Ark will not be able to boost its portfolio, but will also get an immediate right to mine Mt. Porter ML23839, following approval from the government, reported Proactive Investors.
Mt Porter has a resource of 300,000t at 3.1 grams per tonne for 34,200oz of contained gold, which can be increased with well marked targets.
Ark will receive 40% interest in Mt. Porter tenements and gain the rights to explore and mine gold in Frances Creek tenements for 30 months by investing A$400,000 ($422,204).
The company can also receive another 30% interest in these projects by investing an additional $1.6m over two years.
