Ark Mines Limited (AHK: ASX), an Australian mineral exploration company focused on developing its 100%-owned projects located in Northern Queensland, has announced that its Stage-3 resource expansion drill program at the Sandy Mitchell Rare Earth and Heavy Minerals project is advancing ahead of schedule. The company is targeting a resource increase of approximately 260Mt MzEq, aiming to bring the total Measured resource to 330Mt. This expansion represents approximately 22-25% of the JORC Exploration Target range, which totals 1,316Mt to 1,580Mt.
The Stage-3 drilling program is designed to significantly increase the Mineral Resource at Sandy Mitchell from the current Measured Mineral Resource Estimate (MRE) of 71.8 Mt @ 1,732.7ppm Monazite Equivalent. According to the announcement, 94 of 189 drill holes have already been completed, with the geological team observing mineralisation encountered in sand from the surface to the metamorphic bedrock averaging depths of over 12m, consistent with previous drill programs.
Managing Director Ben Emery noted the rapid progress of the Stage-3 expansion drill program and the company’s commitment to executing its near-term development strategy at Sandy Mitchell, particularly after the recent investment by the QIC Critical Minerals and Battery Technology Fund (QCMBTF). The expanded Measured resource is expected to significantly increase overall project economics at Sandy Mitchell.
The company anticipates completing the expansion Stage-3 drill program before the end of the September quarter. Assay results from the Stage-3 drill campaign will be incorporated into a comprehensive Pre-Feasibility Study (PFS) scheduled for completion in early CY2026. These results will be complemented by updated data from a recently completed metallurgical works improvement program, further supporting the PFS project economics.
