Ark Mines (ASX:AHK) has retained its lease of the Gundabook gold project in New South Wales with the government granting it 100% of the tenement.
The tenement, which shows gold mineralisation, is located near the old Gundabooka mine, which mined high grade gold from underground.
Ark's 300 metres reverse circulation drilling program undertaken last year tested the mineralisation around the old mine and assays returned gold values of 2 metres at 2.49 grams per tonne (g/t) from 48 metres to 50 metres and 6 metres at 3.5g/t from 37 to 43 metres.
Rock chip samples from the Gundabooka old dumps assayed up to 122g/t of gold.
Ark has five highly prospective tenements in the Lachlan Gold Belt in central NSW and while it is primarily focused on gold, it has exposure to rare earths as well.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.