold and copper/gold mineralisation adjacent to and within major structures defined by the previous workings. The stockworks at Parkers Reward and the Gundabooka group of mines are the most prospective for this type of mineralisation. Other mines have also demonstrated reasonable size and grade, such as Parkers Perseverance, with an anomalous gold shear over 600m in length, and Gundabooka, with 5 shafts and assays of up to 38.0 g/t Au.

Magnetic interpretation by Ark delineated a mineralised zone in addition to a magnetic high region in the Wilgaroon area. The Wilgaroon gold mine is associated with acid intrusive rocks and metal values of up to 330ppm Ag and 18.8 g/t Au. This complex structural zone represents an economically important structure. The best targets here are at the intersection of faults. In this area there are three outstanding magnetic highs (intrusives).

Mapping and sampling by Ark at the Arrawa Prospect and the Mulga King Mine gave anomalous gold results at the former of 3.23 g/t Au, 128ppm Cu and at Mulga King Mine 17.0 g/t Au in the quartz lode and 265.0 g/t Au over a coincident magnetic anomaly. Both prospects are located in a series of small magnetic highs within a large gravity low and represent porphyry copper-gold targets.

Ark targets:

  • Magnetic zones to the east of Wilgaroon and in the Mulg King area; and
  • The Great Gundabooka Mine for Gold and Lanthanum (REE).

An emphasis will be placed on defining alteration zones associated with fluid along major structures.

Nangerybone

Ark has delineated targets for drilling on this EL.

Intrusive related base-metal, tin, molybdenum, uranium and fluorite old mines and prospects are related to a major lineament/basement contact on this EL. Bismuth, wolfram, copper and gold have been mined. At the Hillmans Tank mine, shafts and pits extend for 1km and gossanous chert occurs over a strike length of 2.5km. Metal mineralisation in association with uranium has been recorded and defined in fissure veins in granite at Blackfellows Dam copper workings and at the Honeysuckle Prospect 0.5km to the north-northwest on the Crowl Creek Lineament. Radiometric anomalies extend between these two workings.

The old Blackfellows Dam base metal mine on exploration gave uranium mineralisation within the lode. Mining of copper silver-lead-zinc took place between 1880 and 1888. The mineralisation is in veins and disseminations within a prominent lode that forms a siliceous outcrop of iron and manganese oxides, with a number of linear, siliceous chlorite/clay zones, stained with manganese and trending parallel with the Blackfellows Dam lode. Radioactive counts to eight times background are reported. Samples of uranium rich material returned grades 0.2 to 0.36% U3O8. Uranium mineral species present include autunite, curite, torbenite and yellow to orange ochres.

The Uranium Mining and Nuclear Facilities Act 1986 states in Section 7 (Section 7) that prospecting or mining uranium is prohibited in NSW. Furthermore, an authority, licence or claim issued under the Mining Act 1992 does not authorise the holder to prospect or mine uranium in contravention of Section 7.

The Lucky Draw Mine contains multiple vein/disseminated Cu, Pb, Zn values. A diamond drill hole intersected pyrite – chalcopyrite veins giving 15cm of 11.75% Cu, 0.5% Pb, 0.1% Zn and 70cm of 6.75% Cu, 1.2% Pb. A second hole gave 22m at 0.25% Pb. The Break O' Day mine returned 20.0g/t Au. All these anomalies are to be drilled by Ark.

The Hillman's Tank-Wirrala Mines workings are on quartz-sulphide veins, with shafts and pits extending over 2.5km in a zone of thinly bedded locally gossanous chert. Carpina Ridge gave grades of 14.4g/t Au, 2.4g/t Au and 2.2g/t Au. From petrographic work undertaken by Ark , Carpina Ridge Prospect is interpreted as an orogenic lode-gold system.

Previous sampling resulted in several anomalous gold results over 15m intervals. The highest value is 19.2g/t Au over 15m. Dump samples gave values up to 4.4g/t Au, molybdenum 24ppm, antimony to 16ppm and anomalous Ag, Cu, Pb and Zn. Small pockets of high grade gold mineralisation are present and gave 2.12 and 2.20 g/t Au.

Wirrilah Copper Mine to the south of this line of gold workings includes two shafts down to 30m. Ore is characterised as disseminated and brecciated. Two shafts here are 120m apart. A dump sample yielded 0.73% Cu on Sullivans Reef, with 2t of ore in 1908 assayed at 17.25% Cu.



Contact Info

Ark Mines Limited

Level 11
37 Bligh Street
Sydney, NSW
AU Australia, 2000

Phone: +61 2 9233 2688
Email: info@arkmines.com.au
Website: http://www.arkmines.com.au

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Ark Mines Limited Google Map
Ark Mines Limited Google Map

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Important Information

The General Overview, Services, Products and Projects information for this profile was last edited on 09 Jun 2015.

All Financial Data is provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Share Prices nor any independent data provider is liable for any informational errors, omissions or other defects, incompleteness, or delays, or for any actions taken in reliance on Financial Data.

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