Argent Minerals Limited Stock Market Press Releases and Company Profile
Loch Lilly Project Drilling Programme Approval Received
Loch Lilly Project Drilling Programme Approval Received

Sydney, June 21, 2017 AEST (ABN Newswire) - Argent Minerals Limited (googlechartASX:ARD) (Argent, or the Company) is pleased to report that it has received regulatory approval to commence a diamond drilling programme in the Loch Lilly - Kars Belt in Western New South Wales.

Highlights:

- Regulatory approval has been received for the Loch Lilly drilling programme.

- Argent to commence site preparations next week, and drilling contractor scheduled to mobilise to site during the second week of July.

- A total of 1,000 metres to be drilled to test the Eaglehawk and Netley geophysical targets - each by a 500 metre diamond hole.

- Major discovery potential identified in this Western Tasmania Mount Read Volcanics equivalent belt includes polymetallic volcanic-hosted massive sulphide (VHMS), copper-gold porphyry, and nickel sulphide mineralisation.

- 75% of the direct drilling costs up to $150,000 will be co-funded by the NSW Government, merit based, Cooperative Drilling fund.

- Completion of the drilling programme will result in Argent earning a 51% interest in the Loch Lilly project.

- Argent has the right to earn up to 90% interest in the project.

The Loch Lilly - Kars Belt, located approximately 80 kilometres south of Broken Hill, is analogous to the Mount Read Volcanics of Western Tasmania, which hosts world class VHMS, copper-gold porphyry and nickel sulphide mineralisation.

Argent will earn its first 51% interest in the Loch Lilly Joint Venture by completing the drilling programme to test two compelling geophysical targets - Eaglehawk and Netley. The drilling program will comprise two diamond drill holes for a total of 1,000 metres, with one 500-metre hole to test each target.

The direct per-metre drilling costs of the programme will be 75% co-funded by the NSW Government up to $150,000. The highly sought after Government funding was awarded to the project based on merit, as assessed by an independent expert advisory panel.

All access agreements are in place and the required drilling activity notifications have been submitted to the various authorities as required by the regulations.

Drill site preparations are scheduled to commence next week and the drilling contractor is scheduled to mobilise to site and commence drilling during the second week of July 2017. The drilling phase of the programme is anticipated to be completed within a period of approximately three weeks, subject to operational conditions and weather.

This will be followed by Argent's standard process of detailed core logging and selection of samples for submission to the laboratory. In order to further streamline its site operations, the Company is renting a secure yard with core processing facilities in Broken Hill.

Further details of the Eaglehawk and Netley targets and the drilling programme will be provided in a forthcoming ASX release.


About Argent Minerals Limited

Argent Minerals Limited (ASX:ARD)Argent Minerals Limited (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.

abnnewswire.com 


Contact

David Busch
Chief Executive Officer
Argent Minerals Limited
M: +61-415-613-800
E: david.busch@argentminerals.com.au



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