ASX ANNOUNCEMENT – SIGNIFICANT EXPLORATION TARGET DEFINED AT SANDY MITCHELL RARE EARTHS PROJECT – July 2 2024

05 Jul 2024

The Exploration Target estimated for Sandy Mitchell: 1.3 billion tonnes to 1.5 billion tonnes @ 1250 to 1490 ppm monazite equivalent.

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.
20 Mar 2023

Ark Mines (ASX:AHK) Acquires 100% of Highly Prospective Advanced QLD Rare Earths Project

15 May 2024

LOW-COST MINING AND PROCESSING OF RARE EARTHS AT SANDY MITCHELL

05 Jul 2024

ASX ANNOUNCEMENT – SIGNIFICANT EXPLORATION TARGET DEFINED AT SANDY MITCHELL RARE EARTHS PROJECT – July 2 2024