ASX ANNOUNCEMENT – SIGNIFICANT EXPLORATION TARGET DEFINED AT SANDY MITCHELL RARE EARTHS PROJECT
Summation of ASX Announcement
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Ark Mines Limited is an Australian mineral exploration company focused on developing its Sandy Mitchell Rare Earth and Heavy Mineral Project located in Northern Queensland. The project covers a significant area and has an estimated exploration target of 1.3 billion to 1.5 billion tonnes, with a grade range of 1250 to 1490 ppm monazite equivalent. This exploration target includes a variety of high-value heavy minerals such as monazite, xenotime, zircon, rutile, and ilmenite.
The Sandy Mitchell project stands out due to its rich deposit of magnetic rare earth elements (Nd, Pr, Dy, Tb), which make up 24% of the total rare earth element basket. This positions the project as one of Australia’s most enriched magnetic rare earth deposits. The project benefits from surface mineralization, allowing for cost-effective open pit mining methods and straightforward beneficiation through gravity processing.
With ongoing exploration and metallurgical testing, Ark Mines is poised to unlock the full potential of the Sandy Mitchell project and contribute to the rare earth and heavy mineral industry.
5 Key Points of Announcement
1. The Sandy Mitchell Rare Earths Project has a significant exploration target estimated to be between 1.3 billion tonnes and 1.5 billion tonnes, with a grade range of 1250 to 1490 ppm monazite equivalent.
2. The exploration target includes a basket of high-value heavy minerals totaling 15.6 to 22.3 million tonnes of contained HM, including monazite, xenotime, zircon, rutile, and ilmenite.
3. The reported MzEq grades are expected to support strong project economics through simple low-cost downstream processing.
4. The project has a high magnetic REO (Nd, Pr, Dy, Tb) element proportion of 24% of the TREO basket, positioning it as one of Australia’s most enriched MREO deposits.
5. The project has considerable advantages over projects where rare earths are housed in ionic clays or hard rock material, with surface mineralization allowing for low-cost open pit mining methods and straightforward beneficiation by gravity processing.
