Argent Minerals Ltd.: Interim Financial Report - Half Year Ended 31 December 2015
07.03.2016 | ABN Newswire
Sydney, Australia - Argent Minerals Ltd. (ASX:ARD) has concluded the first half of the 2016 financial year with significant advancement of the Kempfield and West Wyalong projects. Highlights of this report include:EXPLORATION
KEMPFIELD
- Commencement of deep diamond drilling program to test large polymetallic VMS system potential.
o Relatively shallow historical drilling to approximate depth of only 120 metres resulted in a substantial JORC 2012 Mineral Resource estimate of 21.8 Mt with 52 million ounces of silver equivalent in base and precious metals.
o 7 hole, 3,200 metre drilling program commenced with the drilling of holes AKDD181 and AKDD180.
- Excellent preliminary results achieved for holes AKDD181 and AKDD180.
o Very significant gold grade intersected by AKDD181 - 1m @ 1,065 g/t Au from 97 metres.
o Mineralisation intersected at 385 and 407 metres by hole AKDD181 confirms Argent's interpreted model for a much deeper deposit.
o New mineralisation zone intersected immediately to the west of the known deposit by both holes in the region of Argent interpreted Lens 4.
o Both holes interested significant copper values, including 1.8m @ 1.21% Cu from 136 metres by hole AKDD181.
o Possible proximity of massive sulphides indicated at depth, confirming Argent's interpreted model for high grade precious and base metals zones at Kempfield.
- Results being incorporated for optimisation of Phase 2 of the planned 3,200 metre drilling program.
o Further drilling required to test depth extensions, following the confirmation that Kempfield mineralisation extends to more than three times the depth limit imposed by relatively shallow historical drilling to only 120 metres.
o The occurrence of new mineralisation identified to the west and north of the known deposit.
o Several intersections of high gold grades, including the 1 m @ 1,065 g/t Au from 97 metres, together demand further investigation of the gold potential at Kempfield in addition to the recently validated high grade lead/zinc target zone potential.
o Drilling to recommence on completion of the analysis of the initial holes, drill hole design, regulatory approvals and drill pad preparation.
- Argent's option over northern neighbouring property 'Box Hill' renegotiated - now extendable until 12 June 2018.
WEST WYALONG
- IP survey result confirms the copper-gold target of sufficient resolution to proceed with designing the drill test plan.
- Possible additional anomaly indicated to the south east - requiring extended IP survey to be performed.
- JV terms renegotiated for earning to 70% - Argent now has until 30 June 2017 to complete the remaining expenditure of $372,570, of which $200,000 needs to comply with agreed "In-ground Expenditure" definition (includes eg. the IP survey extension).
- Surrounding acquisition activity by eg. Evolution Mining, and during the half year, Sandfire Resources, places Argent's West Wyalong project in the centre of this key gold focus area.
To view the report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ARD-755388.pdf
About Argent Minerals Limited:
Argent Minerals Ltd. (ASX:ARD) is an Australian publicly listed company with a 100% interest in a silver/gold project at Kempfield NSW. Work is underway on the preparation of an EIS and a feasibility study for the first stage of the project which will involve heap leaching some 8.8 million tonnes of mainly oxide and transitional material to produce over 9.5 million ounces of silver and 15,000 ounces of gold over a 5 year mine life. Argent is also earning up to a 70% interest in two other NSW projects - gold at West Wyalong and base metals at Sunny Corner.
Contact:
David Busch, Managing Director
Argent Minerals Ltd.
M: +61-415-613-800
E: david.busch@argentminerals.com.au