Ark Mines (ASX: AHK) has secured full ownership of the Babinda Polymetallic Project in New South Wales’ Lachlan Fold Belt and plans to commence drilling in coming months.
Babinda covers 136 square kilometres and is prospective for gold, zinc, copper, silver and lead. The project includes 20 historical mines, with one line of shafts previously recording 7% copper, 31 grams per tonne (g/t) gold and 367g/t silver in multiple veins.
Ark has negotiated the acquisition of 100% of the Babinda project with the New South Wales government for consideration of $200,000.
The company previously held the Babinda tenement until November 2011, however to renew it would have meant relinquishing 50% of the tenement.
With 100% of the tenement now secured, Ark is applying for a further 287 square kilometres of land surrounding Babinda.
Ark highlighted the correlation of gravity highs and anomalous base metal results at the Elaine prospect as potential targets to follow up.
The company plans to start drilling and ground gravity exploration at Babinda in the coming months.
In addition to the Babinda acquisition, Ark is in the final stage of legal due diligence to complete the acquisition of the Marsuparia Contract of Work in Central Kalimantan, Indonesia.
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