Argent Minerals Limited: Kempfield Project - Box Hill Land Purchase Option Extended
27.06.2017 | ABN Newswire
Sydney - Argent Minerals Ltd. (ASX:ARD) (Argent, or the Company) is pleased to report that it has taken up its right to extend the option to purchase the neighbouring Box Hill property to the north of the Company's freehold land at the Kempfield polymetallic project in NSW.Highlights:
- Option to purchase neighbouring Box Hill property extended to June 2018.
- The option allows Argent to expand its freehold land ownership within the Kempfield tenement area to a total of 5.4 square kilometres.
- The Kempfield project area is strategically located approximately 30 kilometres from the nearest railway line at Blayney, which is also used for transporting copper concentrates from Cadia to the Port Kembla shipping facility.
- Argent freehold ownership of Kempfield land, together with the Box Hill option, continues to facilitate access for exploration and prefeasibility work as the Company advances the project toward the goal of production.
The option to purchase Box Hill has been extended to 12 June 2018.
Under the extended option, Argent is able to purchase the Box Hill land for $1.2 million, to increase its existing freehold land at Kempfield from 115.8 to 424 hectares, for a total landholding of approximately 540 hectares (5.4 square kilometres).
The Kempfield project area is strategically situated in a historic gold producing area approximately 45 kilometres to the southeast of the Cadia copper-gold mine, and near existing infrastructure and major population centres that provide skilled labour and mining related services.
Kempfield is located approximately 30 kilometres to the south of Blayney, where the copper concentrates from the Cadia mine are dewatered, loaded and transported along the Main Western Railway to the loading terminal and shipping facility at Port Kembla on the eastern seaboard.
The option extension fees comprised a cash payment of $20,000 to the vendors, and the issuance of 666,666 shares at a price of 3 cents each.
The land purchase option, together with the current freehold land continues to facilitate exploration and feasibility work that the Company is conducting at the Kempfield site.
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 Chief Executive Officer
Argent Minerals Ltd.
M: +61-415-613-800
E: david.busch@argentminerals.com.au