Argent Minerals Limited: Interim Financial Report - Half Year Ended 31 December 2018
07.03.2019 | ABN Newswire
Sydney, Australia - Argent Minerals Ltd. (ASX:ARD) ('Argent' or the 'Company') has concluded the first half of the 2019 financial year with significant advancement of the Kempfield multi-metallic and Pine Ridge Gold Mine projects.Highlights of this period include:
EXPLORATION
Kempfield
- High grade gold-focussed strategy
o Complements major metallurgical breakthroughs achieved in 2018 for the primary material.
o Advances Kempfield toward production in proven large-scale mining region.
o Potential early revenue from small-scale gold production.
- Gold-drilling programme - approval granted for 37 holes
- Initial 7 diamond holes prioritising:
o Gold-copper footwall domain where historical drilling yielded several high grade gold intersections including 10.2 m @ 1.5 g/t Au from 28 m (AKDD197), in the southwest region of the deposit where other drilling has yielded numerous high-grade gold intersections, including the spectacular AKDD181 results highlights: 1 m @ 1,065 g/t Au and 143 g/t Ag from 97 m, and 1.8 m @ 1.21% Cu, 2.99 g/t Au and 50 g/t Ag from 136.8 m.
o Potential feeder zone including historic Kempfield Copper Mine where Government records reported very high historical assays ranging from 23 to 27% Cu.
Pine Ridge Gold Mine
- Drilling programme announced
o Four diamond holes to test for depth and strike extensions to known high-grade gold mineralisation.
- Historical intersections include:
o 21 m @ 5.6 g/t Au from 50 m (PR010)
incl. 1.0 m @ 62.9 g/t Au from 59 m;
o 10 m @ 4.1 g/t Au from 51 m (PR009)
incl. 1.0 m @ 20.6 g/t Au from 52 m;
o 10 m @ 3.7 g/t Au from 71 m (PR012)
incl. 1.0 m @ 11.2 g/t Au from 76 m;
- Major event for Pine Ridge Gold Mine Project
o Significant exploration upside identified - mineralisation potentially over a much larger area.
o Strong similarities to the 2.1 Moz McPhillamys gold deposit 50 kilometres to the north, and to other examples at Ballarat and Bendigo in Victoria.
CORPORATE
- $627,994 before costs raised through Entitlements Issue
- AusIndustry R&D claim findings and Internal Independent Review
- Cash position $1.2 million
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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.
Source:
Argent Minerals Ltd.
Contact:
David Busch Chief Executive Officer Argent Minerals Ltd. M: +61-415-613-800 E: david.busch@argentminerals.com.au