Argent Minerals Limited: Interim Financial Report for Half Year Ended 31 December 2016
06.03.2017 | ABN Newswire
Sydney - Argent Minerals Ltd. (ASX:ARD) ('Argent' or 'the Company') has concluded the first half of the 2017 financial year with significant advancement of the Kempfield and West Wyalong projects. Highlights of this period include:EXPLORATION
KEMPFIELD
- Diamond drilling results in major breakthrough at Kempfield:
o Major breakthrough - VHMS host horizons identified at the Kempfield deposit, leading to efficient drill targeting of high grade precious and base metals.
o Significant potential mineralised extensions identified.
o Massive sulphide intersections in proximity known intrusive confirm Kempfield North as high-ranking target area.
o Proven continuity of mineralisation along strike and at depth in Kempfield North.
- Kempfield drilling campaign commenced for additional 8 diamond holes targeting silver, gold, lead and zinc.
WEST WYALONG
- A 6 hole, 2,300 metre diamond drilling program to be conducted to test the Theia and Narragudgil geophysical targets.
- Expenditure will result in Argent increasing its interest in the West Wyalong project to 70%.
PINE RIDGE GOLD MINE
- Maiden exploration results for the Pine Ridge gold mine - 100% Argent ownership acquired through low cost tenement application process.
CORPORATE
- Oversubscribed private placement to sophisticated investors, raising $1.755 million before costs.
- Highly contested NSW Government Cooperative Drilling grants awarded to Argent for drill testing the West Wyalong project ($200,000) and the Loch Lilly project ($150,000).
- $709,249 received from the Federal Government R&D Tax Incentive Scheme.
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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