Polymetallic Ark Mines (ASX: AHK) has completed a follow up infill ground gravity survey at Bills Retirement on the Babinda project in New South Wales with results confirming the presence of a significant gravity high along the Coonara fault zone.
The company expects to commence drilling at Bills Retirement within the next five weeks, as Ark is now modelling the underlying structure and has engaged geoscientists to determine drill sites.
Ark conducted the recent 50 metre by 50 metre infill survey to confirm the initial positive results from a 100 metre by 100 metre survey completed in May.
The gravity high sits directly on the Coonara fault and is between two historical mines, Bills Retirement and Henrys Hill. The gravity high is generally above 2mgals and represents an area of two kilometres by one kilometre.
The gravity crew also extended the survey over the Babinda copper mine.
The results from this survey have encouraged Ark and combined with findings of significant geochemical work and the geological interpretation undertaken with the company planning a drill program at the site.
Roger Jackson, managing director, said “these latest results are the culmination of a number of years of geoscientific exploration, and we have now taken the decision to fast track drilling activity at Bills Retirement.
Both surveys indicate that the structures we are testing are very similar to more advanced projects located within close proximity.”
The three projects include Polymetals Mining’s (ASX: PLY) Mt Boppy gold mine, YTC Resources’ (ASX: YTC) Nymagee copper mine and YTC’s Hera deposit.
Ark expects to complete an initial 10 hole drill campaign at the Perseverance mine with the first drill results in the coming weeks.